The Fact.MR report tracks the smart parking solutions market for the period 2018-2028. According to the report, the citrus essential oils market is projected to grow at 9% CAGR through 2028. According to a recent Fact.MR study, the smart parking solutions market was valued at over $3000 million in 2018. IoT proliferation, couple with the strengthening wireless infrastructure around the globe continues to uphold demand for system devices in the smart parking solutions market. The system devices segment of the smart solutions market is expected to be valued at over $1500 thousand in 2019. Demand for parking software is anticipated to closely follow the suit of system devices.
Competitive Assessment: The smart parking solutions market report includes global as well as emerging players:
- Scheidt & Bachmann GmbH
- DESIGNA Verkehrsleittechnik GmbH
- Cubic Corporation
- ABM Industries Incorporated
Demand Remains Robust for Valet Parking Management Systems
The Fact.MR study opines automated valet parking solutions to witness highest growth in the foreseeable future. Automated valet parking management solutions are gradually replacing the orthodox valet parking systems. Valet parking has become a popular trend in urban areas, and companies are launching automated valet parking management solutions to meet the needs of the urban population.
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Continued Investment of Government and Municipalities in Smart Parking Solutions
A Rapid rise in the number of automobiles coupled with the scarcity of parking spaces is one of the leading causes of traffic congestion in urban areas. Recent studies have concluded that over 25% of traffic congestion incidences around the world can be attributed to the scarcity of parking spaces. Further, the demand for flexible payments systems for parking has been on the rise. In addition to these, smart parking solutions contribute to a healthier environment by ensuring a free flow of traffic which, in turn, aids in the substantial reduction in pollution. Due to these factors government and municipalities are looking to streamline the parking management throughout cities in order to comprehensively reduce commute time while offering the convenience of hassle-free parking systems.
North America will continue to maintain the largest share of the smart parking solutions market owing to the presence of some of the major OEM in the region. Further, increasing investments in smart city solutions in the region will drive smart parking solutions market growth in North America. Owing to these factors, the total investments made on smart parking solutions in the continent surpassed the $900 million mark in 2018.
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Apart from North America the smart parking solutions market is expected to grow at an exponential rate in Japan. The upsurge of the smart parking solutions market in the region can be attributed to the rapid technological advancements coupled with the scarcity of parking spaces in the country. Investors in the region are realizing the potential that the smart parking solutions market holds and are investing heavily in it. For instance, SoftBank announced it would be launching its own application that would allow people to book and pay for parking spaces in advance. Akippa, a firm which operates an IoT-based parking lot in Japan, raised $22 million to expand its services and launch a new mobility app to further streamline the parking procedure in Japan.