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Smart Parking System Market Report Delivering Growth

According to Verified Market Research, the global Smart Parking market was valued at $6.59 billion in 2020 and is projected to reach $16.74 billion by 2028, a CAGR of 12.36% between 2021 and 2028. Increasing investment in driverless vehicles and increasing government initiatives to build smart cities around the world are expected to create huge growth opportunities for the market. However, high employment costs, configuration complexity and low Internet penetration rates in developing regions are holding back market growth.

Smart Parking System Market Report Delivering Growth 1

The Smart Parking Solutions market was valued in 2018 at $5,250 billion and is expected to reach $11,793 billion by 2026, representing a CAGR of 10.66% between 2019 and 2026. The increasing number of cars on the roads and the increasing congestion of these vehicles which leads to complex traffic conditions increase the appeal of the global smart parking market, while the high penetration of the Internet of Things (IoT) technology is driving the market's growth. The increasing adoption of smart cars and the continuing technological advancement should shape the future growth of this market.

The smart parking market is expected to grow by $17.46 billion CAGR by 17.85% over the 2021-2028 forecast period. The data bridge Market Research Report on Smart Parking Market provides analysis and insights into various factors expected to dominate during this forecast period and its impact on market growth.

The global parking management market is expected to grow by 10.9% between 2021 and 2029. The increasing number of vehicles and major concerns about parking solutions are the main drivers of the growth of the smart parking market.

The global parking management market is experiencing significant technological advances such as the use of integrated mobile apps and software for parking, cashless payment and RFID technology. The technological advantages of parking management systems will harness the potential of the Internet of Things. The increasing demand for parking spaces due to increasing vehicle production and sales and the worldwide focus on a seamless traffic flow support the immense growth of the global parking management market.

Smart Parking System Market Report Delivering Growth 2

Automated parking systems are growing traction in the market thanks to recent technological and innovative advances in the automotive industry such as cameras, sensors, wireless communication, data analysis, smart parking meters, advanced algorithms and others. Cameras, radars and other sensors are being used in automated vehicles at a considerable pace, which should drive the market in this study. Internet-enabled solutions for modern car parks include security, control and recognition systems as well as automated placement.

During the primary research phase, experts from related industries, manufacturers and suppliers were interviewed to understand the current and future trends in the market for intelligent parking systems and solutions for parking management. The market for intelligent parking systems for passenger cars in terms of volume (000 million units) and value (millions and billions of dollars), system type (in different regions), components (sensors and technologies) derived from forecasting techniques based on the production of intelligent parking systems for passenger cars, parking management market (in terms of value in millions of dollars), vertical technology and solution type derived from forecasting technology based on major solution providers around the world and summing up their segmental revenues. The OEM prices for sensors, technologies and components of the Smart Parking System have been verified from primary sources.

This market intelligence report provides a comprehensive assessment of the global smart parking market, including factors that drive market growth, market barriers, application areas, investment potential, case studies, value chain analysis, the future roadmap, profiles of key market players and strategies. In addition to the current market scenario, the report also provides comprehensive information on future growth prospects and lucrative opportunities offered by the smart parking market. Smart Parking solutions market report facts.The report provides valuable and actionable insights into the key dynamics affecting the market.

Market Research Future (MRFR) is a global market research firm that prides itself on offering complete and accurate analysis of different markets to consumers. His forthcoming report, "Global Smart Parking Systems Market: Trends, Applications, Analysis, Growth and Forecast to 2027" is segmented by car parks, components, end-users and regions. The aim of this research report is to define the market size for different segments by country for the previous year and to forecast the value for the next five years.

The MarketWatch news division was not involved in the creation of this content. The primary objective of Market Research Future (MRFR) is to provide customers with high-quality research and granular research. Our market research studies on products, services, technologies, applications, end users, market participants and global, regional and country-specific market segments enable our customers to see more, know more and do more to answer your important questions.

According to the Association of European Automobile Manufacturers, Europe is expected to be the largest market over the forecast period with 30.83 million vehicles on the road in Europe in 2018. Europe is expected to be a large market for automated parking systems with the presence of many major players in the region of automated parking systems and the attitude of people in the region towards adapting new technologies and an environmentally friendly environment.

Such solutions make it easier to pay per parking thanks to improved ticketing and payment systems. The Cubic Group wants to expand its market presence and is planning to grow its workforce. However, there are certain constraints and challenges that constrain and hamper market growth.

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Shenzhen Tiger Wong Technology Co., Ltd is the leading access control solution provider for vehicle intelligent parking system, license plate recognition system, pedestrian access control turnstile, face recognition terminals and LPR parking solutions.
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