Saudi Arabia Smart Cities Market Anticipated to Reach $14.75 Billion by 2027- Exclusive Research Report by Amr

Saudi Arabia's Smart Cities Market to Reach $14.75 Billion by 2027

The smart governance and smart education segment along with smart healthcare segment is expected to grow at the high CAGR during the forecast period, owing to the need for containing virus spread post COVId-19 emergence, increased need for effective healthcare monitoring and easier accessible governance and educational tools post lockdown during the pandemic period

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.

The Saudi Arabia smart cities market 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.

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.

Profiling Key Players: AT&T, Inc., Cisco Systems Inc., Ericsson, General Electric, Hitachi Ltd., Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, Microsoft Corporation, and Schneider Electric SE.

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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.

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