As per the latest report by IMARC Group, titled “Smart Parking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global smart parking market size reached US$ 5.8 Billion in 2019. A smart parking system integrates technology and human innovation to utilize fewer resources, such as time, fuel and space. It relies on sensors and cameras that are embedded in parking spots or positioned next to them for detecting whether parking bays are free or occupied. This data is then transmitted to a smart parking mobile application or website, which communicates the availability of parking to users. Nowadays, some companies are also offering other in-app information, such as parking prices and locations, which gives the user the possibility to explore every parking option available.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
Global Smart Parking Market Trends:
Owing to the continuously rising traffic congestion and scarcity of available space in urban parts of different countries, the demand for smart parking solutions has increased as they assist in saving time and minimizing the impact of traffic on the environment by reducing carbon emissions. Apart from this, governments of numerous countries are implementing stringent regulations to address rising environmental concerns. They are also undertaking smart city initiatives, which has further encouraged prominent players to design and develop a smart parking system using the latest technologies based on wireless sensor networks (WSN). Other factors that are anticipated to fuel the market growth are rapid urbanization, inflating income levels and the rising trend of smart homes around the world. Looking forward, the market value is projected to reach US$ 10.5 Billion by 2025, expanding at a CAGR of 10.1% during the forecast period (2020-2025).
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Key Market Segmentation:
The competitive landscape of the market has been examined, with some of the key players being Valeo S.A., Continental AG, Robert Bosch GmbH, Kapsch TrafficCom AG, Cubic Corporation, TKH Group, Streetline, Inc., Cisco Systems, Inc., ParkMe, Inc., URBIOTICA, SKIDATA AG, Amano McGann, Inc., SWARCO AG, Smart Parking Ltd., Nedap N.V., Delphi Automotive PLC, Aisin Seiki Co. Ltd., Siemens AG and Xerox Holdings Corporation.
Market Breakup by Solution:
1. Security and Surveillance
2. Valet and Parking Reservation
3. License Plate Recognition
Based on the solution, the market has been segregated into security and surveillance, valet and parking reservation, and license plate recognition.
Market Breakup by Component:
The market has been analyzed on the basis of the component into hardware, software and services.
Market Breakup by System:
1. Guided Assist System
2. Smart Park Assist System
Based on the system, the market has been bifurcated into the guided and smart park assist systems.
Market Breakup by Vertical Type:
1. Government and Municipalities
2. Commercial Institutions
3. Corporate Institutions
4. Transport Facilities
On the basis of the vertical type, the market has been divided into government and municipalities, commercial institutions, corporate institutions, transport facilities, and others.
Market Breakup by Technology:
1. Ultrasonic Sensors
2. Radar Sensors
3. Image Sensors
On the basis of the technology, the market has been segmented into ultrasonic sensors, radar sensors, image sensors, internet of things (IoT) and others.
Market Breakup by Parking Site:
1. Off-Street Parking
2. On-Street Parking
The market has been analyzed on the basis of the parking site into off-street and on-street parking.
Market Breakup by Region:
1. North America
2. Asia Pacific
4. Latin America
5. Middle East and Africa
Region-wise, the market has been classified into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Latin America (Brazil, Mexico and others); and Middle East and Africa.
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