New York, NY -- (SBWIRE) -- 03/31/2020 -- According to Research,traffic congestion caused by vehicles is an alarming problem at a global scale owing to increasing vehicle size and confined parking spaces in urban areas. Smart parking offers solutions for both drivers and operators by offering better management of parking spaces. Moreover, initiatives aimed toward efficient parking solutions by various governments are promoting market growth. However, the high initial investments are expected to hamper market growth.

Major Players Included:

Some of the prominent players in the smart parking market include Robert Bosch GmbH, Valeo, Continental AG, Omnitec Group., SKIDATA AG, Smart Parking Ltd, IEM SA, IPS Group, Inc., SWARCO, and Cubic Corporation, among others.

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Tehnological Growth:

Market Industry Reports (MIR) has published a new report titled "Smart Parking Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030." According to the report, the global smart parking market accounted for over US$ 3.5 billion in 2019. It is anticipated to grow at a CAGR of approximately 16.2 % from 2019 to 2030.

The increasing implementation of the IoT in parking software technologies can be attributed to growth of the smart parking market. There are several additional benefits offered by the IoT in parking spaces including extension of parking time duration with the help of sponsored meter time extension, avoidance of parking violations by offering innovative parking solutions to identify safe parking spots and efficient utilization of citywide parking spaces. In addition, with the integration of the Internet of Things (IoT), real-time monitoring of parking occupancy situations from PCs and smartphones is possible for the provision of efficient connected parking management solutions.

Segmentation:

Smart Parking Market by Component: Parking Sensors, Display Unit, and Parking Meters

Type: Off-street Parking and On-street Parking

Technology: IoT, Ultrasonic, and Radio Frequency Identification (RFID)

Application: Security & Surveillance, Smart Payment System, License Plate Recognition, and E-parking End User: Commercial and Government.

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Table of Contents

INTRODUCTION
Market Definition
Market Classification
Geographic Scope
Years Considered for the Study: Historical Years – 2016 & 2017; Base Year – 2018; Forecasted Years – 2019 to 2030
Currency Used

RESEARCH METHODOLOGY
Research Framework
Data Collection Technique
Data Sources
Secondary Sources
Primary Sources
Market Estimation Methodology
Bottom Up Approach
Top Down Approach
Data Validation and Triangulation
Market Forecasting Model
Limitations/Assumptions of the Study

ABSTRACT OF THE STUDY

MARKET DYNAMICS ASSESSMENT
Overview
Drivers
Barriers/Challenges
Opportunities

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