Smart Parking Market 2018
Smart Parking Market Share, Size, Trends, And Business Opportunity Analysis Report 2018 include historic data, with forecast data to 2023. Smart Parking Market report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market size, share, Growth, Trends, key players forecast to 2023
Global Smart Parking Market Information by Parking site (On-street, Off-street), by Solutions (Security & Surveillance, Valet & Parking Reservation and other) By Application (Transport Transit, Government, Commercial) – Forecast to 2023
The Global Smart Parking Market is driven by some of the leading players Smart Parking Limited (Australia), Amano McGann, Inc. (US), IEM SA (Switzerland), Klaus Multiparking Systems (Germany), IPS Group Inc. (US), PArklayer (India), Mindteck (India), Omnitec group (UAE), Dongyang Menics Co., Ltd (South Korea) and Robert Bosch GmbH (Germany). Profiling them in its analysis MRFR finds out their strategies. Helping to keep them at the forefront of the market competition.
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Global Smart Parking Market- Overview
Smart Parking Systems are proficiently helping in managing the traffic by detecting the available parking spaces. Encompassing a number of advanced technologies like smartapp, ultrasonic, RFID, and etc. Smart Parking Systems also direct the drivers to the empty parking slots, In turn, saving a huge amount of fuel & hence carbon footprint, time spent on finding an available slot, & chaos.
Augmenting population, industrialization & urbanization worldwide, are prompting the demand for parking facilities & buildings more than ever. Increasing number of huge parking facilities dictate the need for sophisticated Parking Systems to manage their show flawlessly. And Smart Parking Solution is the answer for their (parking facilities or on road parking manager) need to optimize parking space usage, improve the efficiency of their parking operations and help traffic ease while payment & compliance is made simple.
Persuaded by the range of advantages Smart Parking Systems provide, the uptake of these systems is widening. Which is then resulting in increasing the market growth worldwide. Certainly, technological advancements like IoT intervention in the field has improved these systems, refining the sensors performances. Some features such as real-time data collection and mobile-phone-enabled automated payment systems have made these Smart Parking the most practical & preferred solutions across the globe, further escalating its market on the global platform.
Accrediting the exponential accruals and demand the market is enjoying currently; Market Research Future (MRFR) recently published a meticulous study report giving out the complete market insights up till 2023. MRFR, in its analysis, asserts that the global Smart Parking market will accrue exponentially by 2023, registering a striking CAGR of 10.97 % during 2017 and 2023.
In addition, infrastructure development & Smart City projects taken up by the state governments across the globe are providing impetus to the market growth. On the other hand, factors such as lack of standardization & proper planning of budget coupled with the lack of coordination among software developers, hardware providers, and municipalities, together pose challenges to the market growth.
Nevertheless, the costs of sensors and hardware-based solutions are decreasing drastically. Moreover, the market proliferation of technological advancements coupled with the Smartphones is expected to bring up the cost-effective solutions, ruling out the need for installation of a new hardware, will eventually foster the market growth globally.
Global Smart Parking Market- Competitive Analysis
The embryonic market of Smart Parking appears to be fiercely competitive and fragmented. Several large and small key players are churning the competition to gain competitive edge accounting for a substantial market share. Collaboration, Acquisition, partnership, product/ technology launch & expansion, remain the prevailing strategies of market players. The competitive nature of this market is envisaged to intensify as more advent technologies (new Entrants) enter into the mass market, which is inevitable in the wake of increasing sale of vehicles, businesses, and demand for advanced parking safety features. The global Smart Parking market is anticipated to witness relentless innovations and development of new products eventually causing intensified competition among the Smart Parking technology providers.
Industry/Innovation/ Related News:
April 18, 2018 – RTA (The Roads and Transport Authority), Dubai introduced a Smart Scan System to monitor and enforcement of parking fee payment through the features of AI (Artificial Intelligence). The new system will be helpful to spot parking violations during the parking inspection activities.
Global Smart Parking Market- Segmentation
For the convenience of the report and enhanced understanding; MRFR analysis is segmented into 4 key dynamics
By Parking Sites : Comprises – On-Street and Off-Street parking sites
By Technologies : SmartApp, RFID, In-Ground Vehicle Detection Sensor, and Ultrasonic, among others.
By Regions : North America, Europe, APAC and Rest of the World.
Segment – Off-Street parking sites, in 2016, acquired the largest as in 68.45% of share in the global smart parking market owing to the augmented unit sale of vehicles.
Segment – SmartApp by technologies, accounted globally for 34.14% of total market share in 2016.
While Segment – Ultrasonic accounted for the second largest segment by technologies, in the global market with 26.25% of market share in 2016.
Global Smart Parking Market-Regional Analysis
The Asia-Pacific market leads the global Smart Parking market with the largest market share. The market is growing due to the presence of heavily populated countries such as China, Japan and India coupled with the improved economy in the region that has spurted the unit sales of vehicles, increasing the consumers’ affordability across the region.
While the Europe market stands the second largest market for Smart Parking, attributing to the growing urbanization coupled with the augmenting penetration infrastructure development projects especially, in the UK, Germany, France & Italy. Also, there has been a constant development for formulating strategy in order to achieve the growth in the metropolitan areas. This, in turn, will drive the smart parking market in Europe. Continuing with the same growth trends the market will register the highest CAGR in the next six years.
Whereas North America region, emerging as the fastest growing market for Smart Parking will account for a substantial market share in the next six years. The regional market growth attributes to the extensive demand for the Smart Parking technologies backed by the ongoing infrastructure development & Smart City projects mainly, in the US & Canada.
The sales of electric vehicles in Canada has been rising every year, owing to the government initiative and the rising consumers’ preference for vehicles, which presages the demand for smart parking systems in Canada during the recent future.
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