Increased in demand for Smart Parking Market with key players: Smart Parking Ltd., IEM SA, IPS Group Inc

Smart parking is a system that uses sensing devices to determine occupancy at the parking space .This makes the use of sensing devices that consists of cameras, counting equipment such as gates or RFID tags at the entrance of a lot, or different type of sensors that are equipped into the individual parking spaces.

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A smart parking system typically obtains information about available parking spaces in a particular geographic area or in residential areas and process is real-time to place vehicles at available positions.

Increase in parking concern across the globe, growth in demand for Internet of Things (IoT) based technology, and high adoption rate in number of vehicles drive the growth of the smart parking market. However, high employment cost & configuration complexity restrain the market growth. Moreover, rise in investment on building driverless vehicles, and rise in government initiative in building smart cities across the globe are expected to create tremendous opportunities for the market.

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Among the analyzed geographical regions, North America is expected to account for the highest revenue in the global market throughout the forecast period (2018-2025) followed by Asia-Pacific, Europe, and LAMEA. However, Asia-Pacific is expected to develop at a higher growth rate, predicting a lucrative market for smart parking.

mart Parking Market was valued at $5,001.1 million in 2017, and is projected to reach $11,553.6 million by 2025, registering a CAGR of 11.2% from 2018 to 2025. Smart parking is an intelligent parking system that assists driver for safe parking. Available space in parking slot is indicted by sign or symbol with the help of embedded software and sensors. The vacant space is notified to the driver correctly due to the proper management of vehicle.

Amano Mcgann, Inc., Urbiotica, Smart Parking Ltd., IEM SA, IPS Group Inc., Klaus Multiparking Systems, Swarco AG, PArklayer, Omnitec group, Dongyang Menics Co. Ltd., Skidata AG, and Mindteck are the key market players that occupy a significant revenue share in the smart parking market.

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