Smart Parking Market with revenues projected to reach around US$ 30 Bn by the end of 2029

Smart Parking Market with revenues projected to reach around US$ 30 Bn by the end of 2029 | Future Market Insights

Feb 18, 2020

The global smart parking market is set for double-digit growth through 2029, with revenues projected to reach around US$ 30 Bn. Increasing private vehicle ownership is underpinning criticality of efficient traffic management, thereby bolstering growth of global smart parking market. Lucrative market prospects of autonomous vehicles will further fuel the progress of smart parking market, says a recent study of Future Market Insights (FMI).

“Significant rise in on-road and off-street vehicles, and challenges put forth by limited parking space primarily drive demand for smart parking. Integration of connected technologies such as Internet of Things (IoT) is trending the smart parking space, targeting comprehensive parking solutions for both parking space owners and users,” opines Future Market Insights.

Key Research Findings of FMI’s Smart Parking Market Study

Incorporating automation technologies, including Automated Parking Systems (APS), remains critical in shaping future market landscape.Commercial sector remains the conventional application area, accounting for nearly 50% share in global market.Radio frequency identification (RFID) remains preferred sensor technology owing to its greater efficiency in data collection.

Key Growth Drivers – Smart Parking Market

Drivers in 20 international cities continue to struggle with sufficient parking space, accenting for effective smart parking solutions.Growing popularity of autonomous vehicles, equipped with advanced sensors for for automatic data synthesis, will augur well for market growth.Cost-efficient installation and maintenance of smart parking infrastructure would encourage their adoption.

Key Impediments – Smart Parking Market

Limited availability of parking space in densely populated countries remains a key factor challenging smart parking market growth.Potential security and privacy threats continue to question 100% reliability of smart parking systems.

Competition Structure Analysis – Smart Parking Market

Besides strategic acquisitions and collaborations, conventional growth strategies of leading market players will include product innovations. The smart parking market continues to represent a fairly fragmented landscape, with leading players accounting for around a quarter of the total market revenues.

Some of the key players in global smart parking market that have been covered in the report, include Siemens, Huawei Technologies Co., Ltd., Delphi Technologies, Intercomp S.p.A., Comarch SA, Matrix Comsec, Urbiotica, Cisco Systems, Nwave, BioEnable, Trafiksol, Amano McGann, Amco Advanced Technologies, CivicSmart, Inc., gtechna, Conduent, Inc., and Kapsch TrafficCom.

Source : https://www.accesswire.com/576060/Smart-Parking-Market-Receives-Impetus-from-Investments-in-Smart-City-Projects-Future-Market-Insights-Forecasts-Global-Market-Value-to-Reach-US-30-Bn-in-2029

About the Report

Global, regional, and country levels analysis of the latest industry trends impacting the smart parking market. The study provides compelling insights on smart parking market on basis of component (hardware, software, services), by system type (guided park assist systems, smart park assist systems), sensor technology (ultrasonic sensors, RFID, image sensors, and others) and application area (commercial, government, corporate) across 30 countries spanning seven key regions.

About Us

Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.

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