Market Overview

The Saudi Arabia Smart Parking Market reached USD 56.4 Million in 2025. Growth is driven by expansion, rising vehicle ownership, and government-led smart city initiatives, which are accelerating adoption through enhanced traffic management and digital infrastructure. The market size is projected to reach USD 132.1 Million by 2034, with a forecast period of 2026-2034 at a CAGR of 9.92%, reflecting significant market momentum.

How AI is Reshaping the Future of Saudi Arabia Smart Parking Market

• AI-driven analytics optimize space allocation and predict peak usage times, reducing wait times and improving parking efficiency.
• Integration with IoT sensors allows real-time parking occupancy updates accessible via mobile apps and digital displays.
• AI platforms enable dynamic pricing, violation detection, and data-driven planning to enhance operational effectiveness.
• VEStellaLab and Hyundai Corporation's partnership aims to expand smart AI parking optimization solutions, deploying systems like 'Watchmile' that direct users to optimal parking spots.
• AI helps reduce emissions by decreasing circling traffic, supporting sustainability goals in urban environments.
• Municipal and private operators’ adoption of AI-backed systems aligns with Saudi Arabia's smart city programs focused on automation and efficiency.

Grab a sample PDF of this report: https://www.imarcgroup.com/saudi-arabia-smart-parking-market/requestsample

Market Growth Factors

Government-led smart city initiatives are a primary growth driver, facilitating the deployment of smart parking solutions to enhance urban infrastructure and traffic management. The Riyadh Parking Project, for example, aims to create over 24,000 public and manage 140,000 residential parking spaces, demonstrating strong governmental support and investment. Such initiatives promote the adoption of digital parking solutions including mobile app-based payments and real-time monitoring systems, directly influencing market expansion.

Increasing vehicle ownership in Saudi Arabia compounds the demand for efficient parking management solutions. The market’s current size of USD 56.4 Million and forecast growth underscore the pressing need to address parking challenges in urban centers. The proliferation of smartphones and improved connectivity bolster the use of mobile app-based parking solutions that offer real-time space availability, GPS navigation, and contactless payments, enhancing user experience and driving widespread adoption.

Technological innovation through IoT and AI is transforming the parking landscape by providing real-time data and automated management systems. Partnerships like VEStellaLab and Hyundai Corporation’s MOU to launch AI parking optimization technologies highlight the market’s evolution toward advanced solutions. These technologies increase operational efficiency, support dynamic pricing models, and align with smart city priorities, contributing substantially to the market’s positive outlook.

Market Segmentation

System Insights:

• Guided Park Assist System
• Smart Park Assist System

Technology Insights:

• Ultrasonic
• RFID
• IoT

Component Insights:

• Hardware
• Software
• Services

Solution Insights:

• Security and Surveillance
• Valet and Parking Reservation
• License Plate Recognition

Vertical Type Insights:

• Government and Municipalities
• Commercial Institutions
• Transport Facilities

Parking Site Insights:

• Off-Street Parking
• On-Street Parking

Regional Insights:

• Northern and Central Region
• Western Region
• Eastern Region
• Southern Region

Key Players

• Parkin
• BATIC
• VEStellaLab
• Hyundai Corporation
• Remat Al-Riyadh Development Co.
• stc solutions

Recent Developement & News

• December 2024: Parkin partnered with BATIC to explore smart parking solutions across 195,000 spaces in five Saudi cities, supporting Saudi Vision 2030’s traffic flow and customer experience improvements.
• August 2024: Riyadh Municipality initiated Phase I of the Riyadh Parking Project to create over 24,000 public parking spaces and manage 140,000 residential spaces, collaborating with Remat Al-Riyadh Development Co. and stc solutions.
• February 2025: VEStellaLab and Hyundai Corporation signed an MOU to expand smart AI parking optimization solutions in Saudi Arabia and the Middle East, aiming to improve parking efficiency.

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

About Us

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

Contact Us

IMARC Group,

134 N 4th St. Brooklyn, NY 11249, USA,

Email: sales@imarcgroup.com,

Tel No: (D) +91 120 433 0800,

United States: +1-201971-6302