The global smart parking market is projected to exhibit a CAGR of 18% during the forecast period of 2022 to 2029. The rising trend of autonomous vehicles and the emergence of fully-automated parking systems (APS) are factors creating potential growth opportunities for the smart parking market.

According to the report, factors such as lack of parking space, rise in the number of on-road vehicles, low infrastructure set-up cost, and ease of connectivity are projected to drive the growth of the global smart parking market.

Get a Sample of the Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-4511

Key Takeaways from Smart Parking Market Study

• The proliferation of smartphones to enable drivers to track vacant parking slots and increasingly used outsourced parking services by hospitals, universities, and municipalities are expected to boost the smart parking market.
• North America dominated the smart parking market in 2018 in terms of revenue, owing to increasing smart parking initiatives in the U.S. and Canada.
• The parking management platforms segment is expected to gain significant traction during the forecast period, owing to increasing adoption of smart parking applications in emerging countries such as Brazil, China, Chile, India, and Indonesia.
• Demand for smart parking solutions in the corporate sector is expected to increase at a striking CAGR during the forecast period, owing to high demand for efficient vehicle parking management solutions and parking spaces within corporate premises.
• Limited parking spaces in highly populated cities and increasing security & privacy issues in the automotive industry are some of the factors hindering the growth of the smart parking market.

"Increasing vehicle ownership, growing smart city initiatives, and the emergence of fully-automated parking systems for efficient smart parking management will create numerous growth opportunities for the smart parking market in the coming years."

Increasing Focus of Key Players on Product Innovation

Companies in the smart parking market have started investing more in speeding up the process of product development and innovation. Leading players are adopting business expansion, acquisition, and collaboration strategies in a bid to capture a significant share of the global market.

• For instance, in July 2019, Cleverciti Systems, a prominent vendor of high-tech solutions for smart parking, announced the addition of the ClevercitiCard into its outdoor and indoor parking guidance system, including single-space occupancy detection, into a credit card-sized smart card.

Some of the key players in the smart parking market are:

• Siemens
• Huawei Technologies Co.
• Delphi Technologies
• Intercomp S.p.A.
• Comarch SA
• Matrix Comsec
• Urbiotica
• Cisco Systems
• Nwave
• BioEnable
• Trafiksol
• Amano McGann
• Amco Advanced Technologies
• CivicSmart
• gtechna
• Conduent
• Kapsch TrafficCom

Source: https://www.futuremarketinsights.com/reports/smart-parking-market

More Valuable Insights on Smart Parking Market

Future Market Insights puts forward an unbiased analysis of the global market for global smart parking market, providing historical data for 2014-2021 and forecast statistics from 2022-2029. To understand opportunities in the smart parking market, it has been segmented on the basis of component, system type, sensor technology, and application area, across seven major regions.

Table Of Content

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand / Supply Trends

1.3. Technology Roadmap

1.4. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

3. Global Smart Parking Market Demand (in Value US$ Mn) Analysis 2014-2021 and Forecast 2022-2029

3.1. Historical Market Value (US$ Mn) Analysis, 2014-2021

3.2. Current and Future Market Value (US$ Mn) Projections, 2022-2029

3.2.1. Y-o-Y Growth Trend Analysis

3.2.2. Absolute $ Opportunity Analysis

4. Market Background

4.1. Macro-Economic Factors

4.2. Forecast Factors

4.3. Value Chain

4.4. Market Dynamics

4.4.1. Drivers

4.4.2. Restraints

4.4.3. Opportunities

Request Special Price: https://www.futuremarketinsights.com/request-special-price/rep-gb-4511

Related Reports:

High Speed Data Converters Market: The global high-speed data converters market is poised to reach US$ 5 Bn by 2032, exhibiting growth at a CAGR of around 6% - 7% during the forecast period (2022-2032).

Autonomous Robot Toys Market: The global demand for autonomous robot toys is anticipated to grow at a stupendous CAGR of around 18.0% during the forecast period from 2022 to 2032, totaling over US$ 16.3 Bnby the end of the forecast period.

Power Metering Market: The global demand for power metering is anticipated to be valued at US$ 20.5 Billion in 2022.

About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

Contact:

Future Market Insights Inc.

Christiana Corporate, 200 Continental Drive,

Suite 401, Newark, Delaware - 19713, USA

For Sales Enquiries: sales@futuremarketinsights.com

Website: https://www.futuremarketinsights.com

Report: https://www.futuremarketinsights.com/reports/smart-parking-market

The post Smart Parking Market is expected to total ~US$ 9,037.0 Mn by the end of 2022, and is likely to reach ~US$ 28,757.0 Mn by 2029 appeared first on Future Market Insights.

Original Source of the original story >> Smart Parking Market is expected to total ~US$ 9,037.0 Mn by the end of 2022, and is likely to reach ~US$ 28,757.0 Mn by 2029

This content is published on behalf of the above source. Please contact them directly for any concern related to the above.

This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.