The market for smart parking technologies is likely to exceed US$17.4 billion by 2031

WILMINGTON, DE / ACCESSWIRE / November 24, 2022 / Transparency Market Research Inc. – According to TMR research report statistics, the global smart parking technologies market is anticipated to register a CAGR of 17.3% during 2021 to 2031. The smart parking technologies market size was valued at US$3.5 billion in 2020. According to recent parking industry trends, one of the most prominent new developments in smart parking and smart city management is the emergence of Internet of Things-enabled devices, platforms, and equipment. Products based on these new 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, press release image

Transparency Market Research inc., Thursday, November 24, 2022, press release image

The use of these technologies can enable various services and utilities, such as personalized guidance during parking, efficient online parking reservation systems, and optimization of available space in parking lots or garages. In addition, it can also offer benefits such as the maintenance and development of dynamic pricing models for pricing based on space availability and demand, and the efficient and accurate detection of assigned and dedicated parking spaces.

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Smart Parking Technologies Market: Key Findings of the Report

  • Attractive revenue-raising opportunities in developing economies: Currently, the high cost required for the installation of these highly sophisticated and expensive smart equipment and platforms hampers the growth of the Asia Pacific market. This also reduces the rate of commercialization of these advanced products and systems in developing countries in the region. To counter this, players are advised to target consumers who have higher incomes, as well as customers who operate in domains like residential, commercial, and government. This strategy of targeting potential clients that have a high per capita income is also expected to yield promising results in emerging economies within regions such as Latin America, the Middle East and Africa.

Smart Parking Technologies Market: Growth Drivers

  • Accelerated urbanization, as well as the increasing trend of decentralization in emerging nations, drives market development

  • Lack of adequate human resources, brought about by the increase in the cost of human labor, drives the growth of the automated parking system market

  • Emergence and rapid adoption of IoT-enabled technology solutions drive market development trajectory

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Smart Parking Technologies Market: Key Players

Some of the major industry players that account for a sizeable share of the parking management market include 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 Some of these key industry players are focused on adopting various novel growth and expansion strategies, such as design and development of technologies, equipment, and sensors. affordable yet reliable smart parking management systems. in an attempt to attract more and more customers.

In addition, certain industry players are also adopting other strategies, including launching new products, services, and platforms, rolling out their newly developed and validated technology solutions, and launching new mobile app-based solutions that can unleash the full force of management. from the cloud effortlessly. Players in the market are advised to increase their efforts to spread awareness through branding of their new and automated parking management and assistance systems and tools to open up an attractive new revenue stream.

Smart Parking Technologies Market: Regional Growth Assessment

In geographical terms, the Europe region accounted for the largest share in the global market for smart parking technologies. In regions that are home to a large number of developed economies, such as Europe and North America, the low cost of installation and the availability of necessary resources drive the expansion of regional markets. However, in the coming years, it is estimated that manufacturers in the market will take advantage of the rapid urbanization trend in emerging economies, including Bangladesh, Sri Lanka and India in Asia Pacific to unlock new and stable revenue streams.

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Smart Parking Technologies Market: Segmentation

Smart Parking Technologies Market, By Parking Type

  • street parking

    • single level parking

    • multi level parking

  • street parking

Smart Parking Technologies Market, by Component

Smart Parking Technologies Market, By System

Smart Parking Technologies Market, By Application

  • Management of parking payments

  • Management of Parking Reservations

  • Valet Parking Management

  • License Plate Recognition

  • Others (permit control, black list and white list, security and surveillance, etc.)

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Market for smart parking technologies, by end use

Smart Parking Technologies Market, By Region

  • North America

  • Europe

  • Pacific Asia

  • Middle East and Africa

  • South America

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