This comes as the Kingdom has witnessed a rise in its urban population, with over 83 percent now living in urban areas RIYADH: The Urbanization global market is set to hit $158 billion in 2022, up from $881 billion in 2018, according to the International Data Corporation. Several sectors in Saudi Arabia are expected to benefit from the urban tech, or smart city revolution, according to a whitepaper titled “Urban Tech,” commissioned by American multinational financial services corporation, Mastercard, in partnership with Arabnet. Opportunities include growing electronic transactions for government services in the country, zero carbon travel, smart mobility, and advanced digital identity, among others. This comes as the Kingdom has witnessed a rise in its urban population, with over 83 percent now living in urban areas. This figure is expected to rise to 97.6 percent by 2030. In line with its Vision 2030, Saudi Arabia has invested a total of $4 billion in the country’s digital infrastructure. “The core aim of urban technology is to improve the quality of life of residents in cities. This white paper outlines the elements that can bring this to life, and the sectors that are likely to benefit first,” the whitepaper said, citing J.K. Khalil, Cluster Head and Country Manager, Saudi Arabia, Bahrain and Levant at Mastercard.