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The system helps to identify the exact state of a parking space, whether occupied or vacant, and examines and transmits information to signage, mobile applications, and web-based applications.
Smart parking helps to solve problem associated with parking that results in air pollution. Governments across the world are taking initiative in order to develop the infrastructure which is projected to result in automated parking.
Regional Insights
Geographically, the Smart Parking Market Report span across regions Asia Pacific, North America, Europe, and Rest-of-the-World (RoW).
Among all the regions, the Asia Pacific region occupies the largest market share owing to the presence of economies such as India, Japan, and China. the increasing rate in registration of new cars coupled with boom from this region is considered to open doors of opportunities for the parking management business.
Europe is considered to occupy the second largest market share owing to the rising urbanization. The rising urbanization has resulted in the increased demand for infrastructure including building and transportation.
Segmental Analysis
The global ?COVID-19 Impact has been segmented on the basis of technology, parking site, and region.
By mode of parking site, the global Smart Parking Market Report has been segmented into off-street and on-street. Among these, the off-street segment occupies the largest market share with 68.45% owing to the growth in the automotive industry. Off-street parking is used to park vehicles anywhere except on the street. Several parking lots and garages are available for parking vehicles and is regarded as one of the safest modes of parking compared to on-street parking.
By mode of technology, the global Smart Parking Market Report has been segmented into ultrasonic, SmartApp, In-ground vehicle detection sensor, RFID, and others. Among these, the SmartApp occupies the largest market share with 34.14%. The SmartApp is an integrated technology which helps the drivers on real time availability of parking lots and is extensively used as any person sitting in the car can locate the parking space in a convenient manner.
Competitive Dashboard
The prominent players operating the global Smart Parking Market Report are Mindteck (India), Omnitec group (UAE), IPS Group Inc. (U.S.), Robert Bosch GmbH (Germany), Dongyang Menics Co. Ltd (South Korea), Klaus Multiparking Systems (Germany)
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