According to the report analysis, ‘Global Smart Parking Market 2020-2030 by Component (Hardware, Software, Service), System (Guided, Smart), Parking Type (Off-street, On-street), Solution, Technology (Ultrasonic, Image, Radar, RFID, IoT), Vehicle Type, End User (Commercial, Government, Residential), and Region: Trend Forecast and Growth Opportunity’ states that the global smart parking market is predicted to propel during the assessed duration owing to the restricted pace for the smooth flow of traffic due to the growing traffic congestion, growing requirement for the efficient land usage and proper parking management, and technological innovations in the digital and IoT based technology.
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Amano McGann, Inc., BMW AG (ParkNow GmbH, Parkmobile LLC), CivicSmart, Inc., Continental AG, Dongyang Menics Co., Ltd., IEM SA, IPS Group Inc., Klaus Multiparking Systems, ParkMe Inc., Robert Bosch GmbH, Siemens AG, Smart Parking Limited, Swarco AG, TKH Group-Park Assist., Urbiotica, S.L. and many more are the key companies which recently functioning in the global smart parking market more proficiently for leading the highest market growth, generating the highest percentage of revenue, obtaining the competitive edge, keep maintaining the governing position and registering the great value of market share by analysing the strategies and policies of government as well as contenders, increasing the features and benefits of smart parking, delivering the better customer satisfaction, establishing the several research and development programs, spreading the awareness connected to the applications and advantages of smart parking, improving the qualitative and quantitative measures of such, implementing the policies of government as well as contenders and establishing the several research and development programs.
The market is propelled by aspects such as restricted parking space availability, augmenting the number of accidents caused by vehicles reversing out of parking spaces and increasing the consumer demand for improved vehicle and passenger safety systems in passenger cars.
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Parking management solutions have seen speedy deployment across all the key verticals. The verticals have been classified as government and commercial. Commercial parking management market involves the academic, recreational, transportation, retail, and hospitality sectors, among others. The explosion of younger workforce in countless sectors, coupled with an increased requirement for vehicles worldwide, has led to augmented the traffic congestion as well as vehicular pollution, which has given growth to requirement for parking management solutions. Growth in the parking management market is predicted to increase during the review period, owing to companies introducing new technologies in the field of parking management and entering into strategic mergers and acquisitions. Parking management solutions are demanded by varied industry verticals that demand a smooth flow of vehicles in order to function their day-to-day activities.
Asia Pacific is estimated to be the fastest augmenting the smart parking market for parking sensors owing to an augment in consumer awareness about smart parking systems in the region. Increasing number of vehicles on the road combined with government initiatives such as smart cities are projected to develop better traffic and parking management solutions in Asia Pacific, in the future.
For More Information, refer to below link: -
Global Smart Parking Market Analysis 2021 to 2030
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