Saudi Arabia Smart Cities Market size is anticipated to grow at a CAGR of 17.7% during 2023-2029

By component, the hardware segment earned the highest revenue share in Saudi Arabia Smart Cities Market – 6Wresearch

Hardware segment by component led the market and this segment is still dominating the revenue share in Saudi Arabia smart cities market. This dominance can be attributed to the extensive use of hardware components, such as sensors, cameras, communication equipment, data centers, IoT devices and various physical assets as they are critical for the functioning of smart city applications like intelligent traffic management systems, surveillance systems, environmental monitoring, and energy-efficient infrastructure.

According to 6Wresearch, Saudi Arabia Smart Cities Market size is anticipated to grow at a CAGR of 17.7% during 2023-2029. Saudi Arabia is actively advancing its urban ecosystems into smart cities, with Riyadh, Makkah, Jeddah, and Madinah ranking prominently in the Arab and global smart cities index. Additionally, the Ministry of Municipal, Rural Affairs, and Housing plans to launch over 50 smart initiatives by 2030, focusing on AI and IoT technologies across various key areas to enhance urban living. NEOM smart city, a flagship of Saudi Arabia's Vision 2030 with a $500 billion budget, boasts futuristic designs, advanced infrastructure, and extensive renewable energy sources, including a revolutionary internet of water system and AI implementation to significantly surpass existing smart city capabilities. The ALNAMA smart city's master plan announced in 2022 aims to create a zero-carbon, technologically advanced urban destination with efficient transportation, water-saving systems, high-tech urban farming, and smart security measures for a resilient and sustainable living environment. The Al Widyan smart city project, aligning with Saudi Vision 2030, is undergoing phase-wise construction. Once completion, the city would offer smart traffic and mobility solutions along with a mixed-use district with advanced technology, promoting sustainability and a high quality of life.

According to Shubham Deep, Senior Research Analyst, 6Wresearch, by application, the smart mobility segment secured a significant share of revenue in Saudi Arabia's smart cities market, driven by government initiatives like Vision 2030 and the NEOM project, with a focus on reducing traffic congestion, enhancing safety, and advancing electric and autonomous mobility goals.

The Saudi Arabia Smart Cities Market (2023-2029) report provides an in-depth analysis with 11 figures and 4 tables, covered 79 pages. The report comprehensively covers the market by component and application. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.