Key Insights into the Global Smart Parking Market : Predicted Worth of $33.Billion by 2032

A report on 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐟 𝐒𝐦𝐚𝐫𝐭 𝐏𝐚𝐫𝐤𝐢𝐧𝐠 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 by Allied Market Research states that the industry generated $6.8 billion in 2022 and is expected to hold $33.5 billion by 2032 with a notable CAGR of 17.4% during the forecast period of 2023 to 2032. The report is an extensive source of segmentation, competitive landscape, segmentation analysis, and upcoming trends of the global smart parking market.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/2878

𝐌𝐚𝐫𝐤𝐞𝐭 𝐝𝐲𝐧𝐚𝐦𝐢𝐜𝐬:
The report discusses the market performance throughout the forecast timeframe to deeply study factors influencing the growth of the industry. It involves drivers, restraints, and opportunities for market expansion. The Porters five forces analysis in the report helps discover the competitive forces that drive the market and recognize the strengths and weaknesses to decide corporate strategies. It further provides value chain analysis which assists in examining the activities of top entities in the market to find out how it sustains the highly competitive market.

The global smart parking industry is gaining momentum due to factors such as a surge in vehicle numbers, robust demand for IoT-based technology, and growing parking concerns. However, the market is facing a downturn due to low rate of internet penetration in developing countries, configuration complexity, and high implementation cost of smart parking. Nevertheless, government policies regarding smart cities and surge in investment in building self-driving vehicles are expected to open new avenues for the industry in the upcoming years.

𝐅𝐮𝐭𝐮𝐫𝐢𝐬𝐭𝐢𝐜 𝐭𝐫𝐞𝐧𝐝𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐬𝐦𝐚𝐫𝐭 𝐩𝐚𝐫𝐤𝐢𝐧𝐠 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲:
The report analyzes upcoming trends in the global smart parking industry. These insights help top entities, stakeholders, and newcomers to make informed business decisions. One of such futuristic trends is parking-as-a service. It's a combination of the latest parking hardware and software that's available as a subscription service. It's designed to give parking owners and operators access to the latest technology and services. However, it's much more than that. It includes installation and regular hardware and software support, maintenance, and upgrades throughout the contract term. PaaS can also offer real-time analytics and reporting, which can help parking owners and operators make more informed decisions about their parking facilities. With real-time data, they can spot underused parking spaces, adjust pricing and generate more revenue, and increase overall efficiency.

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐬𝐦𝐚𝐫𝐭 𝐩𝐚𝐫𝐤𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐞𝐭:

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.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/smart-parking-market/purchase-options

𝐓𝐡𝐞 𝐨𝐟𝐟-𝐬𝐭𝐫𝐞𝐞𝐭 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝.

Based on type, the off-street segment held the highest market share in 2022, accounting for around three-fifths of the global smart parking market, and is estimated to maintain its leadership status throughout the forecast period with the highest CAGR of 17.78%. Off-street smart parking primarily propels due to the surging demand for better parking management solutions, which include proper enforcement methods, payment methods, and smart parking guidance systems. However, the on-street segment is projected to manifest the second-highest CAGR of 16.73% from 2023 to 2032. The small parking area may be easily controlled and monitored by implementing different angle techniques of on-street parking. Currently, the roads in developing nations have free on-street parking facilities, this is implemented to reduce the on-road vehicle volume and parking problems. Moreover, merchants recognized an opportunity for better parking management and utilization of existing street spaces.is anticipated to drive the growth of the on-street smart parking market.

𝐓𝐡𝐞 𝐮𝐥𝐭𝐫𝐚𝐬𝐨𝐧𝐢𝐜 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝.

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.

𝐄𝐮𝐫𝐨𝐩𝐞 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞 𝐛𝐲 𝟐𝟎𝟑𝟐.

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.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/2878

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐚𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐬𝐦𝐚𝐫𝐭 𝐩𝐚𝐫𝐤𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐞𝐭:

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

𝐊𝐞𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐜𝐨𝐯𝐞𝐫𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐬𝐦𝐚𝐫𝐭 𝐩𝐚𝐫𝐤𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐞𝐭 𝐫𝐞𝐩𝐨𝐫𝐭:

Which are the driving forces of the smart parking market?

What are upcoming trends in the smart parking market?

Which are the top companies profiled in the report?

Which are the recent developments in the smart parking industry?

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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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