Technavio's latest market research report on the global automated parking systems marketprovides an analysis of the most important trends expected to impact the market outlook from 2017-2021.
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Technavio has published a new market research report on the global automated parking systems market 2017-2021 under their industrial automation library. (Graphic: Business Wire)
Technaviodefines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline. The global automated parking systems market is expected to grow at a CAGR of above 11% from 2017-2021, according to a new market research report by Technavio.
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The top three emerging market trends driving the global automated parking systems market according to Technavio research analysts are:
- Trends in smart parking
- Increase in demand from luxury residential buildings
- Improvement in services
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Trends in smart parking
Smart parking solutions are the future of the parking industry. Some of the major developments that will be contributing to the growth of the market are deployment of advanced sensor technologies, and innovations in wireless communications, data analytics, induction loops, and smart parking meters. A major component of smart parking is incorporating sustainable solutions for parking.
According to Raghav Bharadwaj Shivaswamy, a lead analyst at Technavio for robotics "Developers and architects are emphasizing on projects that can attain Leadership in Energy and Environmental Design certifications. The certification is provided on meeting criteria regarding innovation in design, lighting, air quality, energy consumption, and others. Focus of developers on meeting the accepted benchmarks for the design, construction, and operation of buildings is expected to increase during the forecast period."
Increase in demand from luxury residential buildings
Automated parking can facilitate parking in a cost-effective manner and due to this reason, it is witnessing a surge in demand. Automated parking systems add a luxury appeal to residential projects and are a major differentiating amenity for tenants that invest in high-priced buildings such as condominiums. This will result in more real estate owners and developers incorporating automated parking systems in their projects. To improve customer experience and to add an additional appeal to their projects, developers are increasingly collaborating with parking consultants to identify the ideal systems for their properties.
Improvement in services
Vendors are providing personalized technical support and operational guidance with technicians that are available 24 hours a day, 365 days a year. They also offer automated systems updated with the latest software. Vendors are offering several maintenance and post-purchase services to end-users to retain their customer base and remain competitive in the market.
"The vendors in the market are utilizing their expertise in parking solutions to create turnkey solutions for their customers. This would require modifications to standard components along with adoption of new mechanisms. Vendors will focus on improving project management capabilities to ensure that there is efficiency in documentation and product adoption as and when the market gains traction," says Raghav
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