Press release
Middle East & Africa Smart Cities Market to be Worth $40.38 Billion by 2030
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According to this latest publication from Meticulous Research®, the Middle East & Africa smart cities market is projected to reach $40.38 billion by 2030, at a CAGR of 25% during the forecast period. The growth of this market is driven by the increasing demand for sustainable urban infrastructure and growing investment in smart mobility and utility solutions. However, the significant initial investment requirements restrain the growth of this market.
Furthermore, the growing integration of artificial intelligence and increasing deployment of advanced technologies such as IoT, AI, and big data analytics are expected to create market growth opportunities. However, the risk of data abuse by large corporations is a major challenge for the players operating in this market. The latest trends in the Middle East & Africa smart cities market are the proliferation of connected vehicles and autonomous drones.
The Middle East & Africa smart cities market is segmented by solution (smart citizen services [smart public safety, smart governance, smart street lighting, smart education, and smart healthcare], smart environment [climate monitoring, smart waste management, air quality monitoring, and noise mapping & monitoring], smart buildings [smart building market, by solution and smart building market, by type], smart transportation [smart transportation market, by solution and smart transportation market, by application], smart utilities [smart energy management, smart water management, and smart distribution management], and other smart solutions), component (hardware [endpoint devices, processing devices, network devices, and other devices], software [IoT device software, gateway software, cloud software, computing device software, and other software], and services [consulting services, system integration & deployment services, infrastructure monitoring & management services, network services, and other services]), and technology (IoT, artificial intelligence, cloud computing, machine learning, machine-to-machine communications, and other technologies). The study also evaluates industry competitors and analyzes the market at the region/country level.
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Based on solution, the Middle East & Africa smart cities market is segmented into smart citizen services, smart utilities, smart transportation, smart buildings, smart environment, and other smart solutions. In 2023, the smart citizen services segment is expected to account for the largest share of the Middle East & Africa smart cities market. The large market share of this segment is attributed to the increasing adoption of digital technologies to create a more efficient, sustainable, and livable urban environment for residents; the rising adoption of smart public safety technologies to prevent and respond to emergencies and enhance the safety of citizens; and the growing adoption of digital platforms such as social media, mobile apps, and online forums to engage citizens.
Based on component, the Middle East & Africa smart cities market is segmented into services, hardware, and software. In 2023, the hardware segment is expected to account for the largest share of the Middle East & Africa smart cities market. The large market share of this segment is attributed to the increasing adoption of hardware to better manage the resources and improve the quality of life in the cities, the growing implementation of hardware component for collecting, transferring, processing, and storing user data for analysis, and the rising use of Sensors with AI for accurately measure data points to deliver smart city services effectively.
However, the services segment is projected to register the highest CAGR during the forecast period due to the growing implementation, installation, and maintenance of advanced hardware and software to connect multiple aspects of smart cities, the increasing implementation of services to enhance the challenges of mobility, city services, and public safety, and promote sustainability, the rising use of smart services to reduce operational costs by smart infrastructure monitoring and management, and the growing adoption of smart cities services to enhance public safety by monitoring CCTV/ video/ surveillance solutions.
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Key Players:
The key players operating in the Middle East & Africa smart cities market include Cisco Systems, Inc. (U.S.), Huawei Investment & Holding Co., Ltd. (China), IBM Corporation (U.S.), Siemens AG (Germany), Cognizant Technology Solutions Corporation (U.S.), Capgemini (France), Schneider Electric SE (France), Fujitsu Ltd. (Japan), Robert Bosch GmbH (Germany), Atos SE (France), LTIMindtree Limited (India), and General Electric Company (U.S.).
Key questions answered in the report-
• Which are the high-growth market segments based on solutions, components, technology, and country/region?
• What was the historical market for smart city solutions & services in the Middle East & Africa?
• What are the market forecasts and estimates for the period 2023-2030?
• What are the major drivers, restraints, opportunities, challenges, and trends in the Middle East & Africa smart cities market?
• Who are the major players, and what shares do they hold in the Middle East & Africa smart cities market?
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Related Reports-
Europe Smart Cities Market by Solutions (Smart Citizen Services, Smart Utilities, Smart Transportation), Component (Software, Hardware, Services), Technology (IoT, AI, Cloud Computing, Machine Learning), and Geography - Forecast to 2030- https://www.meticulousresearch.com/product/europe-smart-cities-market-5621
Smart Cities Market by Solution (Smart Citizen Services, Smart Environment, Smart Buildings, Smart Transportation, Smart Utilities, Other Smart Solutions), Component (Hardware, Software, Services), Technology, Geography - Global Forecast to 2030- https://www.meticulousresearch.com/product/smart-cities-market-5087
South East Asia Smart Cities Market by Solutions (Smart Citizen Services, Smart Utilities, Smart Transportation), Component (Hardware, Software, Services), Technology (IoT, AI, Cloud Computing, Machine Learning), and Geography - Forecast to 2030- https://www.meticulousresearch.com/product/south-east-asia-smart-cities-market-5680
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