UAE Smart Cities Market revenues are projected to grow at a CAGR of 16.5% from 2023-2029

Smart mobility as well as smart environment experienced maximum revenue share in the UAE Smart Cities Market – 6Wresearch

In 2022, Smart Mobility and Smart Environment held the maximum market revenue share in the UAE Smart Cities Market, driven by the UAE government's smart mobility strategy, with its plan to transform 25% of its total transportation to autonomous modes by 2030 and projects like Sharjah sustainable city and sustainable city yas island which are in line with the government’s targets for circular economy in the region. Recently, Road and Transport Authority has signed a deal with Volocopter, a German company to develop flying taxis with the goal of making urban air mobility much easier and more advanced.

According to 6wresearch, the UAE Smart Cities Market revenues are projected to grow at a CAGR of 16.5% from 2023-2029. The country’s robust digital infrastructure would support incoming investments in smart city projects of the country and attract new investments in the market. UAE’s early adoption of the 5G network displays its strong intent in economic digitization, currently, it is the top scorer in 5G network speed and coverage in the GCC region. UAE’s Digital economic strategy would further strengthen the growth horizons for smart city projects as its target to achieve 20% digital economy by 2033 can only be fulfilled through the development and levelling up of smart city projects across the UAE. Further, UAE’s pioneering initiative to introduce 6G by 2030, if successful, would provide UAE with a cutting edge over other markets in terms of competitiveness and ecosystem required to sustain further developments in the smart cities sector.

According to Shivankar, Research Manager, 6Wresearch, during the forecast period, hardware is expected to register substantial growth in the UAE smart cities market as hardware such as smart sensor, IoT devices and others are essential for enabling various smart city initiatives such as development of smart Irrigation system, IOT devices, traffic control sensor, smart surveillance drone under the UAE government 100 smart initiatives and 1,000 smart services to boost seamlessness and sustainability and transform the government services.

The UAE Smart Cities Market (2023-2029) report provides an in-depth analysis with 18 figures and 5 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.