The growth of the smart parking market is driven by increasing urbanization, rising vehicle ownership, and the demand for efficient parking management solutions. Advancements in IoT, AI, and sensor technologies have enhanced the accuracy and efficiency of parking systems, improving user convenience. Government initiatives to reduce urban traffic congestion and emissions further boost market demand. In addition, the adoption of cashless payment systems and mobile app integration has streamlined the parking experience. High installation costs and maintenance challenges in developing regions act as restraints. Despite this, growing investments in smart city projects and autonomous vehicle technology present significant growth opportunities.
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The smart parking market is experiencing significant growth driven by increasing adoption of IoT-enabled systems, which allow for real-time monitoring of parking spaces. These systems use sensors, cameras, and cloud computing to provide drivers with up-to-date information on available spaces, reducing the time spent searching for parking and minimizing traffic congestion. Mobile applications and automated payment solutions are becoming increasingly popular, enhancing user convenience and streamlining the parking experience
Leading Key Players:
- Amano McGann, Inc.
- IPS Group, Inc.
- TKH Group
- SWARCO
- Robert Bosch GmbH
- Smart Parking Ltd
- Urbiotica, S.L.
- Continental AG
- Aisin Corporation
- IEM SA.
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On the basis of region, North America held the highest market share in terms of revenue in 2023, accounting more than one-third of the global smart parking market revenue. This is due to the region's advanced infrastructure, high adoption of smart technologies, and supportive government initiatives. With a large number of urban areas and significant investments in transportation innovation, North America has become a leader in the adoption of smart parking solutions, driving widespread market growth.
This growth can be associated with the need for developing better parking solutions to avoid conflicts and mishaps.
Moreover, the increasing usage of smartphones and tablets which support these mobile applications is expected to fuel up the market growth in the upcoming years.
Request a Sample PDF Copy of This Report @ https://www.millioninsights.com/industry-reports/north-america-smart-parking-system-market/request-sample Market Synopsis of North America Smart Parking System Market: The mobile app parking services segment is projected to show significant growth owing to the surging usage of smartphones and user-friendly mobile applications.
Theoff-street segment held the largest share due to the rising number of lots and garages which allow parking for vehicles.
This can be attributed to the increasing adoption of such systems across commercial complexes, stadiums, complexes.
The segment of government is expected to witness significant growth during the forecasted years owing to the emerging concept of smart cities across countries like Canada and the U.S.
February 22, 2019: This report focuses on the global Smart Parking status, future forecast, growth opportunity, key market and key players.
The study objectives are to present the Smart Parking development in United States, Europe and China.In 2017, the global Smart Parking market size was million US$ and it is expected to reach million US$ by the end of 2025, with a CAGR of during 2018-2025.The key players covered in this studyConduent, Inc.SKIDATA AG.Amano McGann.Streetline, Inc.Download sample Copy of This Report at: https://www.radiantinsights.com/research/global-smart-parking-market-size-status-and-forecast-2018-2025/request-sample Cisco Systems, Inc.ParkMe, Inc.Parkmobile LLCMarket segment by Type, the product can be split intoConsulting ServicesEngineering ServicesMobile App Parking ServicesClick For Report Details @ https://www.radiantinsights.com/research/global-smart-parking-market-size-status-and-forecast-2018-2025 Market segment by Application, split intoCommercialGovernmentTransport TransitMarket segment by Regions/Countries, this report coversUnited StatesEuropeChinaJapanSoutheast AsiaIndiaCentral & South AmericaThe study objectives of this report are:To analyze global Smart Parking status, future forecast, growth opportunity, key market and key players.To present the Smart Parking development in United States, Europe and China.To strategically profile the key players and comprehensively analyze their development plan and strategies.To define, describe and forecast the market by product type, market and key regions.In this study, the years considered to estimate the market size of Smart Parking are as follows:History Year: 2013-2017Base Year: 2017Estimated Year: 2018Forecast Year 2018 to 2025About Radiant InsightsRadiant Insights is a platform for companies looking to meet their market research and business intelligence requirements.
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