Saudi Arabia Smart Cities Market to Reach USD 14.74 Billion by 2027: Growth opportunities and Top Impacting factors

Rise in efforts to minimize oil dependency, proactive smart city initiatives, and surge in investments by government have boosted the growth of the Saudi Arabia smart cities market. However, data security & private concerns with smart cities hinder the market growth. On the contrary, the environmental friendliness of smart cities and technological advancements in IoT and cloud technologies are expected to open lucrative opportunities for the market players in the future.

As per the report, the Saudi Arabia smart cities industry was pegged at $3.55 billion in 2019, and is projected to reach $14.74 billion by 2027, growing at a CAGR of 19.6% from 2020 to 2027.

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COVID-19 scenario:

➢ Although the Covid-19 pandemic has severely affected major industrial sectors, the smart cities market witnessed revenue growth during the period. The rise in requirements from the healthcare and transportation systems has increased the demand for smart cities.

➢ Moreover, there is a high demand for healthcare systems that need minimal human contact due to prolonged lockdown.

By functional area, the smart infrastructure segment held the lion's share in 2019, accounting for nearly one-fifth of the Saudi Arabia smart cities market. This is due to the benefits of smart infrastructure such as continuous connectivity of physical objects with the internet and rapid urbanization. However, the smart energy segment is estimated to manifest the highest CAGR of 22.6% during the forecast period, owing to rise in challenges of electrical systems such as aging infrastructure and growth in the number of variable renewable energy sources and electric vehicles.

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Increased penetration of the Internet of Things and cloud-based applications in the KSA has had a significant impact on the smart cities market in Saudi Arabia. IoT applications provide tools for traffic monitoring, noise levels, air quality levels, vehicle, and diverse industries emission levels. Also, implementations of IoT industries have helped improve the healthcare, manufacturing, city-wide transport, and mobility sectors in the Saudi Arabia, boosting the growth of Saudi Arabia smart cities market.

However, the smart energy segment is anticipated to witness the highest growth rate during the forecast period in the Saudi Arabia smart cities industry. This is attributed to rise in awareness regarding usage of renewable sources of energy, developing Green energy projects in KSA & innovative smart metering products. For instance, in September 2020, Saudi Electricity Company secured $1.3 billion to finance smart meters as well as other green energy projects.

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Demand for smart cities is on the rise in Saudi Arabia as it may enable new scopes for increasing the eco-friendliness of the country. Awareness around the Internet of Things (IoT) and cloud computing has increased across various citizens and government officials of the country and the COVID-19 pandemic is acting as a major driver to get the government of Saudi Arabia more interested in benefits related to smart cities in supporting smart transportation solutions, better healthcare management, and energy-saving capabilities.

The KSA is affirming its readiness to invest in new smart cities. Further, the government and the KSA's prince are inclined toward revamping existing cities to make them have smart city-like capabilities along with new smart city projects across the country.

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Key Findings of the Study: By functional area, the smart energy segment is expected to exhibit highest growth rate during the Saudi Arabia smart cities market forecast period.

Leading Market Players:

➢ Sap Se

➢ Cisco Systems, Inc.

➢ Sas Institute Inc.

➢ International Business Machines Corporation

➢ Experion Technologies

➢ Dell Emc

➢ Kx Systems Inc.

➢ Microsoft Corporation

➢ Amazon Web Services, Inc.

➢ Tibco Software Inc.

➢ Splunk Inc.

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