Press release
The smart parking market is expected to grow at CAGR of 10.97% during the forecast period 2017 to 2023 and top key players are IEM SA (Switzerland), IPS Group Inc. (U.S.), Klaus Multiparking Systems (Germany), Amano McGann, Inc. (U.S.), Smart Parking Limi
Market analysis
The smart parking is a system which guides the driver in finding a vacant spot for vehicle parking. This type of parking system helps in detecting the parking space through the sensors along with directing the driver about the empty space. RFID, smartapp, ultrasonic are some of the technologies that are used in the smart parking system. The factors which are influencing the smart parking market include the higher demand for the smart cities solution. Also, growing urbanization is another reason for the growth of the smart parking market. The smart parking system is currently being highly adopted by the shopping centers, universities, airports and city garages. The ability for analyzing, connecting and automating data collected from the devices and powered by the Internet of Things (IoT) technology, is what makes the smart parking possible. The smart parking market is expected to grow at CAGR of 10.97% during the forecast period 2017 to 2023.
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Market segmentation
The global smart parking market is classified on the basis of its technology, parking site and regional demand. Based on its technology, the market is classified into ultrasonic, RFID, smartapp, in-ground vehicle detection sensor and others. On the basis of its parking site, the smart parking market is categorized as off-street and on-street.
Regional analysis
Geographically, the global smart parking market is divided into global regions like Europe, North America, Asia- Pacific, Middle East, LATAM, and Africa.
Major players
The key players in the global smart parking market are IEM SA (Switzerland), IPS Group Inc. (U.S.), Klaus Multiparking Systems (Germany), Amano McGann, Inc. (U.S.), Smart Parking Limited (Australia), PArklayer (India), Robert Bosch GmbH (Germany), Dongyang Menics Co., Ltd (South Korea), Omnitec group (UAE), Mindteck (India), among others.
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Table of Contents:
1 Executive Summary
2 Introduction
2.1 Definition
2.2 Scope of the Study
2.3 Assumptions
2.4 Market Structure
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
4 Market Dynamics
4.1 Drivers
4.1.1 Smart cities solutions for connected demands
4.1.2 Smart Parking Systems Emerge as Ideal Solution to Several Environmental and Economic Issues
4.2 Restraint:
4.2.1 Low Organizational Awareness of Smart Parking Benefits
4.3 Opportunity
4.3.1 Growth of smart parking in emerging economies
5 Market Factor Analysis
5.1 Porter’s Five Forces Analysis
5.1.1 Threat from New Entrants
5.1.2 Bargaining Power of Buyers
5.1.3 Bargaining Power of Supplier
5.1.4 Threat from Substitutes
5.1.5 Rivalry
5.2 Value Chain Analysis
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