Market Research Report
Saudi Arabia Smart Parking Market By System Type (Smart Park Assist System & Guided Park Assist System), Component (Steering Angle Sensors, Parking Sensors & Others), Sensor Technology, Solution , Vertical, Competition, Forecast & Opportunities, 2024
|Published by||TechSci Research||Product code||908355|
|Published||Content info||89 Pages
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|Saudi Arabia Smart Parking Market By System Type (Smart Park Assist System & Guided Park Assist System), Component (Steering Angle Sensors, Parking Sensors & Others), Sensor Technology, Solution , Vertical, Competition, Forecast & Opportunities, 2024|
|Published: August 1, 2019||Content info: 89 Pages||
Saudi Arabia Smart Parking Market By System Type (Smart Park Assist System & Guided Park Assist System), By Component (Steering Angle Sensors, Parking Sensors & Others), By Sensor Technology (Ultrasonic Sensor, Radar Sensor & Image Sensor), By Solution (Valet Parking Management, License Plate Recognition, Security & Surveillance and Parking Reservation Management), By Vertical, Competition, Forecast & Opportunities, 2024.
Saudi Arabia smart parking market stood at around $ 90 million in 2018 and is projected to grow at a CAGR of over 19% to cross $ 263 million by 2024 on account of growing adoption of intelligent transportation systems, expanding vehicle fleet, increasing adoption of cloud computing and smart devices. Moreover, increasing penetration of IoT in various applications like building & home automation, smart cities, etc., is further pushing its demand in the country. Additionally, surge in cloud platform adoption, advent of advanced data analytics and development of wireless networking technologies in parking are further likely to propel Saudi Arabia smart parking market during forecast period.
Saudi Arabia smart parking market can be broadly segmented into 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. Among these system types, smart park assist system dominates the market on account of expanding vehicle fleet in the country. Saudi Arabia smart parking caters two verticals, namely government and commercial. Commercial sector is leading Saudi Arabia smart parking market owing to the increasing construction in commercial sector and smart cities project across the country.
The market of smart parking in Saudi Arabia is gaining traction and is expanding to various regions such as Riyadh, Mecca, Eastern Province and others. Riyadh is expected to the largest demand generator for smart parking during forecast period on account of growing need of traffic management and increasing inclination towards smart cities.
List of major players operating in Saudi Arabia Smart Parking market include: IDEX Services, Desert Services, Aflak Electronic Industries Co. Ltd, Omnitec Group, N Parking, Smart Parking Co., Makani, NEDAP Mobility, Parkeon Inc., Next Wave Technology, etc. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. For instance, IDEX Services and N Parking (a subsidiary of Bin Dayel Contracting Co.,) are working together to supply and install parking management and revenue control systems in several locations in Saudi Arabia that are operated by N Parking based on Scheidt & Bachmann's range of products and services.
Years considered for this report:
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of service providers across the country. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the service providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the product offerings, distribution channels and presence of all major service providers across the country.
TechSci Research calculated the market size of Saudi Arabia smart parking market by using a bottom-up approach, wherein data for various segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as Smart parking providers and service providers, partners, end users, etc., besides allowing them to strategize investments and capitalize on market opportunities.
In this report, Saudi Arabia smart parking market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Company Profiles: Detailed analysis of the major companies present in Saudi Arabia smart parking market.
With the given market data, TechSci Research offers customizations according to the company's specific needs. The following customization options are available for the report: