The global smartpark system market was valued at USD 5.21 billion in 2021 which expected to reach USD 13.09 billion by 2027 at a CAGR 11.8% from 2021-2027.
The recent report titled smartpark system market Size, Status and Forecast 2021-2027” provided by Qualiket Research, includes a comprehensive investigation into the geographical landscape, industry size with the revenue estimation of the business. Also, the report highlights the challenges impeding market growth as well as expansion strategies employed by key companies in the smartpark system market.
This is the most recent report inclusive of the COVID-19 impacts on the functioning of the market. It is well known that some changes, for the worse, were administered by the COVID-19 pandemic on all industries. The current scenario of the business sector & COVID-19 pandemic’s impact on the past and future of the industry are presented in this report.
Smartpark system is defined as an intelligent parking system which assists drivers for safe parking. Available space in parking slot is indicated by symbol/sign with the help of embedded software & sensors. The vacant space is notified to the driver correctly for the management of vehicle. This technology uses various types of sensors as a hardware component in the parking slot to detect presence or absence of the vehicles. These system offers real-time data information regarding the availability of nearby parking space & allows driver to accommodate that slot without any interference of other vehicles.
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Growing number of vehicles as well as decreased availability of parking spaces is expected to boost the global smartpark system market over the forecast period. The number of vehicles on the road is increasing every year, which is causing a problem for traffic. For instance, as per the information provided by the International Organization of Motor Vehicle Manufacturers, the average motorization rate in the world for the year 2012 was around 170 vehicles/1,000 inhabitants; this had increased around 174 vehicles/1,000 inhabitants by the year 2013.
Furthermore, municipalities of many cities around globe are increasingly adopting smartpark system which expected to accelerate the growth of global smartpark system market. Moreover, the increase in adoption of integrated automated solutions, combined with the advancements in wireless as well as digital payment technologies, is expectedd to contribute to smartpark system market growth.
The major restraining factor for smartpark system market is system integration, due to variety of hardware & software platforms involved. Such diversity in solution availability as well as the lack of interoperability between different solutions poses system scalability concerns. Also, high implementation cost is anticipated to hamper the growth of the global smartpark system market during the forecast period.
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Various key players are listed in this report such as Amano McGann, Inc., Altiux Innovations, Cisco Systems, Inc., CivicSmart, Inc., Flowbird, Deteq Solutions, Meter Feeder, Inc., ParkHelp Technologies, Robert Bosch GmbH, Smart Parking Ltd., etc.
- Security & Surveillance
- Smart Payment System
- E parking
- License Plate Recognition
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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