MARKET OUTLOOK
Triton's Middle East and Africa parking management market states that the market is expected to rise with a CAGR of 13.10% in the forecast period from 2019 to 2027.
The UAE, South Africa, Saudi Arabia, Turkey and countries in rest of the Middle East & Africa together comprise the parking management market in the MEA region.
Advancement of the parking management market in MEA can be attributed to the increasing adoption of mobile parking applications and the growing number of new market players. The government and commercial sectors are expected to make investments in state-of-the-art technology in order to make parking management effective and increase users’ experience. The increasing production and usage of vehicles lead to problems of parking space in urban areas. The advancement in real-time information systems will lead to the growth of the parking management market, as these systems consist of wireless sensor networks, which include smart sensors, entrance display subsystems, automated guidance systems, communication subsystems, etc. The various benefits provided by the real-time information system apps and their link with sensors installed at the parking lots are providing further advantage to the parking management systems, which has a positive impact on the parking management market.
COMPETITIVE OUTLOOK
Some of the companies having their presence in the parking management market are Amano McGann, Inc., Cubic Corporation, Gemalto N.V., International Business Machines Corporation (IBM), INRIX, Inc., MSR-Traffic, On Track Innovations (OTI) Ltd., ParkMe, Q-Free A.S.A., Siemens AG, SWARCO AG and T2 Systems, Inc.