Portland, OR, Jan. 12, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global smart parking market was pegged at $6.05 billion in 2019 and is estimated to hit $11.13 billion by 2027, registering a CAGR of 12.6% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Rising parking concerns among individuals, increase in demand for Internet of Things (IoT)-based technology, and surge in the number of vehicles across the world drive the growth of the global smart parking market. On the other hand, high implementation cost, configuration complexities, and low rate of internet penetration in developing regions restrain the growth to some extent. However, rise in investment on building driverless vehicles and government initiatives in developing smart cities are projected to create lucrative opportunities in the future.
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Covid-19 scenario-
- The stay-at-home orders led to dwindled parking activities and closures of parking facilities across the world.
- At the same time, activities in airports, where parking represents one of the biggest revenue sources, were hugely disrupted during the first phase of the lockdown, due to global bans & restraints on travel.
Get detailed COVID-19 impact analysis on the Smart Parking Market Request Here!
The smart parking market report is analyzed across type, technology, application, end user, and region. Based on technology, the ultrasonic segment contributed to more than half of the total market revenue in 2019 and is expected to lead the trail by the end of 2027. The IoT segment, on the other hand, would manifest the fastest CAGR of 14.2% throughout the forecast period.
Based on application, the security & surveillance segment accounted for nearly two-fifths of the total market share in 2019 and is anticipated to dominate from 2020 to 2027. At the same time, the smart payment system segment would exhibit the fastest CAGR of 14.4% by 2027.
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Based on region, North America held the major share in 2019, generating nearly two-fifths of the global smart parking market. Simultaneously, Asia-Pacific would portray the fastest CAGR of 14.3% from 2020 to 2027. The other two regions covered in the report include Europe and LAMEA.
The leading market players analyzed in the global smart parking market report include Continental AG, Dongyang Menics Co., Ltd, Urbiotica, IEM SA, IPS Group Inc., Klaus Multiparking Systems, Robert Bosch GmbH, Amano McGann, Inc., Swarco AG, and Smart Parking Limited.These market players have incorporated different strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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