Smart Parking Market is valued at USD 4.80 Billion in 2017 and expected to reach USD 14.97 Billion by 2027 | CAGR of 12.05%

17 Feb 2021

"Smart Parking Market is valued at USD 4.80 Billion in 2017 and expected to reach USD 14.97 Billion by 2027 with a CAGR of 12.05% over the forecast period."

Increasing adoption of integrated automated solutions coupled with the advancements in wireless technologies and proliferation of digital payment technologies are some of the major factors expected to drive the growth of the Global Smart Parking Market.

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Scope of Global Smart Parking Market Report–

Smart Parking is a parking solution that includes in-ground smart parking sensors, cameras or counting sensors. Also it's a parking strategy that combines technology and human innovation in an attempt to use as few resources as possible as fuel, time and space to achieve faster, easier and denser parking of vehicles. The car parking system consists of wireless sensors, parking management system, parking guidance device, and smartphone app. The sensors connected in parking spaces are used to collect the real-time data of the parking situation. The collected data are transmitted to the parking management system and evaluated. Some companies also offer other in-app information, such as parking prices and locations. This gives the possibility to explore every parking option available. For example; smart parking using mobile IoT is one of the best tools a city has to solve parking and congestion issues. This guide explains how a city or parking operator can best approach a sensible parking project and what steps they need to require making sure success.

Global Smart Parking Market report is segmented on the basis of type, technology, application, end-user and regional & country level. Based upon type, smart parking market is classified as on-street, off-street. Based upon technology, smart parking market is classified into IOT, ultrasonic and RFID. Based upon application, the market is classified as security & surveillance, smart payment system, e-parking and license plate recognition. Based upon end-user, smart parking market is classified as commercial and government.

The regions covered in this Global Smart Parking market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Smart Parking is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.

Smart Parking Companies:
Global Smart Parking market Report covers prominent players are like 3M Co, Conduent Inc, Flowbird SAS, International Business Machines Corp, IPS Group Inc, Kapsch Aktiengesellschaft, Libelium Communications Distribuidas SL, Nedap NV, Siemens AG, SKIDATA AG and others.

Increasing Adoption of Integrated Automated Solutions Coupled with the Advancements in Wireless Technologies and Proliferation of Digital Payment Technologies are some of the Major Factors Driving the Market Growth.

Increasing adoption of integrated automated solutions coupled with the advancements in wireless technologies are expected to drive the growth of smart parking market. Major technologies used for the deployment of efficient systems include sensing devices, machine-to-machine (M2M) communication, smart parking meters, data analytics, mobile applications for e-reservation of slots, and online payments. Currently there are 9 billion interconnected devices and it is expected to reach 24 billion devices by 2020. The Global system for mobile communications predicted that the USD 1.3 trillion revenue opportunities for mobile network operators. It covers vertical segments such as health, automotive, utilities and consumer electronics. In 2025, the IoT data analyzed and used to change business processes will be as much as all of the data created in 2020.

Additionally, proliferation of digital payment technologies is also anticipated to supplement the growth of this market. The mPOS (mobile point-of-sale) solutions are delivering new insights for various types of businesses, including restaurants, live events and parking facilities. This solution is established by creating multiple networked smart parking clusters using Wireless POS. According to Business Insider, there will be around 27.7 million mPOS devices operational by the year 2021. This number is huge as compared to 3.2 million in the year 2014.

However, high implementation cost & configuration complexity may hamper the market growth. In spite of that, growing advancements in autonomous cars and smart park technology and increasing government initiatives for smart cities across the globe are expected to create lucrative opportunities for the further growth of the market in the near future.

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North America is Expected to Dominate the Global Smart Parking Market

North America is expected to dominate the global smart parking market due to increasing innovation and automation in vehicles, and rising consumer’s preference for driver assistance features in passenger cars in this region. The U.S. auto industry has been automated for decades. According to the state's Department of Motor Vehicles, 2.88 million Autonomous vehicle companies with a permit to test their technologies with a safety driver in California reported that their vehicles crowd nearly 2.9 million miles during the most recent reporting period.

Europe is expected to be second largest region for smart parking market within the forecast period owing to rising concerns regarding parking, increase in demand for Internet of Things (IoT), and high implementation rate of smart cities in this region. Data analysis predicted that the number of IoT connections in the identified sectors is predicted to grow from around 13m in 2016 to over 150m by 2024 in the UK.

Key Benefits for Global Smart Parking Market Report–

Global market report covers in depth historical and forecast analysis.

Global market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.

Global market report helps to identify opportunities in market place.

Global market report covers extensive analysis of emerging trends and competitive landscape.

Global Smart Parking market Segmentation:–

By Type: On-street, Off-street

By Technology: IoT, Ultrasonic, RFID

By Application: Security & Surveillance, Smart Payment System, E-parking, License Plate Recognition

By End-User: Commercial, Government

Regional & Country Analysis
North America, U.S., Mexico, Canada , Europe, UK, France, Germany, Italy , Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa

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