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Smart Parking Systems Market Research Report - Industry Opportunity Analysis and Growth Forecast to 2024
Smart Parking System Market Research Report
A major driver for the smart parking systems market is the rapid smart city development. Extensive research and development (R&D) activities are being undertaken to integrate managed operations with connected solutions. Due to this, smart parking systems have witnessed widespread adoption, aimed at making real-time information about the parking slots available to drivers, before they even begin the journey. Additionally, government initiatives aimed at making cities smart are also supporting the usage of smart parking systems.
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Lucrative opportunities for smart parking systems market are being offered by the rapid automation in the sector. Robot valets and automated parking technologies are already being tested in several cities across the world, for instance, in Boulder, Colorado, where a completely automated parking garage was recently installed by Park Plus Inc. The systems can park four times the vehicles accommodated by a conventional garage of almost equal space. Additionally, using it, a car can be retrieved within five minutes of placing a request.
In 2018, North America held the largest revenue share in the smart parking systems market. The continent is projected to see an even higher adoption of such systems, during the forecast period, with governments working to reduce traffic congestion, which has become a grave problem as a result of the increasing number of vehicles on the roads. During the forecast period, Asia-Pacific (APAC) would witness industry growth at the highest CAGR, on account of the increasing adoption of such solutions in China.
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Robert Bosch GmbH, Amano Corporation, Smart Parking Ltd., Urbiotica S.L., IPS Group Inc., Kapsch TrafficCom AG, Nedap N.V., ParkMobile LLC, Siemens AG, WORLDSENSING S.L., Continental AG, Valeo SA, Xerox Corporation, Delphi Technologies PLC, and Cisco Systems Inc. are the most prominent players in the smart parking systems market, which is highly competitive. The players are taking several measures, such as partnerships, mergers, and acquisitions and successful client win pursuance to stay on top of the competition. For instance, SWARCO TRAFFIC Ltd. agreed to integrate 11 count-control cabinets and 17 red-green-blue (RGB) matrix signs in the city of Cambridge, in 2019.
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