Smart parking is an intelligent parking system that help drivers find parking through sensor technology. With the aid of embedded software and sensors, sign or signal indicates the available space in the parking slot. In 2017, the Smart Parking Market was estimated at $5.001.1 million and is expected to reach $11.553.6 million by 2025, showing a CAGR of 11.2% between 2018 and 2025. Because of good car control, the empty room is properly alerted to the driver. The technology uses various types of sensors to detect the presence and absence of vehicles as a hardware element in the parking space. Smart parking system provides data on the availability of nearby parking space in real time and enable drivers to fill the spot without any other car intervention.
Therefore, this innovation works to address the permanent parking problem that contributes to air pollution. The software incorporates components composed of low-cost detectors, real-time data intrusion, and smart mobile applications that allow tracking of parking spots. Facility to handle the vehicle’s parking properly with the use of smart phones and infrastructure development to support such mobility leads to an efficient process of finding vacant parking slots.
In fact, some technologies enable services such as online payments, reminders of parking space, and even car search features for very large parking lots. Increasing worldwide parking issues, growing demand for Internet of Things (IoT)-based technologies, and strong car adoption rates drive demand for the global smart parking industry. High labor costs & complexity of the specification, however, hinder market growth. In addition, increased investment in the development of driverless vehicles and increased government intervention in the creation of smart cities around the world are expected to create enormous opportunities for market growth.
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Market Segment:
The global smart parking market is segmented on the basis of type, application, technology, end user and region. The market by type is further split into off-street and on-street depending on size. The market by technology is graded into IoT, ultrasonic, and RFID. By Application, the market is categorized into security and surveillance, smart payment system, E parking and license plate recognition. Based on end user segment, it is sub-segmented into commercial and government.
With respect to geography, the market is split into North America, Europe, Asia-Pacific, and LAMEA.
Regional Analysis:
The smart parking system market was dominated by the North American zone. Demand for parking management systems is expected to increase in North America as U.S. and Canadian civil authorities are aggressively attempting to reduce traffic congestion, which has become increasingly severe due to the increasing number of vehicles. Asia Pacific and Latin America local markets, thanks to the increasing number of municipalities in emerging economies, are also expected to gain traction. The growth rate in China, India, South Korea, and Brazil is projected to be relatively higher.
Industry News:
Increasing worldwide parking issues, growing demand for Internet of Things (IoT)-based technologies, and strong adoption rates of car numbers fuel market growth. Nonetheless, high labor cost & complexity of the specification limits the development of the industry. In fact, increased investment in the development of driverless vehicles and government intervention in the creation of smart cities around the globe are expected to create enormous opportunities for market growth.
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Table Of Content:
- Introduction
2. Research Methodology
3. Executive Summary
4. Market Forces
5. Market Outlook by Type (Current size & future market estimates)
6. Market Outlook by Function (Current size & future market estimates)
7. Market Outlook by Application (Current size & future market estimates)
8. Market Outlook by Regions (Current size & future market estimates)
9. Competitive Landscape
10. Company Profiles Includes: Company Overview, Product & Services Offerings, Financials (only for listed companies), New Developments and Innovation)
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