Smart Parking Industry is to grow at strategic CAGR of 10.97% over the forecast period of 2019 to 2023. Global Smart Parking industry Report – Forecast to 2023 is latest research report published by “Market Research Future”, which provides comprehensive information on Smart Parking Industry Trends, Size, Share, Statistics with historic and forecast data to 2023.
Smart Parking Market Information Report by Parking Site (On-Street and Off-Street), Technology (SmartApp, In-Ground Vehicle Detection Sensor, RFID, Ultrasonic, and Others), and region.
The prominent players operating the global smart parking market are Mindteck (India), Omnitec group (UAE), IPS Group Inc. (U.S.), Robert Bosch GmbH (Germany), Dongyang Menics Co. Ltd (South Korea), Klaus Multiparking Systems (Germany), IEM SA (Switzerland), PArklayer (India), Smart Parking Limited (Australia), and Amano McGann Inc. (U.S.).
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The global smart parking market is predicted to register 10.97% CAGR during the forecast period (2017 -2023) owing to the smart cities solutions for connected demands, asserts Market Research Future (MRFR). Smart parking is referred to as a vehicle parking system which allow drivers to look for vacant space in order to park the vehicle. Software and sensors assist the drivers for finding place available for parking with the help of sign and symbols. The system also helps in proper management of the vehicle by considering the availability of space and assists in optimized usage of land. Smart parking systems market comprises real-time data, sensors, and smart-phone-enabled automated payment systems which enable the users to reserve parking slot in advance. The system helps to identify the exact state of a parking space, whether occupied or vacant, and examines and transmits information to signage, mobile applications, and web-based applications.
Global Smart Parking Market: Segmental Analysis
The global smart parking market has been segmented on the basis of technology, parking site, and region.
By mode of parking site, the global smart parking market has been segmented into off-street and on-street. Among these, the off-street segment occupies the largest market share with 68.45% owing to the growth in the automotive industry. Off-street parking is used to park vehicles anywhere except on the street. Several parking lots and garages are available for parking vehicles and is regarded as one of the safest modes of parking compared to on-street parking.
By mode of technology, the global smart parking market has been segmented into ultrasonic, SmartApp, In-ground vehicle detection sensor, RFID, and others. Among these, the SmartApp occupies the largest market share with 34.14%. The SmartApp is an integrated technology which helps the drivers on real time availability of parking lots and is extensively used as any person sitting in the car can locate the parking space in a convenient manner.
Geographically, the smart parking market span across regions Asia Pacific, North America, Europe, and Rest-of-the-World (RoW).
Among all the regions, the Asia Pacific region occupies the largest market share owing to the presence of economies such as India, Japan, and China. the increasing rate in registration of new cars coupled with boom from this region is considered to open doors of opportunities for the parking management business.
Europe is considered to occupy the second largest market share owing to the rising urbanization. The rising urbanization has resulted in the increased demand for infrastructure including building and transportation. Smart cities offer higher technology through mobile technology, thus optimizing the existing infrastructure and creating use of land in an efficient way. Moreover, there has been continuous development in this region for formulating strategy to achieve growth in the metropolitan areas. This is considered to fuel the smart parking market in this region.
On the flip side, the concept of smart parking market is highly affected by the operational complexity which is difficult to understand and its high implementation cost. This is considered to bottleneck the growth of the market during the estimated period.
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