Smart Parking Systems Market Outlook

1. Smart Parking Systems Market, By Component, Trend Analysis, Competitive Market Share 2021-2027

2. Industry Trends & Forecast Report 2027 A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global smart parking systems market was worth USD 4.5 billion in 2020 and is further projected to reach USD 17.2 billion by 2027, at a CAGR of 21.2% during the forecast period (2021-2027). Smart parking systems are gaining popularity due to the growing adoption of these systems by various end-users, such as governments and commercial buildings. Furthermore, favorable government initiatives for developing smart cities and smart parking infrastructure are also driving the growth of the global smart parking systems market. Additionally, the growing concern regarding traffic and parking has further increased the demand for smart parking systems worldwide.

3. Growth drivers Growing Number of IoT-Based Smart Cities Smart parking systems are one of the key factors that set smart cities apart from traditional ones.The power of technology enables smart cities to run smoothly and efficiently. Sensors and electronic methods are used in smart cities to collect and analyze data. Insights gained from that data are used to improve the operations of smart cities. IoT-connected smart cities can sense free and occupied parking spots through mobile apps/screens in the parking lots. Using the Internet of Things, the parking area's availability can be monitored wirelessly, while the user can stay up to date on the parking area's status. The market's growth has been boosted by government initiatives to build smart cities in the economies.

4. Restraints High Implementation CostThe cost of production and implementation is regarded as the most critical factor in determining a car parking system's price. The cost of production and performance may include the cost of raw materials, labor, transportation, and the manufacturing process. Because of the sensor, and electronic devices integrated into the system, smart parking systems are bulky and more expensive than a simple parking system. The San Francisco Government reports that SFpark has around USD 27 million in funding spread over two years. According to Urbiotica, even a simpler system, such as theirs, costs between $200 and $400 per sensor to install.

5. Impact of COVID-19on the Global Smart Parking Systems Market Due to the impact of the COVID-19 pandemic, millions of people fled into their homes, leading to low traffic, steep drops in congestion, empty highways, and empty buildings, which impacted the growth of smart parking systems. As COVID-19 continues to wreak havoc around the world, particularly after the emergence of many lethal viral variants, Spot Hero, a leader in smart parking systems in North America with 7,500 partner locations, reported a 90% loss in parking volume. Sample Copy :https://www.blueweaveconsulting.com/report/global-smart-parking-systems-market/report-sample

6. Global Smart Parking Systems Market: Regional Insights Geographically, the smart parking systems market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. North America accounted for the largest share in the smart parking systems market in 2020 and is likely to dominate during the forecast period. The governments of the United States and Canada are working to reduce traffic on the roads, particularly in crowded and downtown areas. In addition, government initiatives to develop smart cities across North America have spurred the growth of the smart parking systems market in the region. In Washington, D.C., the District Department of Transportation has installed Street Smart Technology parking sensors in about 100 parking places in 10 blocks.

7. Competitive Landscape Some of the key players in the smart parking systems market are Altiux Innovations, Amano McGann, Inc., Amco S.A., BMW AG (ParkNow GmbH, Parkmobile LLC), Cisco Systems, Inc., CivicSmart, Inc., Deteq Solutions, Flowbird, gtechna, INDECT Electronics & Distribution GmbH, KapschTrafficCom, LibeliumComunicacionesDistribuidas S.L., Robert Bosch GmbH, Siemens AG, Municipal Parking Services, Inc., Nedap N.V., and other prominent players. The high production and implementation costs of smart parking systems are driving the key players to heavily invest in research and development in order to optimize their production.The growing applications of smart parking systems, as well as extensive R&D in this field, are creating lucrative opportunities for the key market players.

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