The smart parking technology market is expected to exceed $17.4 billion by 2031

WILMINGTON, DE / ACCESSWIRE / November 24, 2022 / Transparency Market Research Inc. – According to the statistics of TMR research report, the global smart parking technology market is expected to register a CAGR of 17.3% between 2021 and 2031. The market size for smart parking technologies has been estimated at US$3.5 billion in 2020. With trends, one of the major new developments in smart parking and smart city management is the emergence of devices, platforms, and equipments that support the Internet of Things. Products based on these emerging technologies, including IoT, AI and ML, can offer attractive benefits to users in the parking management industry.

Transparency Market Research Inc., Thursday, November 24, 2022, Image accompanying press release

Transparency Market Research Inc., Thursday, November 24, 2022, Image accompanying press release

The use of these technologies can enable various services and utilities, such as B. Personalized parking guidance, efficient online parking reservation systems and optimization of the available space in car parks or garages. In addition, it can also provide benefits such as: B. Maintaining and developing dynamic pricing models for pricing based on space availability and demand, as well as efficient and accurate detection of assigned and dedicated parking spaces.

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Smart Parking Technologies Market – Main Findings of the Report

  • Attractive revenue streams in emerging markets: At present, the high cost of installing these sophisticated and costly smart devices and platforms is hampering the growth of the Asia-Pacific market. This also lowers the commercialization rate of these advanced products and systems in the region’s developing countries. To counter this, players are advised to target higher-income consumers and focus on customers operating in sectors such as residential, commercial, and government. This strategy of targeting potential customers with high per capita income should also yield promising results in emerging economies in regions such as Latin America and the Middle East and Africa.

Smart Parking Technologies Market – Growth Drivers

  • Rapid urbanization and the increasing trend towards decentralization in emerging countries are promoting market development

  • The lack of adequate human resources, triggered by the rise in labor costs, is driving the growth of automated parking systems market

  • The emergence and rapid adoption of IoT-enabled technological solutions is driving the development of the market

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Smart Parking Technologies Market – Major Players

Some of the leading industry players that are capturing a sizeable market share in Parking Management are Cleverciti Systems GmbH, Continental AG, Kapsch TrafficCom AG, Robert Bosch GmbH, Smart Parking Limited, TKH Group, Vortex, AMCO SA, Comarch SA, iRam Technologies Pvt Ltd., NEC Corporation, Siemens AG, SWARCO and Valeo SA Few of these major industry players are focused on launching various novel growth and expansion strategies such as: to get more and more customers.

In addition, certain industry players are also adopting other strategies including launching new products, services and platforms, deploying their newly developed and validated technological solutions, and launching new mobile app-based solutions that can unleash the full power of effortless cloud management . The players in the market are recommended to increase their efforts to spread awareness by labeling their new and automated parking assistance and management systems and tools to capture an attractive new revenue stream.

Smart Parking Technologies Market: Regional Growth Assessment

Geographically, the Europe region had the largest share of the global smart parking technology market. In regions with many developed economies, such as Europe and North America, low installation costs and the availability of the necessary resources support the expansion of the regional markets. However, in the coming years, manufacturers in the market are expected to benefit from the rapid trend of urbanization in emerging markets including Bangladesh, Sri Lanka and India in Asia-Pacific to create new and stable revenue streams.

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Smart Parking Technologies Market: Segmentation

Smart Parking Technologies Market by Park Type

  • Off street parking

    • Parking on one level

    • Multi-level parking

  • Parking on the street

Smart Parking Technologies Market by Components

Smart Parking Technologies Market by System

Smart Parking Technologies Market by Application

  • parking payment management

  • Parking Reservation Management

  • Valet Management

  • license plate recognition

  • Others (Blacklist & Whitelist for Permission Control, Security & Monitoring, etc.)

Smart Parking Technologies Market by End-Use

Smart Parking Technologies Market by Regions

  • North America

  • Europe

  • Asia Pacific

  • Middle East & Africa

  • South America

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