Meticulous Research®—a leading global market research company, published a research report titled, ‘Middle East & Africa Smart Cities Market by Solution (Smart Citizen Services, Smart Utilities, Smart Transportation), Component (Software, Hardware, Services), Technology (IoT, AI, Cloud Computing, Machine Learning), and Geography - Forecast to 2030.’
According to this latest publication from Meticulous Research®, the Middle East & Africa smart cities market is projected to reach $40.38 billion by 2030, at a CAGR of 25% during the forecast period. The growth of this market is driven by the increasing demand for sustainable urban infrastructure and growing investment in smart mobility and utility solutions. However, the significant initial investment requirements restrain the growth of this market. Furthermore, the growing integration of artificial intelligence and increasing deployment of advanced technologies such as IoT, AI, and big data analytics are expected to create market growth opportunities. However, the risk of data abuse by large corporations is a major challenge for the players operating in this market. The latest trends in the Middle East & Africa smart cities market are the proliferation of connected vehicles and autonomous drones.
The Middle East & Africa smart cities market is segmented by solution (smart citizen services [smart public safety, smart governance, smart street lighting, smart education, and smart healthcare], smart environment [climate monitoring, smart waste management, air quality monitoring, and noise mapping & monitoring], smart buildings [smart building market, by solution and smart building market, by type], smart transportation [smart transportation market, by solution and smart transportation market, by application], smart utilities [smart energy management, smart water management, and smart distribution management], and other smart solutions), component (hardware [endpoint devices, processing devices, network devices, and other devices], software [IoT device software, gateway software, cloud software, computing device software, and other software], and services [consulting services, system integration & deployment services, infrastructure monitoring & management services, network services, and other services]), and technology (IoT, artificial intelligence, cloud computing, machine learning, machine-to-machine communications, and other technologies). The study also evaluates industry competitors and analyzes the market at the region/country level.
Based on solution, the Middle East & Africa smart cities market is segmented into smart citizen services, smart utilities, smart transportation, smart buildings, smart environment, and other smart solutions. In 2023, the smart citizen services segment is expected to account for the largest share of the Middle East & Africa smart cities market. The large market share of this segment is attributed to the increasing adoption of digital technologies to create a more efficient, sustainable, and livable urban environment for residents; the rising adoption of smart public safety technologies to prevent and respond to emergencies and enhance the safety of citizens; and the growing adoption of digital platforms such as social media, mobile apps, and online forums to engage citizens.
However, the smart utilities segment is projected to register the highest CAGR during the forecast period due to the increasing need to optimize asset performance, improve operational efficiencies, and gain insights into utility usage patterns, the rising adoption of utility solutions to make performance improvements and enhance operational transparency, enhance operational transparency, and the increasing need to optimize asset performance.
Based on component, the Middle East & Africa smart cities market is segmented into services, hardware, and software. In 2023, the hardware segment is expected to account for the largest share of the Middle East & Africa smart cities market. The large market share of this segment is attributed to the increasing adoption of hardware to better manage the resources and improve the quality of life in the cities, the growing implementation of hardware component for collecting, transferring, processing, and storing user data for analysis, and the rising use of Sensors with AI for accurately measure data points to deliver smart city services effectively.
However, the services segment is projected to register the highest CAGR during the forecast period due to the growing implementation, installation, and maintenance of advanced hardware and software to connect multiple aspects of smart cities, the increasing implementation of services to enhance the challenges of mobility, city services, and public safety, and promote sustainability, the rising use of smart services to reduce operational costs by smart infrastructure monitoring and management, and the growing adoption of smart cities services to enhance public safety by monitoring CCTV/ video/ surveillance solutions.
Based on technology, the Middle East & Africa smart cities market is segmented into IoT, cloud computing, machine learning, artificial intelligence, machine-to-machine communications, and other technologies. In 2023, the cloud computing segment is expected to account for the largest share of the Middle East & Africa smart cities market. The large market share of this segment is attributed to the increasing adoption of efficient and scalable solutions for managing the vast amounts of data generated by smart city applications, the growing demand for data storage, processing, and analysis in urban areas, and the increasing adoption of the cloud computing platform to manage traffic management systems, public safety systems, and energy management systems.
Also, the cloud computing segment is projected to register the highest CAGR during the forecast period.
Based on country/region, the Middle East & Africa smart cities market is segmented into UAE, Saudi Arabia, Israel, Qatar, and the Rest of Middle East & Africa. In 2023, the UAE is expected to account for the largest share of the Middle East & Africa smart cities market. The large market share of the UAE is attributed to the growing adoption of new technologies, such as the Internet of Things (IoT), artificial intelligence (AI), and blockchain, the implementation of smart city technologies across the country, the rising government initiatives for promoting smart city initiatives through various policies and funding programs, the rising initiatives for reducing carbon emissions & improving the quality of life, and the increasing need for smart parking, waste management, and air quality monitoring. Also, the UAE is projected to register the highest CAGR during the forecast period.
The key players operating in the Middle East & Africa smart cities market include Cisco Systems, Inc. (U.S.), Huawei Investment & Holding Co., Ltd. (China), IBM Corporation (U.S.), Siemens AG (Germany), Cognizant Technology Solutions Corporation (U.S.), Capgemini (France), Schneider Electric SE (France), Fujitsu Ltd. (Japan), Robert Bosch GmbH (Germany), Atos SE (France), LTIMindtree Limited (India), and General Electric Company (U.S.).
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