The Advanced Parking Management System – Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research and development activities, supply chain analysis, competitive landscape, and market composition analysis.
The global Advanced Parking Management System market report contains market revenue, market share, and production of the service providers is also mentioned with accurate data. Moreover, the global market report majorly focuses on the current developments, new possibilities, advancements, as well as dormant traps. Furthermore, the market report offers a complete analysis of the current situation and the advancement possibilities of the market across the globe.
This report analyses substantial key components such as production, capacity, revenue, price, gross margin, sales revenue, sales volume, growth rate, consumption, import, export, technological developments, supply, and future growth strategies.
The advanced parking management system market size is predicted to reach USD 1114.5 million by 2027, exhibiting a CAGR of 5.44% during the forecast period. The penetration of smartphones along with the convenience of mobile applications to assist drivers to navigate parking spaces will be a vital factor in boosting the advanced parking management system growth during the forecast period. The surge in traffic congestion and scarcity of parking spaces will spur opportunities for the market in the forthcoming years, states Fortune Business Insights in a report, titled “Advanced Parking Management System Market Size, Share and Industry Analysis, By Parking Site Type (On-Road and Off-Road), By Application Type (Commercial and Government), and Regional Forecasts, 2020-2027” the market size was USD 1445.1 million in 2019.
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Introduction of Innovative Mobile Apps to Brighten Sales Possibilities
The penetration of smartphones has led to the development of innovative mobile applications and improvement in connected solutions related to the parking management system. The growing utilization of smartphones to write parking tickets, check for parking compliance, and navigate routes will significantly aid the growth of the market. The rising use of smartphones by customers and parking operators for cashless transactions will effectively drive the market in the forthcoming years. The parking management application uses various features of smartphones such as the camera, Near Field Communication (NFC), and GPS to find vacant parking spaces within the customer’s surrounding area. Besides, customers have the advantage to pre-book their parking spaces with their mobile applications, thus reducing time-consumption and controls traffic. For instance, the RFID solution integrated into mobile phones identifies authorizations such as passes for handicapped people, residents, car sharing, taxis, and delivery vehicles. Additionally, the increasing focus of software developers towards innovative management-based applications to help customers pay instantly for parking through their smart devices can encouragingly push trade proceedings for the market in the forthcoming years.
Rising Emphasis to Reduce Traffic congestion will Support Growth in Europe
The market in Europe stood at USD 591.7 million and is likely to remain dominant during the forecast period. The growth in the region is attributed to various initiatives taken by the European Government to implement parking management systems. The rising focus towards reduced traffic congestion and appropriate use of parking spaces will have a tremendous impact on the market in Europe during the forecast period. The increasing investment in parking systems by eminent companies will foster growth in the region. Moreover, the combination of advanced driver assistance systems to improve car safety in vehicles will enable healthy growth of the market in the foreseeable future. The booming automotive industry will influence the healthy growth of the market in Europe. The growing adoption of electric vehicles will accelerate the growth of the market. North America is expected to hold the largest share in the market during the period owing to the growing sales and production of vehicles. The shifting parking regulations in the US and Canada will contribute positively to the growth of the market in the forthcoming years. The increasing investment in infrastructure facilities along with enhanced driver experience will aid the development of the market in North America.
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October 2018: Neptune, a leader in providing innovative parking solutions announced the launch of Smart Parking Solution in India to enhance driving experience via automation and digitization
The Report Lists the Key Companies Operating in the Market:
- Conduent, Inc.
- Park Mobile, LLC.
- Robert Bosch GmbH
- SKIDATA AG
- Amano Corporation
- T2 Systems
- Spot Hero
- NU Park
- TIBA Parking Systems
- Chetu Inc.
- Neptune Automatic Pvt Ltd
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