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.
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.
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.
- Security & Surveillance
- Smart Payment System
- License Plate Recognition
By End User
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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