The rise in efforts to minimise oil dependency, proactive smart city initiatives, and the surge in investments by the government have boosted the growth of the Saudi Arabia smart cities market, writes Allied Analytics LLP, who compiled the report. According to their findings, Saudi Arabia’s smart cities market size was valued at 3,552.1 million US dollars in 2019, and is projected to reach 14,745.2 million US dollars by 2027.
Significant impacts on the market have come from the increased penetration of the Internet of Things, as well as cloud-based applications. IoT applications have, for example, provided tools for monitoring traffic, noise levels and air quality. IoT has also helped improve healthcare, manufacturing and mobility.
Furthermore, the Kingdom of Saudi Arabia (KSA)
has affirmed its readiness to invest in new smart cities, with the
government and the KSA’s prince inclined toward “revamping existing
cities to make them have smart city-like capabilities along with
new smart city projects across the country,” writes the
statement.
The smart infrastructure segment dominated the Saudi Arabia smart
cities market share in 2019 and is expected to continue to dominate
in the coming years, thanks to the increase in government
initiatives under the Saudi Vision 2030 framework. With a large
urban population, the KSA is also focusing on smart transportation
solutions, but the smart energy segment is expected to witness the
highest growth rate, says Allied Analytics. This is attributed to a
rise in awareness of renewable energies and green energy
projects.
