The global smart parking market is anticipated to grow significantly at a CAGR of 16.5% during the forecast period. Rapid urbanization and population growth have resulted in city overcrowding, and both factors contribute to parking issues in populated areas. One of the major concerns is the inefficient use of land for parking. With the introduction of the smart parking system, all of the problems associated with parking have been solved. The Smart Parking system is a car parking system that allows the driver to search for available parking spaces, book that spot, and pay the bill for that space online in only a few clicks.
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Several governments throughout the world are encouraging the implementation of smart parking technology to transform cities into smart cities. For instance, nearly 78 cities in the region have embarked on smart city development with the help of the European Innovation Partnership on Smart Cities and Communities (EIP-SCC). Such factors are fueling the growth of the smart parking market. The restraining factors in the growth of the market are high initial setup costs, moreover, the configuration of the same is a tedious job. Lack of trained staff is also a key challenge in this market. However, technological advancements like the deployment of more IoT services/platforms and population inclination towards smart cities will contribute to the growth of the market during the forecast period.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Smart Parking Market by Solution
- License/Registration Plate Recognition
- Parking Reservation Management
- Security And Surveillance
- Valet Parking Management
Global Smart Parking Market by Parking Site
- On-Street Parking
- Off-Street Parking
Global Smart Parking Market by Application
- Commercial
- Government
- Others (Airports, Personal)
Global Smart Parking Market by Components
- Display Units
- Parking Sensors
- Steering Angle Sensors
- Electronic Control Units
- Others (Parking Meters, Electronic Billing)
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- 3M Co.
- Altiux Innovations Pvt. Ltd.
- Aptiv plc
- Bayerische Motoren Werke (BMW) AG
- CivicSmart, Inc.
- Cubic Corp.
- HCL Technologies Ltd.
- INRIX Inc. (Parkme Inc.)
- IntegraPark, LLC.
- Nedap N.V.
- ParkHelp Technologies
- Parkopedia Inc.
- Passport Labs, Inc.
- Robert Bosch GmbH
- Siemens AG
- Smart Parking Ltd.
- T2 Systems Inc.
- Tcs International Inc.
- Valeo And Cisco
- Xerox Corporation
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global smart parking market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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