Overview

Smart Parking Market Introduction

This market intelligence report offers a comprehensive assessment of global smart parking market including, factors boosting market growth, market barriers, application areas, investment potential, case studies, value chain analysis, future roadmap, major market players profiles and strategies. The study further offers market size predictions from 2020 to 2027.

The global smart parking market is estimated to value over US $ 9 Billion by the end of 2027 and forecasted to grow at a CAGR of 10.87% from 2020 to 2027.

Smart parking system essentially is an intelligent system that helps the driver in locating available parking space. This system identifies a vacant parking space with the assistance of sensors and then directs the driver to the vacant space. The technologies used in smart parking system are Ultrasonic, IoT, RFID and others.

Globally smart parking systems are increasingly gaining popularity and are being implemented by various countries over several private and public places including universities, airports, public parking spaces, shopping centres, etc. Moreover, smart parking system technology works on resolving the long-standing problem associated with parking that further leads to the creation of air pollution. The technology comprises of elements that consist of real-time data interference, low-cost sensors, and mobile applications that facilitate consumers to track free parking spots.

Burgeoning traffic congestion, rising concerns regarding parking, increase in demand for Internet of Things (IoT), and high implementation rate of smart cities across the globe are factors majorly driving the growth of this market. Nevertheless, huge implementation cost & configuration complications are hampering the growth of the growth. In addition, an increase in expenditure on developing driverless vehicles and an increase in the government’s initiative in developing smart cities over the globe are anticipated to generate colossal possibilities for the growth of the market.

Smart Parking Market

This study provides an in-depth evaluation of the market offered through sections such as :
By Technology

Ultrasonic
IoT
RFID

By Application

Smart Payment System
Security & Surveillance
E-parking
License Plate Recognition

By Type

On-street Parking
Off-street

By End User

Government
Commercial

By Region

North America
Latin America
Europe
Asia Pacific
Rest of the World

Companies Profiled:

Amano mcgann, inc.
Urbiotica
Smart parking ltd.
Iem sa
Ips group inc.
Klaus multiparking systems
Swarco ag
Robert bosch gmbh
Continental ag
Dongyang menics co.ltd

Competitive Landscape:

Tier 1 players- established companies in the market with a major market share
Tier 2 players
Emerging players which are growing rapidly
New Entrants

FutureWise Key Takeaways

Growth prospects
SWOT analysis
Key trends
Key data-points affecting market growth

Objectives of the Study:

To provide an exhaustive analysis on Global Smart Parking Market by Technology, Application, by Type, End User and by Region
To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
To evaluate and forecast micro-markets and the overall market
To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
Profiling of companies to evaluate their market shares, strategies, financials and core competencies