Smart Parking Market: An Insight On the Important Factors and Trends Influencing the Market
The global smart parking market is set for double-digit growth through
2029, with revenues projected to reach around US$ 30 Bn. Increasing private
vehicle ownership is underpinning criticality of efficient traffic management,
thereby bolstering growth of global smart parking market. Lucrative market
prospects of autonomous vehicles will further fuel the progress of smart
parking market, says a recent study of Future Market Insights (FMI).
"Significant rise
in on-road and off-street vehicles, and challenges put forth by limited parking
space primarily drive demand for smart parking. Integration of connected
technologies such as Internet of Things (IoT) is trending the smart
parking space, targeting comprehensive parking solutions for both parking space
owners and users," opines Future Market Insights.
Key Research Findings
of FMI's Smart Parking Market Study
- Incorporating automation
technologies, including Automated Parking Systems (APS), remains critical
in shaping future market landscape.
- Commercial sector remains the
conventional application area, accounting for nearly 50% share in global
market.
- Radio frequency identification
(RFID) remains preferred sensor technology owing to its greater efficiency
in data collection.
Key Growth Drivers -
Smart Parking Market
- Drivers in 20 international
cities continue to struggle with sufficient parking space, accenting for
effective smart parking solutions.
- Growing popularity of
autonomous vehicles, equipped with advanced sensors for for automatic data
synthesis, will augur well for market growth.
- Cost-efficient installation and
maintenance of smart parking infrastructure would encourage their
adoption.
Key Impediments -
Smart Parking Market
- Limited availability of parking
space in densely populated countries remains a key factor challenging
smart parking market growth.
- Potential security and privacy
threats continue to question 100% reliability of smart parking systems.
Competition Structure
Analysis - Smart Parking Market
Besides strategic
acquisitions and collaborations, conventional growth strategies of leading
market players will include product innovations. The smart parking market
continues to represent a fairly fragmented landscape, with leading players
accounting for around a quarter of the total market revenues.
Some of the key
players in global smart parking market that have been covered in the report,
include Siemens, Huawei Technologies Co., Ltd., Delphi Technologies, Intercomp
S.p.A., Comarch SA, Matrix Comsec, Urbiotica, Cisco Systems, Nwave, BioEnable,
Trafiksol, Amano McGann, Amco Advanced Technologies, CivicSmart, Inc., gtechna,
Conduent, Inc., and Kapsch TrafficCom.
About the Report
Global, regional, and
country levels analysis of the latest industry trends impacting the smart
parking market. The study provides compelling insights on smart parking market
on basis of component (hardware, software, services), by system type (guided
park assist systems, smart park assist systems), sensor technology (ultrasonic
sensors, RFID, image sensors, and others) and application area (commercial,
government, corporate) across 30 countries spanning seven key regions.
About Future Market
Insights (FMI)
Future Market Insights
(FMI) is a leading provider of market intelligence and consulting services,
serving clients in over 150 countries. FMI is headquartered
in London, the global financial capital, and has delivery centres in the U.S.
and India. FMI's latest market research reports and industry analysis help businesses navigate challenges
and take critical decisions with confidence and clarity amidst breakneck
competition. Our customized and syndicated market research reports deliver
actionable insights that drive sustainable growth. A team of expert-led
analysts at FMI continuously track emerging trends and events in a broad range
of industries to ensure that our clients prepare for the evolving needs of
their consumers.
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Jumeirah Lakes Towers, Dubai, United Arab Emirates
MARKET ACCESS DMCC Initiative
For Sales Enquiries: sales@futuremarketinsights.com
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