As per the latest report by IMARC Group, titled “Smart Parking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global smart parking market size reached US$ 5.8 Billion in 2019. A smart parking system integrates technology and human innovation to utilize fewer resources, such as time, fuel and space. It relies on sensors and cameras that are embedded in parking spots or positioned next to them for detecting whether parking bays are free or occupied. This data is then transmitted to a smart parking mobile application or website, which communicates the availability of parking to users. Nowadays, some companies are also offering other in-app information, such as parking prices and locations, which gives the user the possibility to explore every parking option available.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Smart Parking Market Trends:
Owing to the continuously rising traffic congestion and scarcity of available space in urban parts of different countries, the demand for smart parking solutions has increased as they assist in saving time and minimizing the impact of traffic on the environment by reducing carbon emissions. Apart from this, governments of numerous countries are implementing stringent regulations to address rising environmental concerns. They are also undertaking smart city initiatives, which has further encouraged prominent players to design and develop a smart parking system using the latest technologies based on wireless sensor networks (WSN). Other factors that are anticipated to fuel the market growth are rapid urbanization, inflating income levels and the rising trend of smart homes around the world. Looking forward, the market value is projected to reach US$ 10.5 Billion by 2025, expanding at a CAGR of 10.1% during the forecast period (2020-2025).
- Based on the system, the market has been bifurcated into the guided and smart park assist systems.
- On the basis of the technology, the market has been segmented into ultrasonic sensors, radar sensors, image sensors, internet of things (IoT) and others.
- The market has been analyzed on the basis of the component into hardware, software and services.
- Based on the solution, the market has been segregated into security and surveillance, valet and parking reservation, and license plate recognition.
- On the basis of the vertical type, the market has been divided into government and municipalities, commercial institutions, corporate institutions, transport facilities, and others.
- The market has been analyzed on the basis of the parking site into off-street and on-street parking.
- Region-wise, the market has been classified into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Valeo S.A., Continental AG, Robert Bosch GmbH, Kapsch TrafficCom AG, Cubic Corporation, TKH Group, Streetline, Inc., Cisco Systems, Inc., ParkMe, Inc., URBIOTICA, SKIDATA AG, Amano McGann, Inc., SWARCO AG, Smart Parking Ltd., Nedap N.V., Delphi Automotive PLC, Aisin Seiki Co. Ltd., Siemens AG and Xerox Holdings Corporation.
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