Market Introduction
The Middle East and Africa parking meter apps market is a highly fragmented market with the presence of considerable regional and local players providing numerous solutions for companies investing in the market arena. There is a surge in the construction of smart cities and green spaces in buildings across the region, which is creating lucrative growth opportunities for the developers of parking meter apps. Rising population and rapid urbanization have led to significant innovations in the concepts of living. Several government bodies encourage the availability of clean and greener space in buildings to raise the asset value. As a part of the smart city projects, the construction of commercial and residential buildings with green spaces is anticipated to augment the demand for parking meter apps that help in saving time spent on making payments and tracking parking spaces by facilitating access to accomplish these tasks electronically.
The parking meter apps market in the Middle East and Africa has witnessed a decline due to disruptions in supply chains; enactment of containment measures such as travel restrictions, production shutdown, and lockdowns; and the disrupted supply and distribution of electronics and mechanical automotive components. The market is growing steading due to escalating development of commercial and residential buildings and public parking spaces to enhance the implementation of advanced parking solutions, improve efficiencies, and enhance safety. However, the imposition of travel restrictions and disruption in supply chains in Saudi Arabia and the UAE are limiting the parking meter apps market growth to a certain extent. On the other side, the market would witness growth after the pandemic.
Market Overview and Dynamics
The parking meter apps market in Middle East and Africa is expected to grow from US$ 3.22 million in 2021 to US$ 9.95 million by 2028; it is estimated to grow at a CAGR of 17.5% from 2021 to 2028. Traffic congestion and parking space unavailability have been long-term problems in developed and developing countries. At present, smart parking technologies are revolutionizing the car park applications (apps). A few of the smart technologies experiencing tremendous demand in the current parking meter app designing are parking guidance information systems, automated parking systems, smart parking payment systems, and parking reservation systems. In addition, demand for the security and safety of parked vehicles is also increasing rapidly among drivers and vehicle owners, which is propelling the procurement of parking surveillance systems Another factor boosting the adoption of smart technologies is their ability to optimize vacant spaces and provide real-time parking space information. This eventually helps drivers in parking their vehicles on-street as well as off-street with ease. Therefore, the rising adoption of such smart technologies is bolstering the parking meter apps market growth.
Key Market Segments
Based on platform, the android segment accounted for the largest share of the Middle East and Africa parking meter apps market in 2020. Based on end-user, the personal segment accounted for the largest share of the Middle East and Africa parking meter apps market in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the Middle East and Africa parking meter apps market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report include INRIX, Inc.; Parkopedia.; Passport Labs, Inc.; Flowbird; and EasyPark.
Reasons to buy report
Middle East and Africa Parking Meter Apps Market Segmentation
Middle East and Africa Parking Meter Apps Market – By Platform
Middle East and Africa Parking Meter Apps Market – By End-User
Middle East and Africa Parking Meter Apps Market – By Country
Middle East and Africa Parking Meter Apps Market – Company Profiles