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 "audi
Arabia Smart Parking Market "
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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