Smart Parking Solutions Market Research Investigates In-Depth Analysis, Competitive Insights, Overview and Scope till 2028

The smart parking solutions market remains highly consolidated, with established and mid-sized companies accounting for 40-50% and 30-35% of the revenue share respectively. Large scale companies continue to invest heavily in research and development to fuel innovations, which gives them a competitive edge over other players in the market. Strategic mergers and acquisitions, coupled with collaboration with city authorities to provide for smarter mobility solutions, are among key expansion strategies of these market players.

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Consolidating its global footprint in the smart parking solutions market, Hub Parking Technology entered into a strategic alliance with Al Rayyan Car Parking Management, a local smart parking solutions operator in Qatar. Under the alliance, Al Rayyan will have exclusive rights of distributing Hub Parking Technology products in Qatar where the demand for smart parking solutions is high as the country is undergoing a transformation with a multitude of transportation projects underway.

SKIDATA was the latest beneficiary of the popular trend of installation of smart parking spaces in cities around the world with Berkeley, California choosing the company for the construction of a brand new smart garage in Downtown Berkeley. The smart garage will be equipped with power gate columns, parking guidance system, and EMV credit card processing technology among other advanced features.

Riding on the wave of smart city transformations, Flowbird Group entered into a partnership with the City of Grand Rapids, Michigan, under which the company will install 700 of its pay stations around the city which will complement the already in place smart parking network.

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Apart from the aforementioned key players, the report on smart parking solutions market also features detailed profiling of other leading companies in the market, which include Scheidt & Bachmann GmbH, DESIGNA Verkehrsleittechnik GmbH, Cubic Corporation, ABM Industries Incorporated, TIBA Parking, WPS Parking System BV, Kudelski SA, and SWARCO AG.

Smart city projects offer sustainability in addition to enhanced performance. With the transformation of a city into a smart city, authorities around the world can provide for better security, transport and traffic management, waste management, energy efficiency, and can improve the lifestyle of the population comprehensively. In addition to these benefits, smart cities will contribute towards the welfare of the environment and allow for stabilization of global temperatures. Growing environmental concerns, traffic congestion, and the population are causing governments around the world to look towards the development of smart cities which will effectively improve the quality of life while aiding authorities in saving resources. These factors have attracted heavy investments in smart technologies around the world and are fuelling the demand for smart parking solutions on a global scale.

Smart parking solutions can potentially open up new revenue streams for city municipalities and parking lot owners. There are many parking spots in cities that remain under-utilized, and leveraging smart parking technology, data from multiple sources can be collected and used as a parking guidance system for drivers in return for money. The round the clock monitoring services offered by smart parking systems coupled with automated payment collection can help parking lot owners in saving on manpower while eradicating the inefficiencies associated with the manual collection and management framework. Furthermore, parking lot owners can utilize the data collected from the monitoring systems and can streamline the management process to ensure maximum profitability. Another key application of smart parking solutions is the demand-based pricing of parking spots. Smart parking solutions can be used to generate different prices for parking based on the demand for the service. Municipalities and parking lot owners are realizing the potential prospects smart parking solutions have to offer and are adopting them to increase their revenue.

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Shopping malls around the world are revamping their parking spaces to accommodate smart parking solutions. Shopping malls often suffer from congestion in the parking spaces due to the inefficiency of manual management systems. Furthermore, manual management of parking spaces in shopping malls also results in a loss of revenue due to leakages in the system. With smart parking solutions, malls are aiming to provide for free-flowing traffic in the parking spaces. In addition to this, automated parking payment systems have the potential to help malls in increasing their revenues from parking spaces. Coupled with these benefits shopping malls around the world are marketing their adoption of smart parking solution as a value-added service to lure in more customers. The windfalls of using smart parking solutions are causing a widespread adoption of the systems in shopping malls around the world.

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This release was published on openPR.