Pune, Maharashtra -- (SBWire) -- 08/31/2020 --Latest published report on the Smart Parking market, found on the Qualiket Research website revealed a great deal about various market dynamics. These driving factors influence the market from a very miniscule level to its holistic standard and can traverse limitations to assist the market achieve a significant growth rate over the analysis period of 2020-2027. The report is based on an extensive study supervised by adept analysts. Their sound knowledge and expertise in the field help in unearthing of factors and figures.
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Smart parking system is helpful to driver to find vacant spot and the system collects real time data through sensors installed in each parking space that enables detection of presence or absence of vehicles. This system directs drivers to available locations. This system is time saving, time-efficient, and convenient automation of parking facilities.
Market Drivers
Rise in number of vehicles across the globe and shrinking availability of on-street parking space are the key driving factors which are expected to boost the global smart parking market growth. Furthermore, increase in adoption of smart parking systems in parking garages, and multistoried parking facilities will have the positive impact on market growth. Moreover, rise in demand for integrated automated solutions with technological advancements will fuel the market growth during this forecast period. In addition to that, increase in demand for Internet of Things (IoT) and high adoption rate in number of vehicles will propel the market growth.
Market Restraints
However, high installation cost is the challenging factor for market which is expected to hamper the global smart parking market growth. Also, lack of awareness regarding advantages of smart parking systems in underdeveloped region will affect the market growth.
Market Key Players
Various key players are discussed in this report such as 3M Company, Cubic Corporation, Bosch, BMW Group, Siemens, Xerox Corporation, Kapsch TrafficCom AG, Swarco AG, Nortek Control Systems Ltd, and Amano Corporation.
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Market Taxonomy
By Type
- On-Street
- Off-Street
By Technology
- IoT
- Ultrasonic
- RFID
By Application
- Security & Surveillance
- E-Parking
- Smart Payment System
- License Plate Recognition
By End User
- Government
- Commercial
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Major Points Covered in Table of Content
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Smart Parking Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Smart Parking Market, By Type
5.1 Y-o-Y Growth Comparison, By Type
5.2 Global Smart Parking Market Share Analysis, By Type
5.3 Global Smart Parking Market Size and Forecast, By Type
5.3.1 on-Street
5.3.2 Off-Street
6 Global Smart Parking Market, By Technology
6.1 Y-o-Y Growth Comparison, By Technology
6.2 Global Smart Parking Market Share Analysis, By Technology
6.3 Global Smart Parking Market Size and Forecast, By Technology
6.3.1 IoT
6.3.2 Ultrasonic
6.3.3 RFID
7 Global Smart Parking Market, By Application
7.1 Y-o-Y Growth Comparison, By Application
7.2 Global Smart Parking Market Share Analysis, By Application
7.3 Global Smart Parking Market Size and Forecast, By Application
7.3.1 Security & Surveillance
7.3.2 E-Parking
7.3.3. Smart Payment System
7.3.4 License Plate Recognition
8 Global Smart Parking Market, By End User
8.1 Y-o-Y Growth Comparison, By End User
8.2 Global Smart Parking Market Share Analysis, By End User
8.3 Global Smart Parking Market Size and Forecast, By End User
8.3.1 Government
8.3.2 Commercial
9 Global Smart Parking Market, By Region
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