Hybrid Smart Parking Platform Market- Overview
The expanding number of vehicles on the roads around the world have created an exigent need to innovate and implement efficient parking system solutions. Market reports associated with the semiconductors and electronics sector made accessible by Market Research Future along with published reports on other sectors have been lately put out along with a report on this industry. The hybrid smart parking platform market is likely to earn USD 2,134 Million globally by 2023 approximately while developing at an 18 percent CAGR in the duration of the forecast period.
Hybrid smart parking platforms are projected to reduce the hassles associated with parking in urban areas. The rising sales of automobiles together with the increase in the numbers of cars per household are the main factors that are influencing the demand for the development of the market. The growth in the level of acceptance of the concept of smart cities and the alarming scarcity of parking spaces is expected to further the fuel of the market for the duration of the forecast period.
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Industry Updates:
April 2018 Get My Parking which is a Delhi-based smart parking platform has signed an agreement to acquire Constapark which is a Bangalore based company. After the acquisition, the Constapark team will relocate to the Bangalore office of Get My Parking. This deal is a sign of consolidation in the swiftly developing mobility industry and will aid in strengthening GMP’s leadership in the domestic market. Constapark currently handles 30,000 parking spots on its platform and parks 4,000 vehicles on an everyday basis throughout Bangalore. It has deployed on-street parking management for the Electronic City in Bangalore among its other projects.
Key Players:
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.
Segmental Analysis
The hybrid smart parking platform market is segmented on the basis of component, solution, parking, application, and region. The component based segmentation of the market consists of software, hardware, and service. By Parking Type, the market is segmented into off street parking and on street parking. The segment based on solution in the market for hybrid smart parking platform consists of valet parking management, parking reservation management, security & surveillance, license plate recognition. The application segment of the market comprises of government, commercial and residential. The market is segmented into regions such as Asia Pacific, North America, Europe, and Rest of the World.
Detailed Regional Analysis
The regional analysis of hybrid smart parking platform market comprises of regions such as Asia Pacific, Europe, North America, and Rest of the World. It has been observed that the North American region is projected to account for the principal share of the market, trailed by the European region, while the Asia Pacific region is expected to develop at a swift rate through the forecast period. The key growth in hybrid smart parking platform market in the North American region is credited to the technological progress and a growing number of vehicles leading towards rising traffic concerns in that region.
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Intended Audience
- 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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