Smart Parking System is the most invented parking system which is designed to improve parking efficiency as well as customer experience. Also, it is aimed to improve environmental damages. Generally, smart parking system includes a lot of components that are smart pay station, parking guidance, automotive parking lot, etc. Mainly, the parking system detects the parking space with the help of sensors and directs the drivers about the vacant space. The various technologies that are utilized in smart parking are smartapp, ultrasonic, RFID, and others. Moreover, on-street smart parking system includes smart pay station that connected to smart phone and on-street whole parking system that can inform customers the latest parking space information. Implementation of smart parking systems helps in the systematic allocation and maximum utilization of parking space. Other benefits include time and fuel saving, reduced pollution, along with hassle-free, time-efficient, and convenient automation of parking facilities.
Global Smart Parking Systems Market: Key Players
The research study includes profiles of leading companies operating in the global smart parking systems market. Key players profiled in the report include: Amano Corporation, Robert Bosch GmbH, Urbiotica S.L., Smart Parking Ltd., Kapsch TrafficCom AG, IPS Group Inc., ParkMobile LLC, Nedap N.V., WORLDSENSING S.L., Siemens AG, Valeo SA, Continental AG, Delphi Technologies PLC, Xerox Corporation, and Cisco Systems Inc.
Drivers for the Global Smart Parking Systems Market:
Increasing number of vehicles worldwide and shrinking availability of on-street parking space are factors driving demand and adoption of smart parking systems globally. Furthermore, rising adoption of smart parking systems in parking garages, multistoried parking facilities, and commercial and residential sites are also factors driving the growth of the global smart parking system market. In addition, options such as prior determination of availability of parking space, advance parking reservation, and mobile payment option are further fueling the growth of the global smart parking system market.
Opportunities for the Global Smart Parking Systems Market:
Advancements in autonomous cars and smart park technology are creating several opportunities for the key players in the smart parking system market over the upcoming years. A wide variety of other technology innovations are also enabling more adaptable systems including cameras, wireless communications, data analytics, induction loops, smart parking meters, and advanced algorithms. This in turn has opened several doors of opportunities for the smart parking system market over the years to come. Moreover, rise in investment on building driverless vehicles and rise in government’s initiative in building smart cities across the globe are expected to create tremendous opportunities for the growth of the smart parking industry.
Restrains for the Global Smart Parking Systems Market:
However, lack of standardization and high setup cost that requires large investments are likely to hamper the growth of the smart parking system market during the forecast period. On the other hand, system integration due to the wide variety of hardware and software platforms involved, possess a great concern to the system scalability. In addition, lack of funding for the deployment of smart parking systems in various countries is also expected to hamper the growth of the global smart parking system market.
Region Wise, Global Smart Parking Systems Market Analysis:
On the basis of region, global smart parking systems market includes North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Geographically, North America led the global smart parking systems market during the historical period. The region accounts for the highest number of installations of smart parking systems, owing to the high focus on technologically advanced parking solutions, growing number of vehicles on roads, and increasing traffic congestion in its major cities. Furthermore, various factors, such as advancements in the automotive sector and increasing demand for vehicle guidance systems, are expected to propel the growth of the regional market. North America region is followed by Asia pacific and Europe.
Global Smart Parking Systems Market: Product analysis
Global Smart Parking Systems Market: Application analysis
- Commercial Use
- Residential Use
- Government Use
Global Smart Parking Systems Market: Region analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of L.A.
- Middle East and Africa
- South Africa
- Rest of Middle East
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