According to Stratistics MRC, the “Global Smart Parking Systems Market” is accounted for $3.38 billion in 2018 and is expected to reach $16.03 billion by 2027 growing at a CAGR of 18.9% during the forecast period. Growing parking concerns and growth of smart cities are the major factors propelling the market growth. However, huge investment requirement are hampering the market growth.
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A smart parking system assist a driver to locate an empty spot, and the system gathers real-time data through sensors installed in every parking space, which allows finding of presence or absence of a vehicle. The system then direct drivers to accessible locations. Implementation of smart parking systems helps in the methodical allocation and utmost utilization of parking space. Other advantages comprise time and fuel saving, compact pollution, along with hassle-free, time-efficient, and convenient automation of parking facilities.
Opportunity: The consistent advancement in technology would provide ample opportunities for the market growth.
Increasing technological improvements, such as autonomous cars (self-driving cars) and smart parking technologies, along with high investments for the progress of smart cities by governments will proposal potential evolution opportunities for smart parking systems. For illustration, Audi is developing self-parking cars that will drop passengers at their destinations and position themselves in accordance with the space availability, thus reducing the time, fuel, and cost of drivers to keep encircling an area in examination of available vehicle spaces. Some solutions will contain a wide-ranging group of services such as online payments, parking time statements and even car searching functionalities for very large lots. Automated compensation systems permit people to standby parking in advance. When deployed as a system, smart parking consequently reduces car emissions in urban centers by reducing the need for people to unnecessarily circle city blocks searching for parking. It also permits cities to carefully manage their parking supply.
Driver: The increasing demand of lot and machine to machine devices with advanced technologies are driving the market growth.
As numerous trades across the world are undergoing digital transformation, connected technologies such as Internet of Things (IoT) are capturing the headlines. Integrating IoT in smart parking systems improves the coverage radar, and confirms cost-effectiveness with low-cost connected sensors. Based on low-power wide-area network (LPWAN), IoT-based smart parking systems can be connected via mobile apps to facilitate users and parking space owners with efficient parking solutions. With innovations in associated technologies on the brink, these smart parking systems are expected to come with better security and scalability.
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Depending on component, software segment is expected to grow at the significant market share during the forecast period. Software component guide drivers to unfilled slots and eventually help in saving their time. These system scan confirm a user-friendly skill for vehicle drivers as they monitor the status of various ultra-sonic sensors and electronic signs and offer a user-friendly graphical interface for drivers.
Asia Pacific region is anticipated to hold considerable market share during the forecast period:
By geography, the Asia Pacific region is anticipated to hold considerable market share during the forecast period owing to the favorable government creativities being pursued by the European Union in promoting the deployment of intelligent parking systems as a part of the exertions to reduce the pollution and ensure a sustainable environment. Additionally, the growing vehicle production and increasing concerns concerning the growing prevalence of car theft in Europe is expected to accelerate the market adoption in the region.
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Some of the key players in Smart Parking Systems market include 3M, Amano Corporation, Cisco Systems, Inc, Conduent Incorporated, Cubic Corporation, Fujica, Imtech, Imtech , Kapsch TrafficCom AG, Nortech Control Systems Limited, ParkJockey, Siemens, Swarco AG, Thales and Xerox Corporation.
3M: In March 2017, 3M acquired Scott Safety from Johnson Controls. This acquisition leverages the fundamental strengths in technology, manufacturing, global capabilities and brand, and builds upon recent portfolio actions within their Safety and Graphics business to position it for long-term success. Scott Safety’s products help protect firefighters, industrial workers, police, military, homeland security forces, and rescue teams around the world from environmental hazards.
Siemens: In July 2019, Siemens launched an extra-ordinary data visualization project described Siemens FABRIC at the Mercedes Benz Fashion Week in Berlin, representing the crucial role that data is playing in the transformation of today's global urban centers into the smart cities of the future.
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