Saudi Arabia Smart Parking Market Is Projected To Grow At A CAGR Of Over 19% By 2026
Saudi Arabia smart parking market stood at around $ 107 million in 2019 and is projected to grow at a CAGR of over 19% by 2026 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 domi...