Global Smart Parking Systems Market is expected to reach $16.03 billion by 2027 growing at a CAGR of 18.9% during 2018 to 2027.
Some of the key players profiled in the Smart Parking Systems Market are 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.
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.
Based on the type, off-street segment is going to have a lucrative growth during the forecast period due to it allow parking for both longer and shorter durations. Furthermore, governments in some countries are investing in the expansion of smart cities, which, in turn, is following the adoption of these systems for organized parking in the urban landscape.
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By geography, North America is likely to have a huge demand due to most sophisticated region in terms of technology implementation and infrastructure growth. To grow additional, as civic authorities maintain to deploy these systems to reduce traffic congestion, this has considerably greater than before with the increase in the number of vehicles on roads.
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Sensor Technologies Covered:
• Image Sensor
• Radar Sensor
• Ultrasonic Sensor
• Government & Municipalities
• Transport Transit & Aviation
• On-Road Parking
• License Plate Recognition
• Parking Reservation Management
• Security and Surveillance
• Smart Payment Systems
• Valet Parking Management
• Off-Road Parking
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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