With the increase in the number of vehicles coming on to roads around the world, calls for advanced methods for parking. Traffic and parking problems are on the rise and people are finding lesser space for parking. This is creating fuel wastage, high level of discomfort and air pollution. Urban and city parking has therefore become a major concern for both developed and emerging nations, forming the primary driver leading most entities towards seeking smart parking system solutions.
The adoption of telematics systems is increasing significantly as it provides real-time information and predictive analysis to determine the condition of the transportation network. Telematics can be used in traffic management to provide data on traffic conditions, weather conditions, and navigation system to allow parking systems to function in an effective manner. The smart parking systems are increasingly perceived as the next frontier for telematics by the key vendors and other stakeholders. The increasing availability and awareness about telematics will increase the demand and adoption of smart parking systems. This, in turn, will fuel the smart parking systems market growth during the forecast period.
The emergence of crypto wallet payments for parking will be one of the key smart parking systems market trends that will gain traction over the forecast period. With the growing popularity of smart city technologies, crypto wallet parking solutions are gaining immense traction. The new smart parking payment platform allows vehicles to automatically pay for parking using cryptocurrency, which is tracked using a public ledger.
IT Intelligence Markets offers latest published report titled as, Global Smart Parking Systems Market to its massive repository. It provides both a qualitative and quantitative analysis of the global Smart Parking Systems Market sector. It has been aggregated on the basis of different dynamic aspects of the businesses like market segments along with their sub-types. Some of the primary players have been profiled to get better insights into the businesses. The Global Smart Parking Systems Market is growing at a CAGR of around 12% in the near future.
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Top Profiling Players in Global Market: Streetline, Inc., Smart Parking Limited, Amano McGann, Nedap N.V., Cisco System, Inc., Urbiotica, Parkmobile LLC, ParkMe, Inc., Skidata AG, Swarco AG, Worldsensing
Market segment by Regions/Countries, this report covers
- United States
- Southeast Asia
Market segment by Type, the Smart Parking Systems can be split into
- Sensor and Network Hardware
- Software (Management and Analytics Software and Mobile Applications)
Market segment by Application, Smart Parking Systems can be split into
- Government and Municipalities
- Corporate and Commercial Institutions
The competitive landscape has been elaborated by providing analysis of competitors at the domestic and global level. Technological advancements and standard operating procedures have been mentioned to get better insights into the businesses. Researchers are used SWOT and Porter’s five analysis for examining the current statistics of the businesses. It also gives more focus on different approaches for expanding the businesses.
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Following key questions are answered through this report:
- What are the restraining factors in front of the businesses?
- Which factors are driving the market growth?
- What are the recent trends in the global market?
- What are the global opportunities for getting new clients rapidly?
- What are the key regions for expanding the market globally?
- What are the threats and challenges in front of the businesses?
- Who are the key players in the Global Smart Parking Systems Market?
On the basis of Geography, the Global Smart Parking Systems Market is fragmented across several regions such as North America, Latin America, Asia-Pacific, Africa, and Europe on the basis of several factors like Market size, Market Growth, Product demand and climatic conditions. Top companies of this Global Smart Parking Systems Market are situated in the North America, Latin America, Asia-Pacific, Africa, and Europe region. Additionally, it offers regions like North America, Asia-Pacific, Africa which are estimated to hold more than half market in the coming year.
Finally, researchers throw light on manufacturers responsible for increasing the sales in the Global Smart Parking Systems Market. These manufacturers have been inspected in terms of the manufacturing base, contact details, and competitors. The report describes the definitions, specification, and classification of the Global Smart Parking Systems Market.
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