Key market players are considering the rise in autonomous vehicles and fully-automated parking systems (APS) as a driving factor for the Smart Parking Market.
DUBAI, UAE / ACCESSWIRE / February 10, 2021 / FMI states that the global smart parking market will exhibit a CAGR of 17% through 2029. The rise in the number of vehicles on-road, the lack of parking space, and low-cost set up for the required infrastructure are proving to be the major factors leading to the increase in demand for smart parking spaces.
"Increasing vehicle ownership, growing smart city initiatives, and the emergence of fully-automated parking systems for efficient smart parking management will create numerous growth opportunities for the smart parking market in the coming years." says the FMI analyst.
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Smart Parking Market - Important Highlights
- The smart parking market was mainly controlled by North America in terms of revenue in 2018. This led to the growth of different initiatives for the same in Canada and the U.S.
- Brazil, China, India, Chile and Indonesia are some the countries planning to adopt smart parking applications owing to the increase in demand by customers in the region.
- The corporate sector demands for convenient and efficient solutions concerning vehicle parking issues. This is a dominating factor leading to the expansion of the smart parking market.
- Many companies have devoted their resources in terms of capital and time investment to the development and innovation of products focusing on the smart parking market.
- In July 2019, Cleverciti Systems, an established network for smart parking solutions, introduced ClevercitiCard which includes single-space occupancy detection, into their parking applications.
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Smart Parking Market - Drivers
- The increase in use of mobile phones by customers to locate empty parking slots and growth in vehicle ownership are expected to be one of the key market drivers during the forecasted period.
- Acceptance of the designated outsourced parking spaces by various institutions like universities, municipalities and hospitals.
- The latest smart city initiatives adopted by various countries and the growth of Automated Parking Systems (APS) will lead to the rise in efficient smart parking applications.
Smart Parking Market - Constraints
- Lack of availability of parking spaces in the major cities, owing to the high population, remains to be the key constraint for the smart parking market.
- The increase in issues concerning the security and privacy of the customers are another major factor constraining the market.
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Competitive Landscape
The key market players in smart parking applications are leaning towards product innovation and development of latest models to create better parking solutions for the people.
Businesses are devising latest marketing strategies and work on the introduction of new systems to test the current trends prevailing the market. Some of the key players in the smart parking market are Siemens, Huawei Technologies, Delphi Technologies, Comarch SA, Matrix Comsec, Urbiotica, Cisco Systems, BioEnable, Trafiksol, Amano McGann, Amco Advanced Technologies, CivicSmart Inc., gtechna, Conduent Inc. and Kapsch TrafficCom.
Table Of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand / Supply Trends
1.3. Technology Roadmap
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Global Smart Parking Market Demand (in Value US$ Mn) Analysis 2014-2018 and Forecast 2019-2029
3.1. Historical Market Value (US$ Mn) Analysis, 2014-2018
3.2. Current and Future Market Value (US$ Mn) Projections, 2019-2029
3.2.1. Y-o-Y Growth Trend Analysis
3.2.2. Absolute $ Opportunity Analysis
4. Market Background
4.1. Macro-Economic Factors
4.2. Forecast Factors
4.3. Value Chain
4.4. Market Dynamics
4.4.1. Drivers
4.4.2. Restraints
4.4.3. Opportunities
5. Global Smart Parking Market Analysis 2014-2018 and Forecast 2019-2029, by Component
5.1. Introduction / Key Findings
5.2. Historical Market Size (US$ Mn) and Volume Analysis By Component, 2014 - 2018
5.3. Current and Future Market Size (US$ Mn) and Volume Analysis and Forecast by Component, 2019 - 2029
5.3.1. Hardware
5.3.1.1. Sensors
5.3.1.2. Cameras
5.3.1.3. Parking Meters
5.3.1.4. Digital Guidance Signage
5.3.1.5. Others
5.3.2. Software
5.3.2.1. Parking Management Platform
5.3.2.2. SDK/API
5.3.3. Services
5.3.3.1. Consulting
5.3.3.2. Integration & Support Services
5.3.3.3. Device Management Services
5.4. Market Attractiveness Analysis by Component
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About the Study
The study offers a comprehensive assessment and evaluation of the smart parking market. This FMI report covers global, regional, and national-level analysis of the latest trends influencing the market. The study provides insights based on the product type (Smart parking networks), application (Parking solutions for a wide range of customers), and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE: Future Market Insights
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