Smart Ticketing Segment to Dominate the Saudi Arabia Smart Cities Market in the Projection Period

Rising urbanization and increasing need for infrastructure and digital asset management are likely to propel the demand for Saudi Arabia smart cities market in the forecast period 2024-2028.

According to TechSci Research report, “Saudi Arabia Smart Cities Market - By Region, Competition, Forecast & Opportunities, 2028F”, Saudi Arabia smart cities market is expected to grow in the upcoming years and is expected to register a high CAGR during 2024-2028F. Smart cities employ information and communication technologies (ICTs) in a variety of sectors, including economy, environment, mobility, health, lifestyle, and government, to promote sustainable economic growth and high quality of life to address growing urbanization challenges. The major goal of the smart city mission is to promote economic growth and raise citizens' quality of life by encouraging local development and using advanced technologies like e- ticketing, smart transportation, AI machine learning, among others. The market for smart cities is also anticipated to expand due to rising IoT device adoption trends in the Kingdom of Saudi Arabia (KSA). Smart transport held the biggest market share in the sub-segment of solutions for smart cities due to its cost- and energy-effectiveness. Smart transportation solutions help to save on promoting the sustainability of smart cities and high energy consumption, while also providing residents with a reliable and fast mode for their commute.

The COVID-19 outbreak had a positive impact on the growth of the Saudi Arabia smart cities market, due to the constant rise in demand for smart cities solutions. This need is mostly driven to rising investment in smart infrastructure and smart cities efforts. The expansion of this market is also being aided by the Kingdom of Saudi Arabia's growing investment in smart city initiatives, including NEOM City and "Saudi Vision 2030." 

The Saudi Arabia Smart Cities Market is divided into type of focus area into smart mobility, smart building, smart utility, and smart citizen service. Smart mobility is further segmented into smart ticketing, traffic management, passenger information management, connected logistics, and others. Furthermore, Smart building is divided into building infrastructure management, security & emergency management, energy management, network management, and integrated workplace management system. Additionally, Smart utility is fragmented into advanced metering infrastructure, meter data management, distribution management system, substation automation, and others.  Also, Smart citizen service is divided into smart healthcare, smart education, smart public safety, smart street lighting, and others. Based on regional analysis, the Saudi Arabia Ready smart cities market is segmented into Riyadh, Makkah, Eastern Province, and Rest of Saudi Arabia.

Based on smart citizen service, the Saudi Arabia smart cities market is fragmented into smart healthcare, smart education, smart public safety, smart street lighting, and others. The smart healthcare service is expected to rise in the upcoming years and register a significant CAGR during the forecast period. IOT in the healthcare industry is booming due to the expanding digitization, connectivity, and innovation in modern healthcare ecosystems. By offering solutions like remote patient monitoring, remote medical assistance, simultaneous monitoring and reporting, patient care workflow automation, real-time staff tracking, mobile health, smart hospitals, and smart pills, among others, smart healthcare solutions are assisting organizations in managing various caregiving bottlenecks and bridging the gap between patients and care providers.

Based on Smart mobility, the Saudi Arabia smart cities market is segmented into smart ticketing, traffic management, passenger information management, connected logistics, and others. Smart ticketing mobility is expected to rise in the upcoming years, owing to the high acceptance of online ticket booking for smart mobility across the nation.

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Key market players in the Saudi Arabia Smart Cities Market include:

• CISCO Saudi Arabia Limited Company
• Ericsson Saudi Arabia Limited
• General Electric Saudi Arabia Ltd
• Hitachi Saudi Arabia Ltd
• Huawei Tech. Investment Saudi Arabia Co. Ltd
• IBM Middle East FZ-LLC
• Intel Corporation (UK) Limited
• Microsoft Arabia Co Limited
• Schneider Electric Saudi Arabia Co. Ltd

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“The Saudi Arabia smart cities market is expected to grow in the upcoming years and is expected to register a significant CAGR during 2024-2028F. Increasing urbanization, the need for efficient management of resource utilization, public safety concerns, and increasing demand for an environment with efficient energy utilization, are the major driving factors for the smart cities' market growth across the country.  The acquisition and merger between various leading market players enhance the market of smart cities across Saudi Arabia. For instance, On August 5, 2022, Siemens Mobility, a division of Siemens AG, signed an agreement of acquiring Sqills. Sqills has developed "S3 Passenger" as a superb and expandable platform that enables railway and bus operators to replace their antiquated reservation systems with a cutting-edge, online booking system that increases passenger transportation utilisation and availability. Additionally, the Saudi Arabian government established a sovereign wealth fund as part of Vision 2030 with a maximum value of USD 2 trillion for the development of large-scale projects, including nine mega-projects such as Qiddiya, the Red Sea Project, and NEOM, which are anticipated to result in significant market growth opportunities. Therefore, the market of Saudi Arabia smart cities is expected to rise in the upcoming years” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Saudi Arabia Smart Cities Market By Type of Focus Area (Smart Mobility (Smart Ticketing, Traffic Management, Passenger Information Management, Connected Logistics, Others), Smart Building (Building Infrastructure Management, Security & Emergency Management, Energy Management, Network Management, Integrated Workplace Management System), Smart Utility (Advanced Metering Infrastructure, Meter Data Management, Distribution Management System, Substation Automation, Others), and Smart Citizen Service (Smart Healthcare, Smart Education, Smart Public Safety, Smart Street Lighting, Others)), By Region, Competition, Forecast & Opportunities, 2028F”, has evaluated the future growth potential of Saudi Arabia smart cities market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in Saudi Arabia smart cities market.

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