UAE to lead global smart cities market growth to $546bn by 2027

The world’s Smart Cities market is set to reach $546 billion by 2027 and will be lead by the UAE, as per a leading market analysis firm.

According to Meticulous Research, the global Smart Cities market will grow at a 23 percent compound annual growth rate to reach $546 billion by 2027. The Emirati government’s digital transformation, Smart Dubai initiatives and Expo 2020 has helped Abu Dhabi and Dubai to secure its position among the world’s top 50 Smart Cities.

“The UAE’s ascension in global Smart City rankings is a testament to the country’s government-led digital transformation. As the economy and society continue to evolve, GITEX sets the stage for five Smart Cities mega-trends of 2021: AI, cloud, 5G, digital economy, and cybersecurity. Knowledgeable and experienced channel partners can help Smart Cities to meet business goals with the right solutions and KPIs.”

The UAE-based IT infrastructure and information management consultancy and solutions provider firm, Condo Protego, has been offering its services to both public and private sector organizations in the country for their digital transformation to support Smart Cities.

Over these years UAE has embraced Artificial Intelligence in various sectors like facial recognition in airports, predicting utility spikes and preventing disease outbreaks. Organizations in the country have used AI with machine learning algorithms and real-time analytics to optimize their insights.

In the digital transformation drive, businesses can use data storage, data analytics and hybrid cloud environments to get the best possible benefits. 

As data storage has become financially feasible and increased its services, organizations can adopt affordable, flexible and scalable high-performance storage infrastructure. Data storage added with virtualization can also be used in remote and hybrid working and learning.

With the outbreak of the pandemic, three major private sectors including banking, financial services and insurance (BFSI), education and retail have turned into the path of rapid digital transformation.

The BFSI firms are enabling remote work, secure digital customer services and lowering risk and meeting compliance. Education systems are supporting e-learning with virtual lessons, online collaboration and personalized coursework. Retailers and restaurants are re-orienting delivery routes and supporting targeting marketing.

While the UAE has rapidly transformed into a smart and connected society, the large connectivity has also increased cybersecurity threats and to overcome this advanced threat intelligence can be used to secure cloud, endpoints and networks.