Pune, India, Nov. 18, 2021 (GLOBE NEWSWIRE) -- The Global Smart Parking Market Size was valued worth USD 5.4 billion in 2021 and is projected to exhibit a CAGR of 16.7% during the forecast period, according to a recent market study by Quince Market Insights. The increasing issues of parking due to the rise in the number of cars and other vehicles has driven the smart parking market.
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Smart parking is a smart parking system that allows drivers to park their vehicles safely. The space present in the parking lot is marked with the help of embedded sensors or software. This technology has been developed using different types of sensors as a part of computer systems in the parking lot for detecting the presence and absence of automobiles.
The increasing number of automobiles resulting in the demand for parking solutions is the key driving factors for the growth of the global smart parking market. Apart from this the increasing demand and adoption of internet of things (IoT), applied technology is also another driving factor for the growth of the market.
Furthermore, the increasing investment in developing driverless automobiles along with the increasing initiatives by the government to make smart cities is also boosting the market.
On the other hand, the increasing cost in implementing the strategies planned by the key market players and subsequent increase in the cost of vehicles is also another challenging factor for the smart parking market. Lack of awareness related to the benefits of smart parking is another restraining factor for the growth of the smart parking market.
Some Significant Market Developments Considered in The Report:
- February 2020- Amco S.A. signed a contract for the automated fare collection system by Memphis Area Transit Authority in the United States
- September 2017- Amano McClann collaborated with the ITR to expand its business in the South California
- August 2017- IEM SA was introduced under Preston Park which includes several online portals which has helped the drivers to get enhanced parking experience
- March 2017- Smart Parking Limited was introduced for meeting the requirements of city operators
COVID-19 Impact on the Global Smart Parking Market
The QMI team is closely monitoring the impact of COVID-19 on the global smart parking industry, and it has been observed that the demand for a smart parking is moderate during the pandemic time. It is anticipated to grow sharply during the analysis period.
To control the spread of the pandemic, many countries across the globe have enforced strict lockdown norms, which is hampering all kinds of business activities. The COVID-19 has had a significant impact on the lives of entrepreneurs and their businesses. The pandemic struck without warning, wreaking havoc on the small business in the middle of nowhere.
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Global Smart Parking Market, by Type
Based on type, the global smart parking market is segmented into off-street and on-street. The off-street market is sub-segmented into private lots, garages and driveways. Among these, the off street segment is dominating the market due to the increasing need of single slots to park maximum cars.
Global Smart Parking Market, by Component
Based on the component, the market is segmented into software, hardware and services. Among these, the software segment holds the fastest growing segment in 2021 and is expected to remain fastest growing during the forecast period. The segment growth can be because software management service is witnessing highest growth due to the demand in maintaining security and surveillance in the parking areas.
Global Smart Parking Market, by Sensor Type
Based on sensor type, the market is segmented into ultrasonic sensors, image sensors, camera sensors, radar sensors and others. Among these, radar sensors is witnessing the fastest growth during the forecast period. The segment growth can be owing to the rapidly increasing automation such as development towards autonomous driving.
Global Smart Parking Market, by Vertical Type
Based on the vertical type, the global smart parking market is segmented into government and municipalities, commercial institutions, transport facilities and others. Among these, the transport facilities are expected to be the fastest growing segment during the forecast period owing to the smart parking policies for safe and secured parking.
Global Smart Parking Market, by Solution
Based on solution, the market is segmented into license plate recognition, valet parking management, parking reservation management, security and surveillance, and others. Security and surveillance segment is witnessing the fastest growth during the forecast period. The segment growth can be owing to the use of the intelligent parking system with the help of which the drivers can park their vehicles safely.
Global Smart Parking Market, by Region
Based on the region, the smart parking market is segmented into North America, Europe, Asia Pacific, Middle East and Africa and South America. Among these Europe is expected to witness fastest growth during the forecast period. The regional market growth can be owing to different initiatives taken by the government supporting smart parking system in the region.
Some Major Findings of the Smart Parking Market Report Include:
- Major global market trend & forecasts analysis along with a country-specific market analysis for up to 25 countries
- An in-depth smart parking market analysis by the segments, along with an analysis of trend-based insights and factors
- Profiles of major market players operating in the global smart parking market, which include Amano Mcgann (Roseville), Urbiotica (Barcelona), Smart Parking Ltd. (Port Melbourne), IEM SA (Switzerland), IPS Group Inc. (Canada), Klaus Multiparking Systems (India), Swarco AG (Austria), PArklayer (India), Omnitec group (UAE)
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global smart parking market
- Impact of COVID-19 on the global smart parking market
Browse key industry insights from the report, “Smart Parking Market, by Type (Off-Street {Private Lots, Garages, Driveways}, On-Street Parking), Component (Software, Hardware, Services), Sensor Type (Ultrasonic Sensors, Image Sensors, Camera Sensors, Radar Sensors, Others), Vertical Type (Government and Municipalities, Commercial Institutions, Transport Facilities, Others), Solution (License Plate Recognition, Valet Parking Management, Parking Reservation Management, Security and Surveillance, Others), Region (North America, Europe, Asia Pacific, Middle East & Africa, South America)” in-depth analysis along with the table of contents (ToC).
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