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Sophistication-driven Technological Advancements to Fuel Growth of Smart Parking Solutions Market – Fact.MR Study
Smart Parking Solutions Market
ICT companies are extensively adopting technologies such as cloud computing and artificial intelligence to ensure seamless operations as teams continue working from home. Focus on fast automation, use of real-time operation within various end-use sectors such as automotive, food & beverage and others will provide stimulus to the growth.
The report offers actionable and valuable market insights of Smart Parking Solutions. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Smart Parking Solutions Market across various industries and regions.
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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Smart Parking Solutions market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Smart Parking Solutions
This newly published and insightful report sheds light on Market Insights of Smart Parking Solutions, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Smart Parking Solutions Market.
Advancements in the internet of things technology are opening gateways to new opportunities for smart parking solution developers to explore. Innovations in ubiquitous computing coupled with the developments in cloud platforms are opening up new avenues for smart parking solutions companies to venture into. The rising popularity of data-driven operations and the benefits associated with it are causing an increase in the adoption of parking software around the world.
According to a recent Fact.MR study, the smart parking solutions market was valued at over US$ 3.3 Bn in 2018. IoT proliferation, coupled 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 US$ 1.4 Bn in 2019. Demand for parking software is anticipated to closely follow the suit of system devices.
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A huge inflow and outflow of consumer vehicles in infrastructures such as industrial parks, shopping centers, and malls, makes manual management of parking spaces complicated. Often manual management of parking spaces leads to inefficient use of resources, which further adds to operational expenses associated with vehicle parking. Deployment of appropriate software eliminates these challenges and provides an efficient system for owners to manage vehicle parking in a cost-efficient and methodical way.
Demand Remains Robust for Valet Parking Management Systems
The Fact.MR study opines prospects for automated valet parking solutions to remain promising, as they gradually replace their conventional counterparts. 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.
The automated valet parking system uses a combination of technologies to aid vehicle owners in finding an appropriate parking space. Additionally, smart valet parking management solutions offer vehicle owners the data on their parking spot’s exact location, depriving them of the relevant hassles. According to the study, smart valet parking solutions witnessed a Y-o-Y growth of 9.9% in 2018 over 2017.
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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. Smart parking solutions continue to gain ground, in line with the adoption of flexible payment systems, contributing to a streamlined vehicle parking ecosystem. Due to these factors government and municipalities are eyeing standardization of parking management across cities in order to offer the convenience of hassle-free parking.
North America will continue to maintain the largest share of the smart parking solutions market owing to the presence of some of the major OEMs in the region. Further, increasing investments in smart city projects will drive smart parking solutions market growth in North America. According to the study sales of smart parking solutions in North America exceeded revenues worth US$ 0.9 Bn.
The study opines that Japan holds immense growth potential for the smart parking solutions market, attributed to the rapid technological advancements coupled with efforts to minimize challenges linked with space constraints in the country. There have been significant investments by several Japanese firms in smart parking solutions in the recent past.
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 that 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.
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Fact.MR, in its new report, offers an unbiased Market Analysis of Smart Parking Solutions, Sales and Demand of Smart Parking Solutions, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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