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.

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.
Detailed analysis of the Middle East smart parking market segmentation assists to determine the prevailing market opportunities.


Additional benefits you will get with this purchase are:
? Quarterly Update and* (only available with a corporate license, on listed price)
? 5 additional Company Profile of client Choice pre- or Post-purchase, as a free update.
? Free Upcoming Version on the Purchase of Five and Enterprise User License.
? 16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
? 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent to 3 working days of free work, applicable once)
? Free data Pack on the Five and Enterprise User License. (Excel version of the report)
? Free Updated report if the report is 6-12 months old or older.
? 24-hour priority response*
? Free Industry updates and white papers.

Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)
? Additional company profiles with specific to client’s interest
? Additional country or region analysis- market size and forecast
? Historic market data
? SWOT Analysis

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 Users
? Commercial
? Government
? Key Market Players
? Qurasense
? Park Bahrain
? Smart Parkz
? SpotOn Parking Solutions
? Parking Networks
? Beema
? VINCI Park
? ParkMe
? ParkAssist
? Mphasis Smart Parking Solutions