The enhancement in automobile technology is expected to create a favorable aspect for the smart parking market. Reports that review the automobile industry have been offered by Market Research Future, which generates reports on industry verticals that judge the market development and possibilities. A 10.97 % CAGR is predicted to be achieved by the market in the coming years.
The need to deal with numerous environmental and economic issues is increasing the adoption of smart parking measures. Moreover, the data collection related to automobiles has improved considerably, which has increased the implementation of smart parking technologies around the world.
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Segmental Analysis
The segmental evaluation of the smart parking market is conducted on the basis of parking sites, solutions, applications and regions. On the basis of parking site, the smart parking market comprises of off-street and on-street. Based on the solutions, the smart parking market comprises of valet & parking reservation, security & surveillance, and others. On the basis of application, the smart parking market comprises of government, transport transit, and commercial. Based on the regions, the smart parking market comprises of Europe, North America, APAC and Rest of the World.
Detailed Regional Analysis
The regional examination of the smart parking market comprises of regions such as Asia Pacific, North America, Europe, and the Rest of the World. The Asia Pacific region has accounted for the principal market portion owing to the incidence of Japan, China, and India. The elevated development rate in the registering of new cars globally, with major acceleration in regional economies such as Asia Pacific, will create a new window of opportunities for the parking management business. The European region is responsible for the second largest market during the forecast period due to growing urbanization. The growing urbanization has led to the amplified demand for infrastructure as well as transportation and building. Smart cities deliver advanced technology through mobile technology, enhance current infrastructure, and make land use, effectively. This will contribute to the mounting demand for smart parking in smart cities.
Competitive Analysis
The market has established a proper tone for the development that is to be undertaken in the upcoming period. The market players are crafting strategies that deliver a high output rate from existing resources or don’t require a massive investment to obtain. The assets are continually being assessed to ensure that functioning is at an optimum level while keeping breakdowns at a bare minimum. Moreover, the emphasis is also being placed on the backend processes by integrating tools that can enhance the productivity of the market in the forecast period. The market is also improving in several efforts to brace itself while fortifying its position against the slowdown in the global economy. The geopolitical factors are expected to play a critical role in the long-term expansion of the market in the upcoming period. A burgeoning user base is expected to play an instrumental role in the progress of the market in the approaching period.
The essential players in the smart parking market are Smart Parking Limited (Australia), Amano McGann, Inc. (U.S.), IEM SA (Switzerland), Klaus Multiparking Systems (Germany), Omnitec Group (UAE), Mindteck (India), PArklayer (India), IPS Group Inc. (U.S.), Robert Bosch GmbH (Germany) and Dongyang Menics Co., Ltd (South Korea)
Industry Updates:
Oct 2019 Tesla has launched a novel “smart summon” attribute to its customers who have bought the “full self-driving” choice for Tesla Autopilot. This function, which can be bought for around USD 6,000 on top of Autopilot, advances only limited features. Smart summon is meant for parking lots, and seemingly it declines to run if it can tell it is on a public road. By means of the feature, you can activate the summon from your phone over Bluetooth.
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