Press release
Driving Innovation : Smart Parking Market Projected to Reach $33.5 Billion by 2032
Smart Parking Market
๐ฐ ๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ - https://www.alliedmarketresearch.com/request-sample/2878
๐๐ซ๐ข๐ฆ๐ ๐๐๐ญ๐๐ซ๐ฆ๐ข๐ง๐๐ง๐ญ๐ฌ ๐จ๐ ๐ ๐ซ๐จ๐ฐ๐ญ๐ก
Increased parking concerns across the globe, growth in demand for Internet of Things (IoT)-based technology, and increase in the number of vehicles are the major factors that propel the smart parking market growth. However, high implementation cost & configuration complexity and low rate of internet penetration in developing regions are the major factors that hamper the growth of the smart parking market. Furthermore, the rise in investment in building driverless vehicles, and government initiatives in building smart cities across the globe are the factors that are expected to offer growth opportunities for the market during the forecast period.
๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐ ๐ฅ๐จ๐๐๐ฅ ๐ฌ๐ฆ๐๐ซ๐ญ ๐ฉ๐๐ซ๐ค๐ข๐ง๐ ๐ฆ๐๐ซ๐ค๐๐ญ:
The report offers an extensive segmentation of the global smart parking market on the basis of type, technology, application, end user, and region. It also highlights the fastest growing and highest revenue generating segments among each category. This factor assists frontrunners as well as new entrants to make profitable investment decisions.
Based on type, the market is segmented into the on-street and off-street segments. Based on technology, the market is classified into the RFID, ultrasonic, and IoT segments. By application, the market is segmented into license plate recognition, e-parking, smart payment systems, and security and surveillance. Based on end user, the market is bifurcated into commercial and government segments.
๐ฐ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ: - https://www.alliedmarketresearch.com/smart-parking-market/purchase-options
๐๐ก๐ ๐ฎ๐ฅ๐ญ๐ซ๐๐ฌ๐จ๐ง๐ข๐ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ญ๐จ ๐ฆ๐๐ข๐ง๐ญ๐๐ข๐ง ๐ข๐ญ๐ฌ ๐ฅ๐๐๐๐๐ซ๐ฌ๐ก๐ข๐ฉ ๐ฌ๐ญ๐๐ญ๐ฎ๐ฌ ๐ญ๐ก๐ซ๐จ๐ฎ๐ ๐ก๐จ๐ฎ๐ญ ๐ญ๐ก๐ ๐๐จ๐ซ๐๐๐๐ฌ๐ญ ๐ฉ๐๐ซ๐ข๐จ๐.
By technology, the ultrasonic segment accounted for the largest share in 2022, contributing to nearly half of the global smart parking market revenue. Ultrasonic sensors have been widely used for various purposes such as determining surface structure, measuring the position, and calculating the speed of an object. Such multipurpose advantages of ultrasonic used for smart parking systems anticipate the growth of the smart parking market. However, the Internet of things (IoT) segment is expected to portray the largest CAGR of 18.61% from 2023 to 2032. A user is notified about an empty parking space through a smartphone application or a satellite navigation device with the help of IoT. Prior notification of free parking space is provided to a user through a smartphone when the vehicle enters particular shopping places and some streets in a city. This way IoT helps reduce the time required for finding the parking lot and searching for the parking space, which in turn drives the market growth.
๐๐ก๐ ๐ฌ๐๐๐ฎ๐ซ๐ข๐ญ๐ฒ ๐๐ง๐ ๐ฌ๐ฎ๐ซ๐ฏ๐๐ข๐ฅ๐ฅ๐๐ง๐๐ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ญ๐จ ๐ฆ๐๐ข๐ง๐ญ๐๐ข๐ง ๐ข๐ญ๐ฌ ๐ฅ๐๐๐๐๐ซ๐ฌ๐ก๐ข๐ฉ ๐ฌ๐ญ๐๐ญ๐ฎ๐ฌ ๐ญ๐ก๐ซ๐จ๐ฎ๐ ๐ก๐จ๐ฎ๐ญ ๐ญ๐ก๐ ๐๐จ๐ซ๐๐๐๐ฌ๐ญ ๐ฉ๐๐ซ๐ข๐จ๐.
Based on application, the security and surveillance segment held the highest market share in 2022, accounting for nearly two-fifths of the global smart parking market revenue, and is estimated to maintain its leadership status throughout the forecast period. Security & surveillance systems are anticipated to help operators monitor and control no parking zones, blocked emergency exits, or people entering/exiting through an emergency exit. In addition, the rise in technology particularly in wireless connecting devices and mobile accessibility increases the demand in the future for advanced security systems in parking management. This, in turn, is expected to boost the smart parking market. However, the smart payment systems segment is projected to manifest the highest CAGR of 19.39% from 2022 to 2032. One of the major benefits of a smart payment system is that it is lightning-fast as compared to the traditional payment system. In addition, the smart payment system also leverages innovative technologies such as payment gateways that eliminate human intervention; thus, reducing human errors as well as saving labor costs.
๐๐ฎ๐ซ๐จ๐ฉ๐ ๐ญ๐จ ๐ฆ๐๐ข๐ง๐ญ๐๐ข๐ง ๐ข๐ญ๐ฌ ๐๐จ๐ฆ๐ข๐ง๐๐ง๐๐ ๐๐ฒ ๐๐๐๐.
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global smart parking market revenue. Consumers in North American countries have increasingly adopted smartphones and devices that support mobile applications which aid in reserving, paying, and checking the availability of parking slots. In addition, the rise in the use of analytics for developing applications that provide parking solutions is expected to boost the smart parking market growth in the region. However, the Europe region is expected to maintain its dominance by 2032. Technological advancements along with the steady rise in vehicle sales are the primary factor boosting the growth of the smart parking market in European countries. the AsiaPacific region is anticipated to witness the major CAGR of 19.01% during the forecasted period.
๐ฐ ๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ๐๐ ๐ญ๐จ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐ญ๐ก๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ? ๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ - https://www.alliedmarketresearch.com/purchase-enquiry/2878
๐๐จ๐ฆ๐ฉ๐๐ญ๐ข๐ญ๐ข๐ฏ๐ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐ ๐ฅ๐จ๐๐๐ฅ ๐ฌ๐ฆ๐๐ซ๐ญ ๐ฉ๐๐ซ๐ค๐ข๐ง๐ ๐ฆ๐๐ซ๐ค๐๐ญ:
The global smart parking market report profiles the top business entities across the sector. It also discusses novel strategies implemented by them to sustain the market competition. These strategies involve collaborations, innovative product launches, partnerships, mergers, and acquisitions. The top market players profiled in the report are:
Smart Parking Ltd
Amano McGann, Inc.
IPS Group, Inc.
S.L.
Urbiotica
Continental AG
Aisin Corporation
IEM SA
TKH Group
Robert Bosch GmbH
SWARCO
๐๐๐ฒ ๐ช๐ฎ๐๐ฌ๐ญ๐ข๐จ๐ง๐ฌ ๐๐จ๐ฏ๐๐ซ๐๐ ๐ข๐ง ๐ญ๐ก๐ ๐ ๐ฅ๐จ๐๐๐ฅ ๐ฌ๐ฆ๐๐ซ๐ญ ๐ฉ๐๐ซ๐ค๐ข๐ง๐ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ซ๐๐ฉ๐จ๐ซ๐ญ:
๐๐. Which are the driving forces of the smart parking market?
๐๐. What are upcoming trends in the smart parking market?
๐๐. Which are the top companies profiled in the report?
๐๐. Which are the recent developments in the smart parking industry?
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๐๐๐จ๐ฎ๐ญ ๐๐ฌ
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