PORTLAND, Ore., April 12, 2021 /PRNewswire/ — Allied Market Research recently published a report, titled, “Saudi Arabia Smart Cities Market by Functional Area (Smart Infrastructure, Smart Governance & Smart Education, Smart Energy. Smart Mobility, Smart Healthcare, Smart Buildings, and Others): Saudi Arabia Opportunity Analysis and Industry Forecast, 2020–2027″. As per the report, the Saudi Arabia smart cities industry was pegged at $3.55 billion in 2019, and is projected to reach $14.74 billion by 2027, growing at a CAGR of 19.6% from 2020 to 2027.
Drivers, restraints, and opportunities
Rise in efforts to minimize oil dependency, proactive smart city initiatives, and surge in investments by government have boosted the growth of the Saudi Arabia smart cities market. However, data security & private concerns with smart cities hinder the market growth. On the contrary, the environmental friendliness of smart cities and technological advancements in IoT and cloud technologies are