Global smart parking was reached USD 2.0 Billion in 2016. The ever increasing traffic and the need to develop efficient parking solutions is expected to drive the market to grow at a CAGR of 18% over the forecast period i.e. 2016-2024 and reach a valuation of approximately USD 7.5 Billion by 2024.
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Fulfilling the requirements of on-street or off-street parking, enabling customers to find spaces quickly and easily and efficient management technology for space utilization with simple payment and compliance procedures are driving the growth of smart parking market all across the globe. Global smart parking market size reached USD 2.0 Billion in 2016. The ever increasing traffic and the need to develop efficient parking solutions is expected to drive the market to grow at a CAGR of 18% over the forecast period i.e. 2016-2024 and reach USD 7.5 Billion by 2024. Asia-Pacific Smart parking market is set to witness the highest growth during the forecast period. Strong presence of huge automotive manufacturers such as Toyota, Suzuki and others in Asia-Pacific region is one of the major factors which are increasing the supply of automobiles in the region that demands smart parking facilities in the region. Smart parking market segmentation has been carried out on the basis of component, site, service provider, vertical and geography. The demand for off street parking constitutes the majority for the demand of smart parking systems, amounting to over 65% of the global smart parking market. The segment for parking site providers accounts for majority of the market share in overall service provider market compared to other service providers. Smart Parking is expected to be influenced by the arrival of automated vehicles. Multiple cities around the world are initiating trials for self-parking vehicles, specialized AV parking lots, and robotic parking valets. For instance, Bunbury CBD shoppers in Western Australia will no longer have to trek to a parking ticket machine with smartphone technology now activated in the city. The introduction of app “PayStay” eliminates the need to collect a ticket from a parking machine and also pre-determining the time they require to be parked. Rapid shift of consumer preference towards automated smart parking systems is fuelling the growth of smart parking market all across the globe.
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Market Segmentation
• By Smart Parking Component
o Sensors
 Ultrasonic Sensors
 Magnetic Sensors
 Radar Sensors
 Image Sensors
o Cameras
o Smart Parking Meters
o Electronic Billing and Payment Systems
o Others (Displays, ECUs)
• By Smart Parking Site
o On Street Parking
o Off Street Parking
• By Smart Parking Service Provider
o Parking Management System Providers
o Parking Site Providers
o Electronic Payment Technology Providers
• By Smart Parking Vertical
o Residential
o Commercial
• By Region
o North America (US, Canada)
o Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe)
o Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa)
o Latin America (Brazil, Mexico and Rest of Latin America)
o Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific)
o Rest of the World
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“Global Smart Parking Market Outlook 2024” contains detailed overview of the global smart parking market in terms of market segmentation by component, site, service provider, vertical and geography.
Further, for the in-depth analysis, smart parking market report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global smart parking market report also includes competitive outlook of some of the major players of the global smart parking market which includes profiling of companies like 3M, Aeris Communications, Cisco, Deutsche Telekom, Gemalto, HCL, IBM, Jasper Technologies, MSR-Traffic, Nedap Mobility Solutions, Orange Business Services, PARX, ParkHelp, ParkMe, Parkmobile, Parkopedia, Q-Park, Serco, Siemens, Sierra Wireless, SKIDATA, Smart Parking, Streetline (acquired by Kapsch TrafficCom), SWARCO, Synapt, T2 Systems, Telensa, TeliaSonera, Urbiotica, Vodafone, WorldSensing, and Xerox. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents comprehensive synopsis on the global smart parking market trends that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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