Smart Parking Market Report

The global market reached a value of US$ 3.97 Billion in 2021 and expects to reach US$ 8.52 Billion by 2027, exhibiting at a CAGR of 13.4% during 2022-2027

SHERIDAN, WYOMING, UNITED STATES, January 4, 2022 /EINPresswire.com/ -- Market Overview:

According to the latest report by IMARC Group, titled "Smart Parking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global smart parking market reached a value of US$ 3.97 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 8.52 Billion by 2027, exhibiting at a CAGR of 13.4% during 2022-2027. A smart parking system involves the use of advanced technologies to automate numerous processes, including ticketing systems, access control systems, parking guidance systems (PGS), and parking reserving barriers. Its deployment enables optimization of resources, such as time, space and fuel. It utilizes cameras and sensors to detect the occupancy of parking spaces, which is then conveyed to the users via a mobile application. This results in a systematic parking operation that enables a smooth flow of traffic in congested spaces. As a result, they are widely deployed to minimize management costs and limiting the incidences of illegal parking.

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.

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Global Smart Parking Market Trends:

The global market is majorly driven by the increasing traffic congestions on roads, along with the scarcity of available spaces in urban regions. This has led to the growing need for deploying smart parking solutions to aid in managing time and traffic effectively while significantly lowering carbon emissions. Moreover, governments of several countries are also implementing stringent regulations to promote smart city projects among the masses. This, in turn, has encouraged numerous builders to invest in efficient smart parking systems that are equipped with the latest technologies. Also, the widespread integration of these parking solutions with the Internet of Things (IoT) and wireless sensor networks (WSN) is also creating a positive outlook for the market. Some of the other factors contributing to the market growth include rapid urbanization, inflating income levels of the masses and significant growth in the tourism sector.

Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/smart-parking-market

Key Market Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Valeo S.A.
• Continental AG
• Robert Bosch GmbH
• Kapsch TrafficCom AG
• Cubic Corporation
• TKH Group-Park Assist.
• 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
• Xerox Corporation

Breakup by System:

• Guided Park Assist System
• Smart Park Assist System

Breakup by Technology:

• Ultrasonic Sensors
• Radar Sensors
• Image Sensors
• IoT
• Others

Breakup by Component:

• Hardware
• Software
• Services

Breakup by Vertical Type:

• Government and Municipalities
• Commercial Institutions
• Corporate Institutions
• Transport Facilities
• Others

Breakup by Solution:

• Security and Surveillance
• Valet and Parking Reservation
• License Plate Recognition

Breakup by Parking Site:

• Off-Street Parking
• On-Street Parking

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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Elena Anderson
IMARC Services Private Limited
+1 6317911145
email us here

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