Smart Parking Market 2021 | Present Scenario and Growth Prospects 2029

The global smart parking market is expected to witness a CAGR of 17% during the forecast period 2019-2029. parking market. Factors such as lack of parking space, increase of vehicles on the road, low cost of building infrastructure, and ease of connection are expected to drive the growth of the global smart parking market, according to the report.

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IoT-based smart parking system to drive market growth:
Connected technologies such as the Internet of Things (IoT) are making headlines as various industries around the world are undergoing digital transformation. Integrating IoT into smart parking systems improves coverage radar and ensures cost-effectiveness with low- cost connected sensors .

“Increasing vehicle ownership, increasing smart city initiatives, and the emergence of fully automated parking systems for efficient smart parking management will create numerous growth opportunities for the smart parking market over the next few years.”

Highlights of Smart Parking Market Research
The prevalence of smartphones that allow drivers to track empty parking spaces and outsourced parking services increasingly used by hospitals, universities and municipalities are expected to boost the smart parking market.

North America dominated the smart parking market in 2018 in terms of revenue, driven by growing smart parking initiatives in the US and Canada.

The parking management platform segment is expected to gain significant traction during the forecast period, driven by growing adoption of smart parking applications in emerging countries such as Brazil, China, Chile, India and Indonesia.
The demand for smart parking solutions in the enterprise sector is expected to grow at a remarkable CAGR during the forecast period owing to the high demand for efficient vehicle parking management solutions and corporate premises parking spaces.

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The Global Smart Parking Market is segmented in detail to cover all aspects of the market and to present readers a complete market intelligence approach.

Element:
hardware
sensor
camera
software
Parking Management Platform
SDK/API
service
consulting
Integration and support services
device management service

system type:
Guided Parking Assist System
Smart Parking Assist System

sensor technology:
ultrasonic sensor
RFID
image sensor
etc

Applications:
advertisement
government
Enterprise

Frequently Asked Questions about Smart Parking Market:
What are the key drivers of the smart parking market? Traffic congestion due to limited parking spaces and the growth of smart city initiatives are expected to drive the growth of the smart parking market.
What are the key challenges of the Smart Parking market? Limited parking spaces in densely populated cities and increasing security and privacy concerns in the automotive industry are limiting the growth of the global smart parking market.

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Mr. Debashish Roy
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This release was published on openPR.