Europe Smart Parking Market Analysis, Size, Share, Trends, Solution, Major Players, Market Competition, and Major Growth Drivers: Ken Research

According to the report analysis, 'Europe Smart Parking Market 2020-2030 by Component (Hardware, Software, Service), System (Guided, Smart), Parking Type (Off-street, On-street), Solution, Technology (Ultrasonic, Image, Radar, RFID, IoT), Vehicle Type, End User (Commercial, Government, Residential), and Country: Trend Forecast and Growth Opportunity' states that Europe Smart Parking market is predicted to develop during the forecast period more significantly owing to the restricted pace for the smooth flow of traffic owing to massive augment in the traffic congestion, augmenting the requirement for the efficient land utilization and appropriate parking management and proficient technological advancements in the digital and IoT based technology.


Governments across the region have diverse regulatory norms and situations which is the reason local governments and municipalities are facing challenges in parking management. Most of the region's populace is moving from rural to urban locations, and hence, managing their vehicles becomes a challenge for the concerned government. The other challenge faced by this industry vertical includes delivering the sufficient and comfortable parking spaces to the city's inhabitants, guests, and commuters. This vertical is among the greatest adopters of parking management solutions and this trend is projected to continue during the forecast duration.

The commercial sector is the backbone of the economy and plays a proficient role in development of the country. For the corporate and commercial parks industry, parking management solutions majorly entail the installation of automated pay stations and advanced parking garages. These improved parking garages are equipped with automated valet parking systems. The foremost challenge faced by the corporate and commercial parks industry is the management of an individual parking facility for multiple companies with convenient users. The efficient usage of parking management solutions in this vertical results in augmented performance, augmented the productivity, and reduced delivery times for the individuals working in this sector.

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Not only has this, finding a vacant parking space throughout the peak hours is very difficult in locations such as hospital, hotel & shopping centre, airport, university, and exhibition & convention centre. The growth in number of populace results in issues linked with residential parking as well as commercial. The problem associated to this is solved by using enhanced features such as notification of obtainable free space by SMS & live updates of space reservation utilizing the smart parking technology. This technology deducts the amount of time spend by the user for finding out the vacant parking slot and automate the procedure of searching the optimal parking floor and spot. Therefore, it creates a huge requirement for the smart parking market.

Moreover, employment of IoT-based smart parking system assistances manage better parking and also decreases the driver's time. For instance, in parking garages, driver can even list the number of parking slots obtainable at the entrance, before entering the garage. This is done by getting constant information apprises from the sensors and delivering this information to the driver. Such improvement in the IoT technology for smart parking solutions is projected to significantly propel the smart parking market.

For More Information, refer to below link: - 
https://www.kenresearch.com/technology-and-telecom/it-and-ites/europe-smart-parking/515128-105.html

Related Report:
https://www.kenresearch.com/technology-and-telecom/it-and-ites/asia-smart-parking/515129-105.html

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