Dubai – Spending on the technologies that enable Smart City initiatives is forecast to reach $1.26 billion for the Middle East and Africa (MEA) region in 2018, according to the latest insights from International Data Corporation (IDC). In the first release of its Worldwide Semiannual Smart Cities Spending Guide , the global technology research and consulting firm provides a detailed look at the technology investments associated with a range of Smart Cities priorities and use cases. As these initiatives gain traction, IDC expects spending in MEA to accelerate over the 2016-2021 forecast period, reaching $2.30 billion in 2021.
Cities across the region are implementing digital transformation initiatives within urban ecosystems in order to facilitate a broad range of environmental, financial, and social outcomes. In IDC's view, a Smart City begins to be developed when multiple smart initiatives are coordinated to leverage technology investments across an entire city, use common platforms to decrease service time/maintenance costs, share data across systems, and tie IT investments clearly to smart missions. Smart City programs are enabled by 3rd Platform technologies, and emerging technologies are accelerated in the city ecosystem to deliver innovative solutions in very specific areas.
"IDC employs a truly innovative approach to sizing the global Smart City market by identifying 41 key use cases that will have the most impact on local government over the next three years, and sizing and forecasting their growth," says Ruthbea Yesner, vice president of IDC Government Insights and Smart Cities programs. "This approach provides technology suppliers with a detailed look at the opportunity that exists within cities and offers a view into niche areas as well as broad market solutions."
The worldwide market for technologies enabling Smart Cities is expected to grow at a five-year compound annual growth rate of 18.6% over the 2016-2021 period, and MEA is one of the regions that will see the fastest spending growth, with a CAGR of 21.2%.
"The year 2017 could be considered as the coming-of-age year for Smart Cities in the region," says Jebin George, program manager, IDC MEA. "The concept is being widely discussed and adopted in the region, early success stories are starting to emerge, almost all greenfield developments are incorporating smart technologies by default, and nations are developing a common vision around the Smart City concept. The region is now getting into an exciting phase of the Smart City journey, characterized by wider adoption and faster growth."
IDC's Worldwide Semiannual Smart Cities Spending Guide quantifies the expected technology opportunity around Smart City initiatives from a region and worldwide level. Spending data is available for nine regions with a focus on 15 use cases across five strategic priorities, as well as the overall Smart Cities market size. The spending guide is designed to provide IT vendors with insights into this rapidly growing market and how the market will develop over the five-year forecast period.
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About IDC Spending Guides
IDC's Spending Guides provide detail on key technology markets from a regional, vertical industry, use case, buyer, and technology perspective. The spending guides are delivered via pivot table format or custom query tool, allowing the user to easily extract meaningful information about each market by viewing data trends and relationships.
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a subsidiary of IDG , the world's leading technology media, research, and events company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC.
IDC in the Middle East, Africa, and Turkey
For the Middle East, Africa, and Turkey region, IDC retains a coordinated network of offices in Riyadh, Nairobi, Lagos, Johannesburg, Cairo, and Istanbul, with a regional center in Dubai. Our coverage couples local insight with an international perspective to provide a comprehensive understanding of markets in these dynamic regions. Our market intelligence services are unparalleled in depth, consistency, scope, and accuracy. IDC Middle East, Africa, and Turkey currently fields over 130 analysts, consultants, and conference associates across the region. To learn more about IDC MEA, please visit www.idc-cema.com. You can follow IDC MEA on Twitter at @IDCMEA.
© Press Release 2018