Saudi Arabia Smart Parking Market Future Scope, Opportunities with Strategic Growth and Top Players

Shibuya-ku, Tokyo, Japan, Japan, Jan 19, 2022, 04:30 /Comserve / -- Saudi Arabia Smart Parking Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast

'A research report on Saudi Arabia Smart Parking Market was added by SDKI in its database which discusses the product as well as the scope of its market in detail. The report provides the business clients with an in-depth overview of the market, giving an analysis of the market trends, market size, market value and market growth over the forecast period on a compound as well as on a yearly basis. Further, the market study gives an overview of the industry on the basis of several factors such as the geographical extent, market segmentation, growth drivers and challenges prevalent in the market.

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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:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020–2024
Objective of the Study:
• To analyze and forecast the market size of Saudi Arabia smart parking market.
• To classify and forecast Saudi Arabia smart parking market based on system type, component, sensor technology, solution, vertical and regional distribution.
• To identify drivers and challenges for Saudi Arabia smart parking market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in Saudi Arabia smart parking market.
• To identify and analyze the profile of leading players involved in Saudi Arabia smart parking market.
SDKI performed both primary as well as exhaustive secondary research for this study. Initially, SDKI sourced a list of service providers across the country. Subsequently, SDKI conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, SDKI could include the service providers which could not be identified due to the limitations of secondary research. SDKI analyzed the product offerings, distribution channels and presence of all major service providers across the country.
SDKI 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. SDKI 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 SDKI.
Key Target Audience:
• Smart parking providers and service providers
• Government bodies such as regulating authorities and policy makers
• Organizations, forums and alliances related to IoT market
• Market research and consulting firms
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.
Report Scope:
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:
• Market, By System type:
o Guided Park Assist System
o Smart Park Assist System
• Market, By Component:
o Parking Sensors
o Steering Angle Sensors
o Electronic Control Unit (ECU)
o Display Unit
• Market, By Sensor Technology:
o Ultrasonic Sensor
o Image Sensor
o Radar Sensor
• Market, By Solution:
o Security & Surveillance
o Valet Parking Management
o License Plate Recognition
o Parking Reservation Management
• Market, By Vertical:
o Government
o Commercial
• Market, By Region:
o Riyadh
o Mecca
o Eastern Province
o Others
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Saudi Arabia smart parking market.

Available Customizations:
With the given market data, SDKI offers customizations according to the company's specific needs. The following customization options are available for the report:
Company Information
• Detailed analysis and profiling of additional market players (up to five).
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Table of Content 1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
4.1. Product Awareness
4.2. Product Pricing
4.3. Challenges & Unmet Needs
4.4. Factors Influencing Purchase Decision
5. Saudi Arabia Smart Parking Market Landscape
6. Saudi Arabia Smart Parking Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value & Volume
6.2. Market Size & Forecast
6.2.1. By System type (Guided Park Assist System and Smart Park Assist System)
6.2.2. By Component (Parking Sensors, Steering Angle Sensors, Electronic Control Unit (ECU) and Display Unit)
6.2.3. By Sensor Technology (Ultrasonic Sensor, Image Sensor and Radar Sensor)
6.2.4. By Solution (Security & Surveillance, Valet Parking Management, License Plate Recognition and Parking Reservation Management)
6.2.5. By Vertical (Government and Commercial)
6.2.6. By Region
6.2.7. By Company
6.3. Market Attractiveness Index (By System Type, By Component, By Sensor Technology, By Region)
7. Saudi Arabia Steering Angle Sensors Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Size & Forecast
7.2.1. By Sensor Technology
7.2.2. By Solution
7.2.3. By Vertical
7.2.4. By Region
8. Saudi Arabia Parking Sensors Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Size & Forecast
8.2.1. By Sensor Technology
8.2.2. By Solution
8.2.3. By Vertical
8.2.4. By Region
9. Saudi Arabia Electronic Control Unit (ECU) Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Size & Forecast
9.2.1. By Sensor Technology
9.2.2. By Solution
9.2.3. By Vertical
9.2.4. By Region

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