Demand for smart cities and driverless cars proliferate the Global Smart Parking Market

Smart Parking Market

Global Smart Parking Market Overview:

The Global Outlook of Smart Parking Market was worth at USD 15.5 billion in 2017 and expected to grow at a CAGR of 17.9%, to attain USD 35.3 billion by 2022. The whole world is facing rapid urbanization while technology has been incorporated by cities for several years. Although, the step at which this adoption takes place is growing quickly as disruptive digital technologies have the potential to solve most important metropolitan challenges such as safe parking.

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Smart cities embrace the promise to potentially make urban areas more effective and more secure. Smart parking is the most implemented and fastest increasing solution across the universities, airports, shopping centers and city garages. The aptitude to connect, study and automate data collected from devices, powered by and described as the Internet of Things, has made smart parking possible. It has the authority to employ big number of cheap, small, and energy efficient devices which collaboratively gather and process wide range of parameters such as pressure, sound, vibration, temperature, pollutants, water quality and more in different industries.

Drivers and Restraints:

The smart parking acts as main change for growing struggle with traffic congestion and inadequate parking availability. Throughout the previous several years, the use of technology has accelerated in the parking and transportation industry. It made parking more effective, more accurate, and easier to manage. It also makes parking more customer-friendly than ever before. Growing technological advancements, such as autonomous cars which are also known as self-driving cars and high investments for the growth of smart cities by governments will offer potential development opportunities for smart parking market. Furthermore, Mobile applications on smartphones for the information of opening hours, location, tariff and facilities can allow the driver to record the GPS location of their car in a crowded car park, with further notes and photos. and helps the driver to depend on smart parking.

Geographic Segmentation:

On the basis of geography, Global Outlook of Smart Parking Market has been segmented into areas like Europe, North America, Asia-Pacific, and Rest of the world. The worldwide marketplace has been mainly dominated by North America, followed by Europe.

The major companies of Global Outlook of Smart Parking Market are IEM SA, Klaus Multiparking Systems, Omnitec group, PArklayer, Amano McGann, Inc., Mindteck, Smart Parking, IPS Group Inc., and Robert Bosch GmbH.

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Scope of the report:

The report offers a comprehensive analysis of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in effecting the market dynamics and trends are discussed in detail at the product level. Further, the performance of the market at the regional and country-level is assessed and the prospects with high growth potential are identified and debated.

The key players in the industry are profiled providing insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategical activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry are provided. The report also offers a broad outlook of the market along with recommendations from industry experts on the opportunities for investment activity.

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About Anand Sai 87 Articles
Anand Sai, A Research Consultant with 5+years of experience in handling research operations of various domains.

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