Smart Cities Market in Saudi Arabia to Reach USD 14.75 Billion by 2027
The smart energy segment is expected to grow the fastest, with a projected annual growth rate of 22.6%.
Saudi Arabia's smart cities market is projected to grow from USD 3.55 billion in 2019 to USD 14.7 billion by 2027, with a CAGR of 19.6%, according to a new report by Allied Analytics LLP. This growth is driven by government initiatives, technological advancements and rising demand for sustainable urban development.
A key factor in this expansion is the country’s effort to reduce oil dependence and diversify its economy, in line with the Saudi Vision 2030. The development of smart cities is seen as a way to improve infrastructure and quality of life through eco-friendly, tech-driven solutions to urban challenges, including energy management, transportation, and healthcare.
The smart energy segment is expected to grow the fastest, with a projected annual growth rate of 22.6%. This is largely due to the aging energy infrastructure and the need to integrate more renewable energy sources and electric vehicles. To address these challenges, Saudi Arabia is investing in smart energy solutions like advanced metering and energy-efficient systems.
As the country looks to modernize its cities, this segment is expected to maintain its lead. Smart transportation, which aims to reduce carbon emissions and improve travel efficiency, is another area of significant investment. These technologies are crucial for addressing the challenges posed by rapid urbanization and increased car ownership in major cities.
The rise of the Internet of Things (IoT) and cloud technologies is also driving growth in the smart cities sector. IoT applications are being used for traffic monitoring, air quality control, and other urban management tasks, while cloud technology helps process the vast amounts of data generated by these systems. These innovations are improving various sectors, including healthcare, manufacturing, and transportation.
However, the sector faces challenges, including high development costs and concerns over data privacy and security. Despite this, the growing demand for sustainable solutions and technological advancements offer opportunities for growth.
As Saudi Arabia continues to develop its smart cities, both local and international investments are expected to increase. With ongoing advancements in technology and a focus on sustainability, the market is poised to play a key role in shaping the Kingdom's urban future.
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Nov 28,2024
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