Market Research Report
Smart Parking Systems - Global Market Outlook (2018-2027)
|Published by||Stratistics Market Research Consulting||Product code||939179|
|Published||Content info||137 Pages
Delivery time: 2-3 business days
|Smart Parking Systems - Global Market Outlook (2018-2027)|
|Published: May 1, 2020||Content info: 137 Pages||
According to Stratistics MRC, the Global Smart Parking Systems Market is accounted for $3.38 billion in 2018 and is expected to reach $16.03 billion by 2027 growing at a CAGR of 18.9% during the forecast period. Growing parking concerns and growth of smart cities are the major factors propelling the market growth. However, huge investment requirement are hampering the market growth.
A smart parking system assist a driver to locate an empty spot, and the system gathers real-time data through sensors installed in every parking space, which allows finding of presence or absence of a vehicle. The system then direct drivers to accessible locations. Implementation of smart parking systems helps in the methodical allocation and utmost utilization of parking space. Other advantages comprise time and fuel saving, compact pollution, along with hassle-free, time-efficient, and convenient automation of parking facilities.
Based on the type, off-street segment is going to have a lucrative growth during the forecast period due to it allow parking for both longer and shorter durations. Furthermore, governments in some countries are investing in the expansion of smart cities, which, in turn, is following the adoption of these systems for organized parking in the urban landscape. By geography, North America is likely to have a huge demand due to most sophisticated region in terms of technology implementation and infrastructure growth. To grow additional, as civic authorities maintain to deploy these systems to reduce traffic congestion, this has considerably greater than before with the increase in the number of vehicles on roads.
Some of the key players profiled in the Smart Parking Systems Market are 3M, Amano Corporation, Cisco Systems, Inc, Conduent Incorporated, Cubic Corporation, Fujica, Imtech, Imtech , Kapsch TrafficCom AG, Nortech Control Systems Limited , ParkJockey, Siemens, Swarco AG, Thales and Xerox Corporation.
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Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.