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09-23-2021 11:41 AM CET | Tourism, Cars, Traffic

Press release from: StraitsResearch

Smart Parking Market

Smart Parking Market

Smart parking is an intelligent parking system that assists drivers with safe parking. Parking a car is a routine activity, but according to ITS America, nearly 30% of urban congestion is created by drivers looking for parking space, which also amounts to fuel wastage. Growing traffic congestion and uncertainty in parking availability together drive demand for smart parking solutions as the technology optimizes parking space usage and improves the efficiency of the parking operation, thereby facilitating smoother traffic flow.

Smart parking enables parking operators to remotely and automatically monitor parking occupancy rate on a real-time basis. Problems related to land utilization are increasing, and proper parking locations are a major issue in overcrowded cities.

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Increasing investments in autonomous vehicle technology are also expected to present tremendous opportunities for market growth during the forecast period.

The global smart parking market accounted for over USD 2.8 billion in 2017 and is expected to grow at a CAGR of 10.1% during the forecast period, 2019โ€“2026.

Buy report Now : https://straitsresearch.com/buy-now/smart-parking-market/global/

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On the basis of region, the global smart parking market has been segmented into North America, Europe, Asia Pacific, and Latin America and Middle East & Africa.

In the global smart parking market, Europe holds the largest share of the pie, followed by North America. The increasing use of cameras and ultrasonic sensors in passenger cars drives the demand for smart parking solutions in countries across Europe.

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Some of the prominent players in the global smart parking market are AMCO, Cisco Systems, Inc., CivicSmart, Inc., Continental AG, Huawei Technologies Co., IEM SA, IPS Group, Inc., Nedap, NEXPA, ParkMobile, LLC., Robert Bosch GmbH, Siemens, Smart Parking Systems โ€“ (A division of Intercomp S.p.A.), Streetline, Urbiotica, others.

By Parking Site

On-street
Off-street

By Application

Government
Commercial

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StraitsResearch.com is a leading market research and market intelligence organization, specializing in research, analytics, and advisory services along with providing business insights & market research reports.

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