Investment in MEA Smart Cities to Double Over the Next Four Years Says KPMG Report
Annual technology spending by smart cities in the Middle East & Africa (MEA) region is expected to double from $1.3bn to $2.7bn in the next four years, according to a KPMG report – “The Rise of Smart Cities – Digital Transformation in the Public Sector”. Addressing the Digital Saudi 2030 conference in Riyadh, Dr Samer Abdallah, Head of Digital, KPMG Al Fozan & Partners in Saudi Arabia said that Riyadh and Dubai are the top spenders when it comes to the development of smart cities.
“Given the Saudi government’s move to embrace digital transformation in alignment with Vision 2030 and the National Transformation Program 2020, information technology (IT) spending in the Kingdom is slated to grow by at least 14% each year,” he said. Global smart city spending is set to accelerate from $81bn in 2018 to $158bn by 2022, Dr. Abdallah said, citing data from International Data Corporation. The critical success factors of digital transformation of a city include an individual strategy, a holistic approach, and technology partners. This entails, however, several challenges such as cyber risk, technology gap, funding gap, and skills gap, which need to be appropriately addressed. Riyadh and Dubai lead smart city spending in MEA.
Source: The Big 5
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