Dublin, June 29, 2023 (GLOBE NEWSWIRE) -- The "GCC Smart Cities Market By Smart Mobility, By Smart Building, By Smart Utility, By Smart Citizen Service, By Country, Competition Forecast and Opportunity, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
GCC Smart Cities market is anticipated to grow in the forecast period owing to rising urbanization and the increasing need for infrastructure and digital asset management.
The region is attracting numerous government investments toward developing smart cities as the digital ecosystem is improving. The upgradation in technology has fueled the adoption of the Internet of Things (IoT) technology for smart cities to manage traffic flows, monitor city infrastructure, and monitor air and water quality.
The rising need for ensuring public safety, efficient utilization of resources, rising demand for efficient energy consumption, and a healthy environment are expected to boost the smart cities market growth during the forecast period.
The Middle East has a fertile ground for Smart Cities, especially in the six countries of the GCC. Two evolving verticals include, smart transport and smart lighting are key drivers of the rapidly growing Internet of Things worldwide and are also beginning to make a difference in the GCC.
The six Gulf Cooperation Council (GCC) countries embrace the smart city framework to address their urban challenges. The GCC countries are the most urbanized countries across the globe. A decade and a half of a booming oil and gas industry have provided resources for urban modernization to governments across the Country.
But the specter of the current lower oil prices continuing has created a sense of urgency. GCC countries are looking at ways to become more efficient and diversify their economies away from oil dependency. Smart-city technology is an essential aspect of this new journey.
In urban population growth, the demand for effective urban management is increasing at a rapid rate. The rising concerns for city management and its development are also relevant for the GCC countries. The GCC countries are highly urbanized, and by 2050 more than 90% of the population of these countries is expected to be settled in the cities.
The rate of urban population for GCC countries is expected to reach 93.2% for Bahrain, 100% for Kuwait, 81.4% for Oman, 99.7% for Qatar, 90.4% for Saudi Arabia, and 92.4% for UAE by 2050. The main factors considered for a smart city are identified by a set of indicators: public expenditure on R&D, GDP growth rate, public expenditure on education, and income level.
Some scholars describe economic and socio-political issues of the city, innovation, and others as the leading indicators of smart cities. From an economic point of view, the success factor for smart city development can be measured by GDP, sector strength, international transactions, and foreign investment.
The main factors of the smart city in ranking medium-sized European cities were economy, mobility, environment, people, and governance.
On-going Developments in Infrastructure Sector are Fueling the Market Growth
The countries of the GCC have been witnessing massive growth in the development of the infrastructure sector. Moreover, implementation of major economic reforms by the governments, including transformations to the ease of doing business, encouraging new business and getting construction permits. These changes and development in the GCC region are anticipated to boost the adoption of smart cities.
A smart city adopts top-notch technologies incorporating comprehensive IT infrastructure, a network of sensors, cameras, and data centers for the effective conveyance of essential services such as electricity, water supply, sanitation, etc. With the development of the infrastructure sector, the implementation of smart cities is expected to benefit by employing automation and enhanced data connectivity.
For instance, the Ministry of Municipality and Environment of Qatar allocated USD 7.0 billion in its 2021 budget to further develop major infrastructure projects and water and electricity networks, in addition to continuing the work of maintenance, development, and expansion of roads.
Increasing Government Initiatives are Driving the Market Growth
The Government of GCC is taking many initiatives to promote the implementation of smart cities in the upcoming years. For instance, The Saudi government launched the Middle East Green Initiative to create a sustainable future for the country and to highlight green transition policy solutions.
The initiative will help to improve people's lives and protect future generations by increasing reliance on clean energy, protecting the environment, and mitigating the effects of oil use.
Additionally, to multiple efforts to preserve the marine and coastal environment, increase the percentage of natural reserves, and improve quality of life, the initiative aims to improve the efficiency of oil production and increase the contribution of renewable energy.
Growing Smart City Initiatives across GCC is Driving the Market Growth
Smart Cities are an important part of the national development strategies of each GCC country. At the same time, the key goal of developing smart cities is not just effective management but mainly improving the level and quality of life of citizens.
Market Dynamics
Drivers
- On-going Developments in Infrastructure Sector
- Increasing Government Initiatives
- Growing Smart City Initiatives across GCC
Market Trends & Development
- Need for Efficient Management
- Increasing Demand for a Healthy Environment
- Rising Government Investments
- Rising Population & Urbanization
- Merger & Acquisitions
- Major Contracts Awarded
Challenges
- Security Concerns
- High Initial Cost
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the GCC Smart Cities market.
- Siemens AG
- Cisco Systems Inc.
- IBM Corporation
- Microsoft Corporation
- Schneider Electric
- Intel Corporation
- ABB Limited
- Telefonaktiebolaget LM Ericsson
- Oracle Corporation
- Fujitsu Limited
Report Scope:
GCC Smart Cities Market, By Smart Mobility:
- Smart Ticketing
- Traffic Management
- Passenger Information Management
- Connected Logistics
- Others
GCC Smart Cities Market, By Smart Building:
- Building Infrastructure Management
- Security & Emergency Management
- Energy Management
- Network Management
- Integrated Workplace Management System
GCC Smart Cities Market, By Smart Utility:
- Advanced Metering Infrastructure
- Meter Data Management
- Distribution Management System
- Substation Automation
- Others
GCC Smart Cities Market, By Smart Citizen Service:
- Smart Healthcare
- Smart Education
- Smart Public Safety
- Smart Street Lighting
- Others
GCC Smart Cities Market, By Country:
- UAE
- Bahrain
- Saudi Arabia
- Oman
- Qatar
- Kuwait
For more information about this report visit https://www.researchandmarkets.com/r/3ea23z
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