Smart Parking Market Analysis, Information Report by Parking Site (On-Street and Off-Street), Technology (SmartApp, In-Ground Vehicle Detection Sensor, RFID, Ultrasonic, and Others), and region – forecast 2023
Smart parking solutions are becoming prominent as smart city projects are rising globally. The demand for smart solutions has increased the demand for smart parking. This is a software-powered system that makes it an efficient solution while searching for parking spaces, as it can display space availability with real-time assistance and status. Smart parking systems are mostly used in high traffic conditions and densely populated regions that pose serious challenges in finding adequate parking spaces.
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It comprises various equipment like cameras, vehicle counting, and number plate recognition systems, transmitting the combined data to a data processing unit in real-time. As the global populations and disposable incomes rise, the vehicle counts have also increased, which has amplified the demands for smart systems with maximum efficiency. This system also features a smart guiding system that directs the customer to the available parking space and has replaced the cash payment and paper receipts with direct payment portals and e-receipts directly delivered to the mobile phone.
The rise in tourist movements from around the globe to famous destinations has increased the loads on the system, surging the demands for advanced parking solutions. This report will shed light on the competition, opportunities, drivers & restraints, and other factors affecting the local and global smart parking market. The global market is expected to register nearly a 14 % annual growth rate during the survey.
The essential players in the smart parking market are Smart Parking Limited (Australia), Amano McGann, Inc. (U.S.), IEM SA (Switzerland), Klaus Multiparking Systems (Germany), Omnitec Group (UAE), Mindteck (India), PArklayer (India), IPS Group Inc. (U.S.), Robert Bosch GmbH (Germany) and Dongyang Menics Co., Ltd (South Korea).
The global smart parking market is segmented into classes as follows:
The global smart parking market is segmented into on-street parking and off-street parking based on parking sites.
The global smart parking market is characterized by parking reservation management, registration plate recognition, security, and others based on types of solutions.
Based on technology, the global smart parking market is segmented as smart application, ultrasonic, radio frequency identification (RFID), and others.
Smart parking has gained global adoption worldwide due to the rapid development of smart cities and rising disposable incomes, leading to increased vehicle counts. The Asia Pacific, North America, Europe, and the rest of the world are the major market studies for the global smart parking market. The Asia Pacific region is leading the market due to the vast population covers, demands for better alternatives, rising disposable incomes, rapid urbanization, the rapid expansion of the automotive industry, government initiatives to develop smart cities, and other factors. The rapidly developing economies like India, Japan, and China are among the major stakeholders of this market and will file the fastest growth rates.
The global smart parking market has recently gained a decent pace due to increasing demands for smart solutions and rising government initiatives to develop smart cities. Also, the increase in vehicle counts has surged the demands for smart parking solutions. With the digitalization, the smart app segment is the major shareholder and will maintain the lead. The global market is led by the Asia Pacific region and will stay at the top with India, China, and Japan among the major contributors to this market.
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