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(IT-NEWSWIRE.COM, August 06, 2018 ) Market Overview:-
Smart Parking Systems Market size is attributed to increasing automobile volumes, leading to the lack of parking spaces and issues related to traffic congestion.
Finding a car space is a tedious task, particularly in crowded areas, such as airports, shopping malls or residential complexes, owing to the escalating vehicle densities thus increasing congestion. These factors enable the need for the development of smart and innovative solutions, which will drive the industry demand from 2016 to 2024.
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The Smart Parking Systems Market share will grow substantially owing to benefits, such as real-time information about the availability of spaces in desired locations, thus saving time, energy, and fuel. It eliminates the drivers’ need to search for a parking spot by going around the desired areas. It efficiently manages empty and filled spaces and limits illegal parking issues, which in turn favors the smart parking systems market size from 2016 to 2024.
Top Key Players:-
Industry players for the smart parking systems market include 3M, Cubic Corporation, Amano Corporation, Thales, Nortek Control Systems Ltd., Swarco AG, Kapsch TrafficCom AG, Xerox Corporation, Siemens, Fujica, and Imtech. Other players include Altiux Innovations, BMW Group, Amco, Bosch, Cisco, ParkHelp, ParkMe, and Parkmobile LLC.
Market share calculation in this report is not done based on companies covered in it. The calculation of smart parking systems market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.
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Regional Segmentations: -
Increasing traffic congestion in North America has led to the adoption of this technology in countries such as U.S. and Canada. The region accounts for about 40% of the smart parking systems market share. Asia Pacific is expected to grow at a significant rate owing to increasing automobile sales in countries such as China and India. Various government initiatives by the EU to reduce environmental pollution will lead the smart parking systems market demand in Europe.
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This system analyzes real-time locations by sensors and forwards the information to the nearby users about available spaces. Solution benefits, such as mobile payments and online reservations, are expected to propel the industry growth during the forecast period. The smart parking systems market operates with an integration of parking guidance, smart meters, and computerized payment systems. The components include sensors, which identify the availability of parking places, thereby offering assistance to its users. Rising technological advancements and IoT integration have pushed governments to introduce initiatives, such as smart cities, thus solving traffic congestions, vehicle crowding, and reducing pollution levels.
High installation and maintenance costs as compared to traditional structures will hamper the industry growth. Budget constraints by government and municipal bodies will restrict investments in this sector for new and innovative technologies.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Global Market Insights, Inc.
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Source: EmailWire.Com 
Source: EmailWire.com
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