Impact of COVID-19 Crisis on Gobal Smart Parking Systems Market Demand and Consumption Growth, Predicts KDMI

KD Market Insights has published a report on global Smart Parking Systems market research report. The report offers valuable market insights drivers which would aid the industry leaders to develop and line up their market strategies supported by reliable and accurate data. According to KD Market Insights report, the global Smart Parking Systems market is expected to grow at a CAGR of XX.X% during the forecast period i.e. 2020-2025. The market was held to USD XX.X Million in 2019 and is projected to reach to a valuation of USD XX.X Million in 2025. The report covers a detailed chapter on market segmentation of Smart Parking Systems market covering market segments by type,  technology, application, end user and component .

The report offers an exhaustive analysis of the market trends, opportunities, growth areas and industry drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Overview:

Smart parking refers to new advancements in technology that provide comfort for motorists and car park operators through fully integrated and end-to-end parking experience transformation solutions. Smart parking systems consist of a sensor network, screen displays, and live gateways, operated by an interactive framework built on the Internet.

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Market Insights

The increase in parking concerns worldwide, the increase in demand for technology based on the Internet of Things (IoT), and the high rate of adoption in the number of vehicles are driving the growth of the market.

Increased Parking Concern across the Globe

The ever-increasing production of automobiles has increased traffic congestion, especially in urban areas, posing a difficult task for government and municipal authorities to control and manage traffic. It is very difficult for many drivers to find vacant parking spaces during peak hours in areas such as hospitals, hotels & shopping centers, airports, universities, and exhibition & convention centers. In addition, the increase in the number of vehicles worldwide has led to problems related to parking spaces in both residential and commercial areas. The problem is solved by using improved features such as notification of free space available on smart devices & live space reservation updates using smart parking technology. This technology reduces the amount of time spent by the user to find the vacant parking space and automates the process of finding the optimum parking space, thus creating a huge demand for the smart parking market.

Segmentation Analysis

By Type

  • On-street
  • Off-street

By Technology

  • Internet of Things (IoT)
  • Ultrasonic Sensor
  • RFID
  • Radar Sensor

By Application

  • Security & Surveillance
  • Smart Payment System
  • E-parking
  • License Plate Recognition

By End-User

  • Commercial
  • Government

By Component

  • Parking Sensors
  • Steering Angle Sensors
  • Electronic Control Unit (ECU)
  • Display Unit

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This research report studied the Smart Parking Systems market to forecast the revenues and analyze the trends in 5 regions i.e. North America, Europe, Asia Pacific, Latin America and Middle East & Africa. This chapter of the report presents a comparison between emerging regions and developed regions to highlight the key factors and industry trends impacting the overall Smart Parking Systems market. Country analysis is also covered for various major economies across various regions:

  • North America (U.S. & Canada)
  • Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
  • Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)

This study evaluates and categorizes the key vendors in the Smart Parking Systems market. The key companies published in the report include among others, Altiux Innovations, Amano McGann Inc., BMW AG (ParkNow GmbH), CIVICSMART INC., Conduent Incorporated, Cisco Systems, Kapsch TrafficCom, Meter Feeder Inc., Municipal Parking Services Inc, WorldSensing S.L.N.E and other major & niche players.

The competitive strategic window analyses the competitive landscape in terms of the market share and company profiles of major vendors. This section provides company’s metrics such as business strategy and performance such as financials, sales breakup by segment and by geography, SWOT Analysis, company snapshot, business strategy, key product offerings, marketing and distribution strategies, recent news & development and other market activities.

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Why you should buy this research report:

In the past years, the Smart Parking Systems has grown at a significant rate and key decision makers are in need of market data to make vital decisions with regard to acquire more market share in Smart Parking Systems market. This report will help you:

  1. Obtain Full Understanding Of Global Smart Parking Systems Industry Through The In-Depth Coverage
  2. Gain Insights Into Market Expansion Across Countries
  3. Expand Your Product Line To Generate High Revenue And Growth Opportunities.
  4. Understand Latest Market Trends And Formulate Business Strategies Accordingly.
  5. Acquire More Market Share Through Strategic Decisions Based On Report Insights.
  6. Gain Insights About Key Financial Ratio And Business Strategies.

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