Meticulous Research®, a renowned market research firm, released a study 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 the most recent report by Meticulous Research®, the smart cities market in the Middle East & Africa is estimated to reach $40.38 billion by 2030, with a forecasted Compound Annual Growth Rate (CAGR) of 25%. This growth is attributed to the rising demand for sustainable urban infrastructure and increased investment in smart mobility and utility solutions. However, substantial initial investments pose a challenge to market expansion. Additionally, the integration of artificial intelligence and the adoption of advanced technologies like IoT, AI, and big data analytics offer growth opportunities, though the risk of data misuse by large corporations remains a significant concern. Emerging trends include the proliferation of connected vehicles and the use of autonomous drones.
The Middle East & Africa smart cities market is divided into several segments based on (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 report also assesses competitors in the industry and examines the market on a regional and country level.
Based on solution, the Middle East & Africa smart cities market is categorized into smart citizen services, smart utilities, smart transportation, smart buildings, smart environment, and other smart solutions. By 2023, the smart citizen services segment is projected to hold the largest portion of the market. This dominance is credited to the increasing integration of digital technologies aimed at fostering efficient, sustainable, and comfortable urban living. Additionally, there's a growing adoption of smart public safety measures to prevent and respond to emergencies, enhancing overall citizen safety. Moreover, the rising utilization of digital platforms like social media, mobile applications, and online forums is facilitating citizen engagement.
Yet, the smart utilities segment is anticipated to exhibit the most substantial Compound Annual Growth Rate (CAGR) throughout the forecast duration. This projection is driven by the escalating necessity to enhance asset performance, refine operational efficiencies, and acquire insights into utility consumption patterns. Furthermore, the growing uptake of utility solutions aimed at bolstering performance and augmenting operational transparency further fuels this growth trajectory.
Based on component, the Middle East & Africa smart cities market is divided into services, hardware, and software. By 2023, the hardware segment is projected to hold the most significant portion of the market. This dominance is credited to the rising adoption of hardware aimed at enhancing resource management and urban life quality. Additionally, the increasing utilization of hardware components for data collection, transfer, processing, and storage for analysis contributes to this trend. Moreover, the growing use of AI-powered sensors for precise data measurement to efficiently deliver smart city services further drives the prominence of this segment.
Nonetheless, the services segment is anticipated to demonstrate the most substantial Compound Annual Growth Rate (CAGR) throughout the forecast period. This projection stems from the escalating deployment, installation, and upkeep of sophisticated hardware and software aimed at interconnecting various facets of smart cities. Additionally, the increasing adoption of services to address mobility, city services, and public safety challenges while promoting sustainability contributes to this growth trajectory. Moreover, the rising utilization of smart services to curtail operational expenses through intelligent infrastructure monitoring and management, along with the growing adoption of smart city services to bolster public safety through the surveillance of CCTV/video solutions, further propels the expansion of this segment.
Based on technology, the Middle East & Africa smart cities market is categorized into IoT, cloud computing, machine learning, artificial intelligence, machine-to-machine communications, and other technologies. By 2023, the cloud computing segment is projected to hold the largest portion of the market. This dominance is credited to the rising adoption of effective and scalable solutions to handle the extensive data produced by smart city applications. Additionally, there's a growing need for data storage, processing, and analysis in urban settings, further fuelling the demand for cloud computing. Moreover, the increasing utilization of cloud computing platforms to manage systems such as traffic management, public safety, and energy management contributes significantly to the prominence of this segment.
Furthermore, the cloud computing segment is expected to demonstrate the most substantial Compound Annual Growth Rate (CAGR) throughout the forecast period.
Based on country/region, in 2023, the UAE is projected to hold the largest portion of the Middle East & Africa smart cities market. This significant share is attributed to several factors, including the increasing adoption of cutting-edge technologies like IoT, AI, and blockchain, widespread implementation of smart city solutions across the nation, government-led initiatives supporting smart city programs through policies and funding, efforts to reduce carbon emissions and enhance living standards, as well as the growing demand for smart parking, waste management, and air quality monitoring solutions. Additionally, the UAE is anticipated to demonstrate the highest Compound Annual Growth Rate (CAGR) during the forecast period.
Key Players:
Major players 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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Key questions answered in the report-
• What are the market segments with significant growth potential based on solutions, components, technology, and country/region?
• What was the past market size of smart city solutions and services in the Middle East & Africa?
• What are the projected market forecasts and estimates for the timeframe between 2023 and 2030?
• What are the primary factors propelling growth, hindering progress, presenting opportunities, posing challenges, and indicating trends within the Middle East & Africa smart cities market?
• Who are the key players, and what are their respective market shares in the Middle East & Africa smart cities market?
• What is the competitive scenario within the Middle East & Africa smart cities market?
• What are the latest advancements or updates within the Middle East & Africa smart cities market?
• What are the various strategies implemented by the key players in the Middle East & Africa smart cities market?
• What are the significant geographical patterns, and which countries are experiencing notable growth within the Middle East & Africa smart cities market?
• Who are the rising local contenders in the Middle East & Africa smart cities market, and what are their competitive strategies compared to other players?
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