The explosive growth of vehicles and concurrent scarcity of land especially in cities has created an acute need for efficient parking solutions. The global hybrid smart parking platform market is anticipated to grow at a CAGR of 18 % during the forecast period of 2017 and 2023.
Growing population, urbanization, explosive growth of vehicles coupled with rising cost of land have created antecedents for smart parking solutions. These factors have led to growth of accidents not to mention the loss of peace of mind owing to increased stress and cost of noncompliance. The growing cost, the vertical growth pattern of the real estate industry, increasing stringency of building rules & parking regulations by governments and demand for security and automation further favor the market.
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Increasing adoption and development of IP-based communication and automation technology, real time monitoring allows for automated control of threats such as fire, power failure and theft. Development of mass recreation centers such as cinema halls, food parks, and malls has further stimulated the market. Technological advancements such as internet of things (IOT) and sensor technology are providing further impetus to the market.
Hybrid smart parking platform also helps in optimizing parking resources utilizing continuous streaming of data from streets. The advent of analytics and big data coupled with real time analysis of data results in parking occupancy based on multiple data sources.
The prominent players in Hybrid Smart Parking Platform Market are – Streetline (U.S.), Libelium (Spain), Tata Elxsi (India), IPS Group, Inc. (U.S.), Kapsch TrafficCom AG (Germany), NuPark (U.S.), Siemens AG (Germany), Huawei Technologies Co. Ltd. (China), Acer Inc. (Taiwan), Robert Bosch GmbH (Germany) among others.
To generate a bird’s view of the global hybrid smart parking platform report has been segmented on the basis of component, parking type, solution, applications and regions.
- On the basis of component, the market has been segmented by hardware, software, and service.
- On the basis of parking type, the market has been segmented by on street parking, and off street parking
- On the basis of solution, the market has been segmented by security & surveillance, valet parking management, parking reservation management, and license plate recognition
- On the basis of application, the market has been segmented by government, residential, and commercial
North America led by the U.S. possesses the largest share of the global hybrid smart parking platform. Europe holds the second largest market led by Germany, France, and the U.K. the developed regions possess a well-established infrastructure allowing implementation of advanced technologies and better connectivity for real time data streaming.
Asia-Pacific is anticipated to be the fastest growing market led by Japan, South Korea, Singapore, and others. China and India are expected to be the fastest growing markets owing to their large populations and growing economy.
The Middle East and Africa market for is expected to be led by the Gulf economies such as Abu Dhabi, Dubai, Saudi Arabia and others due to their high revenues and per capita income and their service led economies. The African market is expected to yield moderate growth due to lack of urbanization and poor socio-economic conditions.
The global hybrid smart parking platform solutions favor island economies such as Singapore, Hong Kong and others due to the disproportionate cost of real estate. Service led economies are an added advantage. According to the
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- Technology Investors
- Research/Consultancy Firms
- Infrastructure Providers
- Original equipment manufacturers (OEMs)
- OEM technology solution providers
- Smart City
- Government Organization
- Software vendors
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