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, 2018-2028F

Saudi Arabia Smart Cities market is anticipated to grow at a steady pace in the forecast period, 2024-2028 & growing at a steady CAGR in the forecast period. Saudi Arabia is seeing an increase in demand for smart cities since they may open up new opportunities for improving the nation's environmental friendliness. The COVID-19 pandemic is acting as a major driver for making the Saudi Arabia government more interested in benefits related to smart cities, such as support for smart transport solutions, better healthcare management, and energy-saving capabilities. Awareness around Internet of Things (IoT) and cloud computing has increased among various citizens and government officials of the country. The government and prince of the Kingdom of Saudi Arabia encourage to updating existing cities by providing them with smart city-like capabilities, along with new smart city projects around the nation.

Smart cities have advanced technology and utilize a variety of electrical methods and sensors to collect specific data. The information obtained from that data is utilized to improve operations across the city and to efficiently manage resources, services, and assets. Data is processed and analyzed from information gathered from participants, devices, buildings, and assets, to monitor and control traffic and transportation systems, power plants, utilities, water supply networks, waste, criminal investigations, information systems, schools, libraries, hospitals, and other community services. Smart cities are those that successfully use technology in their urban design, monitoring, and management. Data sharing in smart cities extends beyond the city borders to companies, residents, and other outside parties that stand an advantage from the data's various applications. It becomes possible to gain enhanced knowledge and financial benefit by sharing data across multiple systems and sectors.

The market for Saudi Arabia's smart cities is expanding due to the country's rising need for modern facilities & higher living standards, the government's passionate initiatives & significant financial expenditures, and attempts to lessen the country's reliance on oil and petroleum products. However, the market for smart cities is being constrained by concerns about data security and privacy. The expansion of the smart city industry in Saudi Arabia is also anticipated to be hampered by increased development expenses for smart cities. The market for smart cities is expected to rise as a result of sustainability and environmental advantages as well as developments in IoT technology.

The Saudi Arabia market has been significantly impacted by the increased use of cloud-based apps and the Internet of Things. IoT applications offer capabilities for monitoring traffic, noise levels, air quality levels, car emissions, and emissions from various sectors. The healthcare, manufacturing, citywide transport, and mobility sectors have all improved because of the adoption of IoT industries in Saudi Arabia.

The need for efficient urban management is rising quickly due to urban population expansion. The nation should be concerned about the growing issues surrounding city management and growth. By 2050, it is anticipated that more than 90% of Saudi Arabia's population would reside in urban areas due to the country's strong urbanisation rate. The rate of urban population across the country is projected to reach around 90.4% by the end of 2050. Public spending on R&D, GDP growth rate, public spending on education, and income level are the main factors considered for a smart city. The GDP, sector strength, global trade, and foreign investment are all possible economic indicators that may be utilised to gauge the success of smart city development.

Advancements in Technologies

Emerging technologies including AI, ML, cloud data analytics, IoT, and cybersecurity have advanced quickly in recent years. The increased use of these technologies in the context of smart cities has enabled a greater connectivity, radically altering the ecosystem. The system may gather data from many sources with the aid of IoT devices and then share it with a central control point by utilizing the cloud. Such cutting-edge technologies are applied in a variety of contexts, including security, privacy, and environmental sustainability, in addition to enhancing the lives of residents. For instance, Saudi Arabia employs technological improvements to manage connected devices effectively in real-time using an IoT platform called a control centre. Additionally, the country focuses on developing the technology sector as part of its Vision 2030 initiative, which aims to diversify the economy away from oil dependence, creating jobs, and attracting high-skilled talent into the kingdom.

Technological Advancements for Smart Cities

Smart cities are enabling self-sufficient and futuristic systems, companies, and individuals through machine learning and artificial intelligence. These technologies collect large amounts of data to modernize the components and systems that power cities and enable them to make intelligent choices with minimal human involvement. Artificial intelligence and machine learning algorithms, which are now crucial elements of many sectors, are needed to build smart cities. Smart metres, traffic sensors, medical monitoring systems, industrial control systems, video cameras, and environmental sensors, are some of the cyber-physical space components that are created because of the deployment of machine learning- and AI-enabled intelligent equipment. Also, machine-generated data is used to help in the development of smart cities, in decision-making, and predictive analysis.

Challenge: Absence of Appropriate Infrastructure in Developing and Underdeveloped Economies

The nation's emerging and underdeveloped regions continue to rely on outdated telecom infrastructure which is unable to provide low latency and high-capacity connection. Poor internet speed can lead to poor experience. A poor connection would result in worse service quality while smart city solutions need high-speed and low-latency internet. It is exceedingly challenging to deploy smart city solutions when there is a lack of high-speed internet. The government of Saudi Arabia lacks the funding to create the enormous infrastructure necessary to support and guarantee the efficient operation of smart city technologies.

Impact of COVID-19

The COVID-19 pandemic is expected to significantly affect the development of the Saudi Arabian smart city market. Despite the fact that COVID-19's emergence has had an overall negative impact on the major industrial sectors, the market for smart cities is predicted to continue expanding due to rising demand from industries including healthcare systems, transport systems, governance solutions & services, and others. This effort is headed by Dallah Healthcare, with telemedicine solutions provided to the citizens of Saudi Arabia without having to leave their homes during the pandemic.

Download Free Sample Report

Recent Developments:

• On 30^th September 2022, Penta Modular Flat switches were introduced to the market by Panasonic Life Solutions. The product line of this series consists of 32A D.P. switches in 6A and 16A ratings, 1Way switches, 2Way switches, Bell Push switches and so on.
• In September 2020, The Saudi Electricity Company secured USD 1.3 billion to fund green energy initiatives including smart meters.
• In recent years, several innovative smart-city initiatives have been presented to improve the standard of life for Saudi Arabia's citizens as well as modern cities and towns. The Kingship of Saudi Arabia is strongly devoted to developing modern smart cities and smart houses for Saudi citizens. For instance, Saudi Crown Prince Mohammad bin Salman announced the "Saudi Vision 2030" initiative on April 25, 2016, with the goal of reducing the country's dependency on oil, which accounts for more than 30% of its overall GDP.

Market Segmentation

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 smart cities market is segmented into Riyadh, Makkah, Eastern Province, and Rest of Saudi Arabia.

Market Players

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-L.L.C, Intel Corporation (UK) Limited, Microsoft Arabia Co Limited, Schneider Electric Saudi Arabia Co. Ltd are major market players in Saudi Arabia Smart Cities market.

Report Scope:

In this report, the Saudi Arabia Smart Cities market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Saudi Arabia Smart Cities Market, By Type of Focus Area:

o   Smart Mobility

§  Smart Ticketing

§  Traffic Management

§  Passenger Information Management

§  Connected Logistics

§  Others

o   Smart Building

§  Building Infrastructure Management

§  Security & Emergency Management

§  Energy Management

§  Network Management

§  Integrated Workplace Management System

o   Smart Utility

§  Advanced Metering Infrastructure

§  Meter Data Management

§  Distribution Management System

§  Substation Automation

§  Others

o   Smart Citizen Service

§  Smart Healthcare

§  Smart Education

§  Smart Public Safety

§  Smart Street Lighting

§  Others

• Saudi Arabia Smart Cities Market, By Region:

o   Riyadh

o   Makkah

o   Eastern Province

o   Rest of Saudi Arabia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Saudi Arabia Smart Cities Market.

Available Customizations:

Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Saudi Arabia Smart Cities Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]