Saudi Arabia Smart Parking Market to Grow at over 19% CAGR during 2019- 2024
Growing adoption of intelligent
transportation systems, expanding vehicle fleet, growing adoption of cloud
computing and smart devices to drive Saudi Arabia smart parking market through
2024
According to TechSci Research report, “Saudi Arabia Smart Parking Market By System Type, By Component, By Sensor
Technology, By Solution, By Vertical, Competition, Forecast &
Opportunities, 2024”, Saudi Arabia smart parking market
is projected to grow at the double-digit CAGR of over 19% during 2019-2024 on
account of technological advancements and increasing use of the technology in parking
and demand from upcoming smart cities in the country. Moreover, with the growing
number of hospitals, shopping complexes and corporate offices, the demand for
smart parking systems is also expected to increase. Some of the players in
Saudi Arabia smart parking market are IDEX
Services, Desert Services, Aflak Electronic Industries Co. Ltd, Omnitec Group,
N Parking, etc. The companies operating in the market are using organic
strategies such as product launches, and mergers and collaborations in order to
register positive growth in the market.
Browse 4 market data Tables and 44 Figures
spread through 89 Pages and an in-depth TOC on "Saudi
Arabia Smart Parking Market "
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Saudi Arabia smart parking market can be segmented based on system type,
component, sensor technology, solution, vertical and region. In terms of system
type, the market can be categorized into guided park assist system and smart
park assist system, of which the latter dominates the market on account of
increasing expanding vehicle fleet in the country. Among verticals, commercial
sector garners the maximum share in the market due to the increasing
construction and smart cities project across the country.
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“Saudi Arabia smart parking market is anticipated to witness significant
growth during forecast period on account of increasing demand for handling
challenges such as traffic flow management and rising focus on autonomous cars.
Moreover, growing investments by the Saudi Arabian government on smart cities
and suburbs program are further promoting the growth of smart parking across
the country.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Saudi Arabia Smart Parking Market By System Type,
By Component, By Sensor Technology, By Solution, By Vertical, Competition,
Forecast & Opportunities, 2024” has evaluated the future growth potential of Saudi
Arabia smart parking market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decision. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in Saudi Arabia smart
parking market.
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