Asia Pacific Smart Parking Market Analysis, Size, Share, Trends, Solution, Major Players, Market Competition, and Investment Opportunity: Ken Research

A smart parking system (SPS) improves parking spaces through automated admittance control systems, parking guidance systems (PGS), parking reserving barriers and ticketing systems. It uses the mechanical arrangements to transport cars from one parking space to another and eradicate the wasted space in a multistorey or single-story garage. It utilizes the vehicle counting equipment, video cameras, automatic number plate recognition readers (ANPR) and pavement sensors to regulate the occupancy of a parking lot and convey the data to the control centre in real time. It aims to help in the smooth flow of traffic in congested areas and deliver a systematic parking operation.

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According to report analysis, 'Asia Pacific 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 Amano McGann, Inc., BMW AG (ParkNow GmbH, Parkmobile LLC), CivicSmart, Inc., Continental AG, Dongyang Menics Co., Ltd., IEM SA, IPS Group Inc., Klaus Multiparking Systems, ParkMe Inc., Robert Bosch GmbH, Siemens AG, Smart Parking Limited, Swarco AG, TKH Group-Park Assist., Urbiotica, S.L. and many more are the foremost companies which recently working in the Asia Pacific smart parking market more actively for registering the great value of market share, obtaining the competitive edge, leading the highest market growth and generating the highest percentage of revenue.

The effective growth in a number of vehicles leading to concerns regarding parking solutions is the foremost driving aspect for the growth of the smart parking market. Growing requirement and implementation of IoT applied technology is also a propelling factor for the smart parking market. The growth in investment in building driverless vehicles and an augment in the government's initiative in building smart cities around the region is also an opportunity for the growth of the smart parking market. However, the high cost of implementing and subsequent growth in cost of the vehicles is a challenge for the smart parking market. However, shortage of awareness concerning the benefits of smart parking is the major restraint for the growth of smart parking market during the forecast duration.

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Asia-Pacific will observe its growth rate due to growing number of municipalities in emerging economies, such as China and India. The augmenting the vehicle production and growing concerns concerning the augmenting the prevalence of car theft.

The growth in number of population results in problems associated with residential parking as well as commercial. The issue linked to this is solved by optimizing the improved features such as notification of obtainable free space by SMS & live updates of space reservation utilizing the smart parking technology. This technology reductions the amount of time spends by the user for finding out the vacant parking slot and automate the progression of searching the optimal parking floor and spot. Therefore, it produces a huge ultimatum for the smart parking market.

For More Information, refer to below link: - 
https://www.kenresearch.com/technology-and-telecom/it-and-ites/asia-smart-parking/515129-105.html

Related Report:
https://www.kenresearch.com/technology-and-telecom/it-and-ites/america-smart-parking/515127-105.html

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