Al-Khobar, located in Saudi Arabia, has been acknowledged as a smart city. The city has secured the 99th position out of 142 cities worldwide, highlighting its development and progress in embracing smart technologies and initiatives.
This recognition by the International Institute for Management Development (IMD) not only showcases Al-Khobar's commitment to innovation and sustainability, but also positions it as a leading city in the region that is harnessing technology to enhance the quality of life for its residents.
The global smart cities market is poised for substantial revenue growth, with forecasts indicating that revenue will reach USD 104.80 billion by 2024. This upward trend is projected to persist, with a compound annual growth rate (CAGR) of 12.15% expected from 2024 to 2028. By 2028, the market volume is anticipated to soar to USD 165.80 billion.
This trajectory underscores the increasing adoption and investment in smart city technologies worldwide, driven by the demand for sustainable urban development, improved efficiency, and enhanced quality of life. As smart cities continue to pave the way for urban evolution, Al-Khobar's ranking serves as a testament to its dedication towards creating a more connected, efficient, and sustainable urban environment.
The IMD's Smart City Index serves as a crucial benchmark for evaluating a city's readiness to embrace and incorporate advanced technologies in fostering smart, sustainable communities. The ranking provides valuable insights into the innovative capabilities and technological infrastructure of cities worldwide.
The Saudi Smart City Market
Notably, the smart cities market in Saudi Arabia is poised for significant growth in the coming years. Projections indicate that revenue will reach USD 0.71 billion by 2024, with a strong compound annual growth rate (CAGR 2024-2028) of 11.82%, leading to a market volume of USD 1.11 billion by 2028. This growth aligns with the broader trend of increasing investment in smart city technologies globally.
Al-Khobar's recognition as a smart city adds to Saudi Arabia's portfolio, joining Riyadh, Makkah, Madinah, and Jeddah in advancing towards urban innovation and sustainability.
