Global Smart Parking Market Size, Growth Analysis Report, Forecast to 2021-2027

The global smart parking market is anticipated to grow considerably at a CAGR of 16.5% during the forecast period (2021-2027). The key companies across the globe are adopting different business strategies including expanding their technological advancements, geographic presence, R&D activities, new product approvals, mergers & acquisitions, partnerships, and collaborations to increase market share. Among these, technological advancements are one of the major factors that are propelling the growth of the market.

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For instance, in May 2021, Sony Europe has announced that its IMX500 image sensors with AI processing functionality will be at the heart of three smart city experiments starting in June in Rome, Italy, with Envision. These are designed to reduce traffic-related pollution and accidents at pedestrian crossings in the city. Its main goal is to analyze and deploy a smart parking system based on the IMX500 to reduce pollution and bottlenecks caused by people looking for a parking spot. The pilot aims to assess the effectiveness of such a system, with drivers being notified via a smartphone app before being directed to the nearest available free parking place.

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Further, In March 2021, Smart Parking Ltd. has announced the launch of an application named Tessera, which is designed to manage a smart parking site. This app is harnessing the power of SmartCloud platform technology, which delivers the solutions such as vehicle detection hardware, smart city building blocks, variable message signage, customizable parking guidance & payment app, and also proper management of any car parking. The functions of the app include real-time, automatic alerts from in-ground sensors when a parking breach such as an overstay or nonpayment has occurred. Thus, the technological developments in smart parking solution by the major players for fulfilling the need of smart city project in the countries is fueling towards the growth of global smart parking market.

Global Smart Parking Market Report Segment

By Solution

License/Registration Plate Recognition
Parking Reservation Management
Security And Surveillance
Valet Parking Management

By Parking Site

On-Street Parking
Off-Street Parking

By Application

Commercial
Government
Others (Airports, Personal)

By Components

Display Units
Parking Sensors
Steering Angle Sensors
Electronic Control Units
Others (Parking Meters, Electronic Billing)

Global Smart Parking Market Report Segment by Region

North America

United States
Canada

Europe

UK
Germany
Italy
Spain
France
Rest of Europe

Asia-Pacific

China
India
Japan
South Korea
Rest of Asia-Pacific

Rest of the World

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