Smart Parking System Market - Global Industry Analysis

Smart Parking System Market

Smart Parking System Market Value, Size, and Region Analysis till 2030

Category: Technology & Media Report Format : PDF Pages: 177 Report Code: ZMR-2624 Published Date: May-2022 Status : Published

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Smart parking systems specifically provide the real-time information about parking spaces available in a particular geographic area. Smart parking system consists of low-priced sensors, automated payment systems through mobile phones and collection of real-time data that let people accurately predict and reserve the parking spot. Smart parking system reduces vehicle emissions in urban areas by decreasing the need for searching the available parking. It also allows cities to perfectly manage their parking lots. This system helps in solving one of the major problems of driving in metropolitan areas such as finding available parking places and controlling prohibited parking. Smart parking system uses the sensing devices to find out occupancy of the parking spaces. Smart parking system includes sensing devices such as cameras, counting devices like gates and embedded sensors to detect authorized number plates.

Finding an empty space for vehicle parking is a tedious job, especially in public places such as shopping malls, airports, or residential apartments. These factors enable the emergence to offer the development of smart solutions, which primarily drives the growth of smart parking system market across the globe. The global market for smart parking system is poised to flow exponentially in the near future owing to advantages such as real-time data availability about empty parking spaces in particular locations which save time, energy, and fuel. Smart parking system eliminates driver’s efforts for searching available parking spaces by going around preferred areas. It also effectively manages filled as well as empty spaces and reduces issues like illegal parking, which further is expected to boost the smart parking system market globally. Furthermore, growing the number of vehicles across the globe is increasing leading to the shortage of parking space, which is expected to steer the smart parking system market’s growth over the next five years. Moreover, increasing technological enhancements and adoption of IoT have encouraged governments to introduce initiatives, such as smart cities, thus propelling the growth of smart parking systems market globally. Growing technological innovations such as self- driving cars along with high investments for smart city developments will provide a significant growth opportunity for smart parking system market. However, the high installation cost of smart parking systems may hamper the growth of smart parking system market across the globe.

Global Smart Parking System Market

Smart parking system market is segmented based on component, parking site, application, and region. The component segment included in this market are hardware and software. Hardware component segment has the largest market share in smart parking system market. Increasing use of hardware components such as smart sensors, RFID, ultrasonic, and other technologies in smart parking system has boosted the demand for hardware components. Parking site segment includes off-street and on-street. The off-street segment is expected to grow at a higher CAGR as compared to the on-street segment in given forecasted period. Advanced facilities such as smart ticketing and RFID cards have facilitated the growth of the off-street segment. Application segment includes commercial, personal, transport & aviation, government, and others. Government segment is anticipated to have the highest share in smart parking system market in given forecasted period. This is due to the high government spending on smart city initiatives. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America and the Middle East and Africa with its further bifurcation into major countries including the U.S., France, UK, Germany, China, India, Japan, and Brazil.

Key players profiled in the global smart parking system market include 3M, Cubic Corporation, Amano Corporation, Nortek Control Systems Ltd., Swarco AG, Kapsch TrafficCom AG, Xerox Corporation, Siemens, BMW Group, and Bosch.

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