Market Overview
The global hybrid smart parking platform market is expected to exhibit a robust 18% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global hybrid smart parking platform market is mainly driven by the increasing investment by private investors in smart parking projects, as these have emerged as a highly profitable venture in today’s rapidly urbanizing world. The research report projects the global Hybrid Smart Parking Platform Market to reach a valuation of USD 2,134 million by 2023. The report presents a detailed historical analysis of the global hybrid smart parking platform market, providing a review on the leading drivers and restraints for the market as well as the major players operating in the market.
The demand from the hybrid smart parking platform market is mainly driven by the increasing number of vehicles on the road in developed as well as developing countries. Smart parking systems allow drivers to find a parking spot in advance and also pay for it in advance using ecommerce tools from their phone or in-car ecommerce portal. The convenience of this systems is particularly felt in the increasingly congested city centers in developed countries such as the UK, the U.S., and France. As the major commercial and financial avenues in a city are usually located in the city center, the number of vehicles coming into the city center everyday is quite high. This has caused parking and traffic congestion problems in developed countries, leading to a growing demand for solutions such as hybrid smart parking platforms.
The increasing urbanization in emerging Asia Pacific economies is also likely to be a major driver for the global hybrid smart parking platform market over the forecast period, as the increasing number of urban dwellers in Asia Pacific countries such as China, India, South Korea, Thailand, the Philippines, Indonesia, and Malaysia is likely to drive the demand for innovative traffic management solutions such as hybrid smart parking platforms. The increasing use of mobile payment apps in Asia Pacific countries is also likely to be a key driver for the hybrid smart parking platform market in the region over the forecast period.
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Segmental Analysis
The global hybrid smart parking platform market is segmented on the basis of component, parking type, solution, application, and region.
- By component, the global hybrid smart parking platform market is segmented into hardware, software, and services.
- By parking type, the global hybrid smart parking platform market is segmented into on-street and off-street parking. Off-street parking, which comprises the construction of buildings specifically intended to be used as parking space, is likely to be the more popular option in the global hybrid smart parking platform market over the forecast period, as on-street parking may not solve the problem of congestion in some locations.
- By solution type, the global hybrid smart parking platform market is segmented into security and surveillance, valet parking management, parking reservation management, and license plate recognition.
- By application, the global hybrid smart parking platform market is segmented into government, residential, and commercial.
Key Players:
The prominent players in the hybrid smart parking platform market are – Streetline (U.S.), Libelium (Spain), Tata Elxsi (India), IPS Group, Inc. (U.S.), Kapsch TrafficCom AG (Germany), NuPark (U.S.), Siemens AG (Germany), Huawei Technologies Co. Ltd. (China), Acer Inc. (Taiwan), Robert Bosch GmbH (Germany) among others.
Detailed Regional Analysis
North America is likely to dominate the global hybrid smart parking platform market over the forecast period due to the widespread awareness about smart parking systems in the region and the increasing demand for effective smart parking systems in cities in the U.S. Europe holds the second largest share in the global hybrid smart parking platform market and is likely to grow at a stable growth rate over the forecast period.
Asia Pacific is expected to exhibit the highest growth rate over the forecast period due to the increasing urbanization in Asia Pacific, which has resulted in an increasing volume of urban commuters driving into cities every day, resulting in increasing traffic congestion problems.
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Intended Audience
- Technology Investors
- Research/Consultancy Firms
- Infrastructure Providers
- Original equipment manufacturers (OEMs)
- OEM technology solution providers
- Smart City
- Government Organization
- Software vendors
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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