Smart Parking Market Worth, Global Industry Analysis, Top Companies, Restrains & Forecast to 2020

 Smart parking system is helpful to driver to find vacant spot and the system collects real time data through sensors installed in each parking space that enables detection of presence or absence of vehicles. This system directs drivers to available locations. This system is time saving, time-efficient, and convenient automation of parking facilities.

Rise in number of vehicles across the globe and shrinking availability of on-street parking space are the key driving factors which are expected to boost the global smart parking market growth. Furthermore, increase in adoption of smart parking systems in parking garages, and multistoried parking facilities will have the positive impact on market growth.

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Moreover, rise in demand for integrated automated solutions with technological advancements will fuel the market growth during this forecast period. In addition to that, increase in demand for Internet of Things (IoT) and high adoption rate in number of vehicles will propel the market growth.

However, high installation cost is the challenging factor for market which is expected to hamper the global smart parking market growth. Also, lack of awareness regarding advantages of smart parking systems in underdeveloped region will affect the market growth.

Smart Parking Market Segmentation

Global Smart Parking Market is segmented into type such as On-Street, and Off-Street, by technology such as IoT, Ultrasonic, and RFID, by application such as Security & Surveillance, E-Parking, Smart Payment System, and License Plate Recognition. Further, market is segmented into end user such as Government, and Commercial.

Also, Global Smart Parking Market is segmented into five regions North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

 Top Key Players Analysis

Various key players are discussed in this report such as 3M Company, Cubic Corporation,  Bosch, BMW Group, Siemens, Xerox Corporation, Kapsch TrafficCom AG, Swarco AG, Nortek Control Systems Ltd, and Amano Corporation.

Market Segmentation

By Type

·        On-Street

·        Off-Street

By Technology

·        IoT

·        Ultrasonic

·        RFID 

By Application

·        Security & Surveillance

·        E-Parking

·        Smart Payment System

·        License Plate Recognition

By End User

·        Government

·        Commercial

·        By Region

·        North America

·        Latin America

·        Europe

·        Asia Pacific

·        Middle East & Africa

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About Us

QualiKet Research is a leading Market Research and Competitive Intelligence partner helping leaders across the world to develop robust strategy and stay ahead for evolution by providing actionable insights about ever changing market scenario, competition and customers. QualiKet Research is dedicated to enhancing the ability of faster decision making by providing timely and scalable intelligence. We use different intelligence tools to come up with evidence that showcases the threats and opportunities which help our clients outperform their competition.

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