The use of these technologies can enable many services and facilities, such as personalized parking guidance, efficient online reservation systems for parking spaces, and optimization of available space in parking lots or garages. Moreover, it can also provide benefits, such as maintaining and developing dynamic pricing models based on space availability and demand, and efficient and accurate detection of allocated and allocated parking spaces.
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Smart Parking Technologies Market – Key Findings of the Report
Opportunities to attract attractive returns in developing economies: At present, the high cost required to install these high-end and expensive smart equipment and platforms is hampering 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 high-income consumers, as well as focus on customers who work in areas such as residential, commercial, and government. This strategy of targeting potential clients with high per capita income is also expected to yield promising results in emerging economies within regions such as Latin America, as well as the Middle East and Africa.
Smart Parking Technologies Market – Growth Drivers
Rapid urbanization, as well as the increasing trend towards decentralization in emerging countries, is promoting market development
The lack of adequate human resources, caused by the increase in human labor cost, is driving the growth of the automated car parking system market
The emergence and rapid adoption of IoT-enabled technology solutions is driving market development
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Smart Parking Technologies Market – Key Players
Some of the industry leaders that account for a significant 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 and iRam Technologies Pvt Ltd. Few key players in the industry are focusing on adopting various new growth and expansion strategies, such as designing and developing smart, reliable and affordable parking management technologies, equipment and sensors, in a bid to attract more and more customers.
Moreover, some industry players are also adopting other strategies, including launching new products, services and platforms, deploying their newly developed and validated technology solutions, and launching new mobile application-based solutions that can unlock the full power of easy cloud management. Market players are advised to increase their awareness raising efforts by flagging new automated parking and parking assistance systems and tools to unlock a new and attractive revenue stream.
Smart Parking Technologies Market: Regional Growth Assessment
Geographically, the Europe region has captured the largest share in the global smart parking technologies market. In regions with a large number of developed economies, such as Europe and North America, the low cost of installation and the availability of the required resources promote expansion into regional markets. However, in the coming years, market manufacturers are expected to take advantage of the rapid trend of urbanization in emerging economies, including Bangladesh, Sri Lanka and India in Asia Pacific to launch new and stable revenue streams.
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Smart Parking Technologies Market: Segmentation
Smart Parking Technologies Market, by Type of Parking Lots
Off street parking
Single storey car park
Smart Parking Technologies Market, by Components
Smart Parking Technologies Market, by System
Smart Parking Technologies Market, by Application
Parking payment management
Parking reservation management
License plate recognition
Others (blacklist and whitelist for permission control, security and monitoring, etc.)
Smart Parking Technologies Market, By End Use
Smart Parking Technologies Market, by Region
Middle East and Africa
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