The governments of several countries in the region are using innovative and advanced technologies to provide smart parking solutions for cashless and reliable payments options. The Middle East smart parking solutions offer convenience & cost-effective, and hassle-free parking, which benefits the government and private parking spaces through effective data management, enabling better management of parking spaces. In addition, increase in demand for connected devices, such as sensors and wireless networks for vehicle parking is a key factor driving the growth of the Middle East smart parking market. This has resulted in the adoption of smart parking solutions in the country. Moreover, rise in urbanization has resulted in increase in demand for smart parking solutions, as many companies have adopted cloud computing technologies to store their data and manage advance functions. On the contrary, the market growth is anticipated to be hindered by high installation costs for smart parking solutions in the Middle East.
Various governments have started to implement initiatives for engaging citizens through their smart city infrastructure. As part of such initiatives, smart parking solutions will be implemented in Middle East nations to improve the traffic flow, enhance safety for people, and control pollution. Moreover, increase in need for better parking management and traffic congestion management is a factor driving the growth of the Middle East smart parking market.
In addition, many companies in the region offer real-time data analytics, which results in efficient traffic management. This will create numerous opportunities for the Middle East smart parking market growth. Implementation of smart parking solutions requires significant investments from governments and private corporations. Moreover, high operational and maintenance cost associated with these solutions is a major restraining factor for the growth of the Middle East smart parking market. Furthermore, these solutions require complex infrastructure and availability of reliable networks for uninterrupted functioning, which can be a restricting factor for its implementation. The market is witnessing surge in new product developments and launches in the region. In addition, manufacturers are focusing on developing innovative and advanced products that are enabled with multiple features.
Moreover, they are expanding their offerings using different technologies such as Radio frequency identity (RFID) and Internet of Things (IoT). This is supporting them to benefit competitive part in edge of price and quality. This increase in the product offerings allows consumers to choose the best products as per their requirements.
In addition, for the development of smart parking solutions that are cost effective and superior quality, a wide variety of companies invest significantly in R&D initiatives. Their aim is to enhance consumers through a variety of innovations, for instance by offering them options for innovation in the field of payments like cashless payment on mobile phones.
Moreover, various suppliers of smart parking solutions are concentrating on enhancing user experience by providing functionalities like self-driving mode, automation payment, and automatic reminders about available spaces. With increase in number of smart parking systems, the market is expected to grow significantly over the next few years owing to rise in the trend from consumers and end users. Vendors are highly focused on product price to compete in the Middle East smart parking market. Different strategies are adopted by companies such as cost leadership strategies and differentiated pricing. To reduce their total costs of goods and services companies offer discounts to consumers. For instance, to enhance their brand loyalty, companies offer discounts with respect to installation costs for smart parking solutions.
The porter's five force analysis is an important tool for understanding the forces at play in a particular industry and it can be used to assess the competitiveness of the market. The five-force model is comprised of the bargaining power of buyers, bargaining power of suppliers, threat of new entrants, threat of substitutes, and degree of rivalry. The bargaining power of buyers in the Middle East smart parking market is moderate, as there are numerous players in the region, and consumers can switch from one supplier to another, offering similar products and services. Moreover, consumers in the region are aware of price levels in the Middle East smart parking market, and they leverage their position when it comes to bargaining for better deals. The bargaining power of suppliers in the Middle East smart parking market is moderate and there are numerous suppliers in the region.
In addition, consumers can switch to another supplier if they are offered products and services at affordable price. Moreover, vendors in the region are increasing their product range and are offering better and cheaper products to compete in the Middle East smart parking market.
It analyzes the key strategies adopted by major market players in the Middle East smart parking market.
The study assesses and ranks the top factors that are expected to impact the growth of the Middle East smart parking market.
It Identifies the top investment pockets in the market.
Various governments have started to implement initiatives for engaging citizens through their smart city infrastructure. As part of such initiatives, smart parking solutions will be implemented in Middle East nations to improve the traffic flow, enhance safety for people, and control pollution. Moreover, increase in need for better parking management and traffic congestion management is a factor driving the growth of the Middle East smart parking market.
In addition, many companies in the region offer real-time data analytics, which results in efficient traffic management. This will create numerous opportunities for the Middle East smart parking market growth. Implementation of smart parking solutions requires significant investments from governments and private corporations. Moreover, high operational and maintenance cost associated with these solutions is a major restraining factor for the growth of the Middle East smart parking market. Furthermore, these solutions require complex infrastructure and availability of reliable networks for uninterrupted functioning, which can be a restricting factor for its implementation. The market is witnessing surge in new product developments and launches in the region. In addition, manufacturers are focusing on developing innovative and advanced products that are enabled with multiple features.
Moreover, they are expanding their offerings using different technologies such as Radio frequency identity (RFID) and Internet of Things (IoT). This is supporting them to benefit competitive part in edge of price and quality. This increase in the product offerings allows consumers to choose the best products as per their requirements.
In addition, for the development of smart parking solutions that are cost effective and superior quality, a wide variety of companies invest significantly in R&D initiatives. Their aim is to enhance consumers through a variety of innovations, for instance by offering them options for innovation in the field of payments like cashless payment on mobile phones.
Moreover, various suppliers of smart parking solutions are concentrating on enhancing user experience by providing functionalities like self-driving mode, automation payment, and automatic reminders about available spaces. With increase in number of smart parking systems, the market is expected to grow significantly over the next few years owing to rise in the trend from consumers and end users. Vendors are highly focused on product price to compete in the Middle East smart parking market. Different strategies are adopted by companies such as cost leadership strategies and differentiated pricing. To reduce their total costs of goods and services companies offer discounts to consumers. For instance, to enhance their brand loyalty, companies offer discounts with respect to installation costs for smart parking solutions.
The porter's five force analysis is an important tool for understanding the forces at play in a particular industry and it can be used to assess the competitiveness of the market. The five-force model is comprised of the bargaining power of buyers, bargaining power of suppliers, threat of new entrants, threat of substitutes, and degree of rivalry. The bargaining power of buyers in the Middle East smart parking market is moderate, as there are numerous players in the region, and consumers can switch from one supplier to another, offering similar products and services. Moreover, consumers in the region are aware of price levels in the Middle East smart parking market, and they leverage their position when it comes to bargaining for better deals. The bargaining power of suppliers in the Middle East smart parking market is moderate and there are numerous suppliers in the region.
In addition, consumers can switch to another supplier if they are offered products and services at affordable price. Moreover, vendors in the region are increasing their product range and are offering better and cheaper products to compete in the Middle East smart parking market.
Key Benefits For Stakeholders
The report highlights the market analysis based on current trends and future estimations.It analyzes the key strategies adopted by major market players in the Middle East smart parking market.
The study assesses and ranks the top factors that are expected to impact the growth of the Middle East smart parking market.
It Identifies the top investment pockets in the market.
- Top Player positioning provides a clear understanding of the present position of market players.
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Key Market Segments
By Type
- Off-street
- On-street
By Technology
- Internet of Things (IoT)
- Ultrasonic
- RFID
By Application
- Security and surveillance
- Smart payment systems
- E-parking
- License plate recognition
By End User
- Commercial
- Government
- Key Market Players
- Qurasense
- Park Bahrain
- Smart Parkz
- SpotOn Parking Solutions
- Parking Networks
- Beema
- VINCI Park
- ParkMe
- ParkAssist
- Mphasis Smart Parking Solutions
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MIDDLE EAST SMART PARKING MARKET, BY TYPE
CHAPTER 5: MIDDLE EAST SMART PARKING MARKET, BY TECHNOLOGY
CHAPTER 6: MIDDLE EAST SMART PARKING MARKET, BY APPLICATION
CHAPTER 7: MIDDLE EAST SMART PARKING MARKET, BY END USER
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- Qurasense
- Park Bahrain
- Smart Parkz
- SpotOn Parking Solutions
- Parking Networks
- Beema
- VINCI Park
- ParkMe
- ParkAssist
- Mphasis Smart Parking Solutions
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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