Smart Buildings to Witness Fastest Growth in GCC Smart Cities Market During the Forecast Period
Increasing urbanization along with the need for efficient
management of resource utilization, public safety concerns, and efficient
energy utilization is driving the GCC (Gulf Cooperation Council) Smart Cities
market through 2028.
According to
TechSci Research report, "GCC Smart Cities Market – By Country,
Competition Forecast & Opportunities, 2018-2028, the GCC Smart Cities
Market is expected to register robust growth in the forecast period, 2023-2028." The GCC Smart Cities market is
driving owing to new and emerging technologies for formulating the latest
strategies of innovative government systems and smart cities, strategies for
developing advanced infrastructure, and modernization of corporate governance
along with smart services. Most new smart city projects globally are expected
to be led by European cities, and much of the expansion will occur in North
American and advanced East Asian cities, followed by cities in the Gulf
Cooperation Council (GCC) countries.
The local governments are embracing
smart buildings in which smart lighting is a key component, that comes with a
benefit of maintaining energy consumption for building security. The need for public-private partnerships smart-city
projects is increasing at a rapid rate across the GCC countries as well as the
developing countries globally. For instance, Dubai has worked hard to define
its policy framework, in 2015, the country created the Smart Dubai Office
(SDO). This institutional organization is part of the Emirate’s government to centrally
manage all smart city initiatives. Dubai issued an Open Data Law for classifying
data for public and private usage. Riyadh is currently working on its legal and
regulatory framework.
The number of
heavy investments across the GCC countries are escalating rapidly for the smart
city projects. The average spendings on IT services and products in the Middle
East is expected to increase heavily over the next upcoming years. GCC
countries are also planning to implement waste containers that can be helpful
for trash disposal services at the time of overflowing, using a signal message
through internet. The rise in the concerns over the overflow of waste in a
trash is a constant nuisance for city sanitation departments, landlords, and
private waste management companies. By monitoring waste containers with smart
wireless sensors, garbage collection method can be more efficient, and
sanitization can be maintained properly.
Browse over XX market data
Figures spread through XX Pages and an in-depth TOC on the "GCC Smart Cities Market".
Based on smart mobility, the
market is fragmented into smart ticketing, traffic management, passenger
information management, connected logistics and others. The smart ticketing
segment dominated the market in 2022 owing to the high adoption of online
ticket booking for smart mobility. Based on smart building, the market is
segmented into building infrastructure management, security & emergency
management, energy management, network management, and integrated workplace
management system. The Security & Emergency management is the fastest
growing segment in the forecast years owing to the benefit of reduction of incidents
through risk assessment. Based on smart utility, the market is divided into
advanced metering infrastructure, meter data management, distribution
management system, substation automation, and others. The advanced metering
infrastructure accounted for the largest market share in 2022 as the advanced
metering infrastructure provides centralization of utilities by the collection,
process, storage and performance from the data. Based on smart citizen service,
the market is divided into smart healthcare, smart education, smart public
safety, smart street lighting, and others. The smart healthcare services is
expected to register the highest CAGR during the forecast period due to the
rising need for the modern healthcare ecosystem with growing digitalization and
connectivity. Based on the country the market is fragmented into UAE, Bahrain,
Saudi Arabia, Oman, Qatar, and Kuwait.
Top companies are spending a
lot of money on evaluation and analysis of the Smart Cities technologies to
improve the product offering associated with the industrial developments across
the country. Operational effectiveness, technological advancements, and
performance optimization are all products of R&D activities. One of the
main factors driving the expansion of the market for Smart Cities is the rise
in demand for energy conservation across GCC.
Key market players in the Smart
Cities market include:
- Siemens AG
- Cisco Systems Inc.
- IBM Corporation
- Microsoft Corporation
- Schneider Electric
- Intel Corporation
- ABB Limited
- Telefonaktiebolaget LM Ericsson
- Oracle Corporation
- Fujitsu Limited
Recent Developments
- Numerous wind and
solar projects are being developed across Saudi Arabia. Large infrastructure
projects such as the high-tech city NEOM include green energy plans, including
a USD 5 billion hydrogen plant, and Saudi state-linked organizations are
shifting their focus to green raising funds. Additionally, the country joined
more than 100 countries that pledged to reach net-zero emissions.
- Qatar’s National
Vision aims that by 2030, Qatar shall become an advanced society capable of
maintaining its development and delivering a high standard of living for its
people. Qatar’s National Vision defines the long-term goals for the country and
provides a framework to develop national strategies and implementation plans.
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"The GCC region is
looking to adopt smart initiatives, with an expanding market for Internet of
Things (IoT) technology in the residential sector supported by strong
government initiatives. The UAE and Bahrain will be the fastest-growing
countries in terms of smart city solutions by 2020. The GCC’s ICT regulation
and development authorities are increasingly pushing new technologies by
generating public awareness and sometimes starting national initiatives.
Furthermore, growth in smart cities is due to the rising inclination toward the
Internet of Things, which would further increase the involvement of urban
planners during the forecast period." said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
"GCC
Smart Cities Market Segmented By Smart Mobility (Smart Ticketing, Traffic Management, Passenger Information
Management, Connected Logistics, Others), By Smart Building (Building
Infrastructure Management, Security & Emergency Management, Energy
Management, Network Management, Integrated Workplace Management System), By
Smart Utility (Advanced Metering Infrastructure, Meter Data Management,
Distribution Management System, Substation Automation, Others), By Smart
Citizen Service (Smart Healthcare, Smart Education, Smart Public Safety, Smart
Street Lighting, Others), By
Country, Competition, Opportunity, and Forecast, 2018-2028F", has
evaluated the future growth potential of Smart Cities and provides statistics and information on market structure, size, share,
and future growth. The report intends to provide cutting-edge intelligence and
help decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in the GCC Smart Cities Market.
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