Iris Recognition Outlook By Industry Size, Share, Revenue, Regions And Top Key Players Analysis From 2018-2023

Kenneth Research has recently added a market research study on Smart Parking Management System Market 2023 which provides a complete comprehensive analysis including the data by Segmentations, by Geography and as well as the competitive landscape of the top 10 Vendors in this market

The Smart Parking Management System Market is likely to obtain substantial incremental $ opportunity between 2016 and 2023 as per the recent market study conducted by Kenneth Research. This Smart Parking Management System Market market strategic report has been produced emphasizing upon various growth factors contributing towards the growth of this market. This market study speaks about the relation between in-dependent variable such as the market and as well as the dependent variables which include the core macro-economic indicators such as population, GDP, personal disposable income and others. The business intelligence report also covers the challenges which may impact the growth of this market in the long-run. Several prevailing trends have been analysed in this report which have strengthened the growth of the market all across the globe.

Smart Parking Management System is one of the most trending systems being adopted at a higher rate across the countries focusing on smart cities. Smart parking solutions are in higher demand due to the need for dealing with increasing road traffic in urban areas, less availability of parking space, congestive roads, and various other challenges. In recent years, millions of customers across the globe have adopted smart parking mobile applications, which can be a changing customer trend toward the use of affordable digital technologies in their day to day lives.

Smart parking solutions are of two types, namely on-street and off-street. The on-street parking solutions have become more popular in recent years as they focus on offering more organized parking solutions that save parking space. The smart-parking solutions offer timed parking, pre-defined parking periods, and flexible payment options among others. These parking solutions are prevalent in the developed countries of the Americas and Europe. Several smart cities across the globe are focusing on self-sustainability in terms of city space management, which is posting a higher demand for enabling technology in parking solutions.

Market Revenue and Segmentation Analysis:

The smart parking management system market is expected to grow at a CAGR of 25.9% during the forecast period 2017–2023. The market is analyzed based on parking types, end-users, smart parking categories, software, components, solutions & services, and technology.

The parking types include on-street and off-street parking solutions. The on-street parking is much popular in North America and Europe, while the off-street parking is much popular in MEA and APAC. The on-street and off-street parking space providers are adopting smart parking solutions owing to the need for upgrading to more advanced parking solutions due to rising time lapse in managing the vehicle flow. The off-street parking providers market is expected to grow at a higher CAGR during the forecast period.

The end-users include corporate/office buildings, industrial, commercial, governments, airports, residential, hospitality, and others. The emerging need for procuring smart parking solutions among commercial places, corporate sector, airports, and governments are largely driving this segment. The leading commercial users and airports have already deployed smart parking spaces to improve the customer experience. The airports segment is expected to grow at a higher CAGR during the forecast period. However, some of these systems are using manual parking bill processing, and use of smart tickets also has a higher penetration rate across the globe.

The commercial users segment is expected to grow at a CAGR of 30.4% during the forecast period.

The categories covered in the report are Parking Guidance and Information System (PGIS), transit-based information system, automated parking, and others. PGIS is much needed in building a smart parking ecosystem for commercial and public users. The transit-based information system is a passenger information system, which helps in pre-booking of a parking space and others. PGIS is expected to account for huge revenue in the segment. PGIS is expected to grow at a CAGR of 28.0% during the forecast period. The automated parking market, which offers automated parking facilities to the vehicles, is expected to emerge as a new market by 2020 owing to the increasing demand for fully-autonomous vehicles.

The market is segmented by components such as sensors, display units, cameras, data collector and center processor, inductive loop detectors, parking meters, and others. The sensors segment includes a variety of sensors ranging from radar sensors, image sensors, parking sensors, active infrared sensors, ultrasonic sensors, and others. The display units are much popular in recent years owing to the increased use of parking meters and automated parking solutions. The data optimization and processing components are much popular in smart parking solutions. The increasing number of smart parking vendors is directly affecting the data optimization capabilities of existing technology vendors. The sensors segment is expected to grow at a higher CAGR of 30.6% during the forecast period followed by parking meters, data integration and detection, and inductive loop detectors.

The solutions and services segment includes parking reservation management, integrated payments, monitoring and reporting, intelligent street lighting, vehicle detection technologies, and others. The parking reservation management is expected to grow at a CAGR of 39.4% during the forecast period owing to the increasing demand for parking integration and parking reservation at commercial places, airports, and tourist destinations among others. Intelligent street lighting is expected to be adopted at a higher rate owing to the increasing need for saving electricity across users.

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In 2017, the worldwide GDP stood at USD 84,740.3 Billion as compared to the GDP of USD 80,144.5 Billion in 2017, marked a growth of 5.73% in 2017 over previous year according to the data quoted by International Monetary Fund. This is likely to impel the growth of Smart Parking Management System Market market over the period 2019-2026.
The Smart Parking Management System Market market report also focuses on the analysis on the basis of geography which includes North America (U.S. and Canada), Latin America (Mexico, Brazil, Argentina, Rest of Latin America), Europe (Germany, UK, France, Spain, Italy, NORDIC, BENELUX, Poland, Russia, Hungary, Rest of Europe), Asia Pacific (China, Japan, India, Australia, New Zealand, South Korea, Malaysia, Indonesia, Rest of Asia Pacific) and Middle East and Africa (GCC, North Africa, South Africa and Rest of Middle East and Africa).
In U.S., the GDP per capita was valued at USD 62,606 in 2017 as compared to USD 59,895 marked in 2017, observed a growth of 4.53% in 2017 over previous year. Rise in GDP per capita has intensified the growth of this market in the country.

The key offerings in the report:
 Evaluating the market size of the global Smart Parking Management System Market market as well as the market forecast.
 Analysing various market segmentations as well as forecasting the market on the basis of geography which includes North America, Latin America, Europe, Asia Pacific and Middle East and Africa
 Highlighting the factors impacting the growth of the market which includes growth drivers, challenges, opportunities as well as trends
 Examining competitive landscape of the leading companies on the basis of overview of the company, business strategy, product overview, risk analysis, recent developments and SWOT analysis.
Various statistical methods such as Covariance, Correlation, Regression and Coefficient of Determination (R square) analysis have been utilized to assess the market performance and analyse the future outlook of the market.
This market study is definitely going to be useful and can be utilized as a valuable source of assistance for the investors, manufacturers related to the product, suppliers, distributors, investment banks, management consulting companies, regulatory and government bodies, research organizations, and forums.
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