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Smart Parking Systems Market, By Component


The global smart parking systems market was worth USD 4.5 billion in 2020 and is further projected to reach USD 17.2 billion by 2027, at a CAGR of 21.2% during the forecast period (2021-2027). – PowerPoint PPT presentation

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Title: Smart Parking Systems Market, By Component

Smart Parking Systems Market, By Component,
Trend Analysis, Competitive Market Share
Industry Trends Forecast Report 2027 A study
recently conducted by the strategic consulting
and market research firm BlueWeave
Consulting revealed that the global smart parking
systems market was worth USD 4.5 billion in 2020
and is further projected to reach USD 17.2
billion by 2027, at a CAGR of 21.2 during the
forecast period (2021-2027). Smart parking
systems are gaining popularity due to the growing
adoption of these systems by various end-users,
such as governments and commercial buildings.
Furthermore, favorable government initiatives for
developing smart cities and smart parking
infrastructure are also driving the growth of the
global smart parking systems market.
Additionally, the growing concern regarding
traffic and parking has further increased the
demand for smart parking systems worldwide.
Growth drivers Growing Number of IoT-Based Smart
Cities Smart parking systems are one of the key
factors that set smart cities apart from
traditional ones.The power of technology enables
smart cities to run smoothly and efficiently.
Sensors and electronic methods are used in smart
cities to collect and analyze data. Insights
gained from that data are used to improve the
operations of smart cities. IoT-connected smart
cities can sense free and occupied parking spots
through mobile apps/screens in the parking lots.
Using the Internet of Things, the parking area's
availability can be monitored wirelessly, while
the user can stay up to date on the parking
area's status. The market's growth has been
boosted by government initiatives to build smart
cities in the economies.
Restraints High Implementation CostThe cost of
production and implementation is regarded as the
most critical factor in determining a car parking
system's price. The cost of production and
performance may include the cost of raw
materials, labor, transportation, and the
manufacturing process. Because of the sensor, and
electronic devices integrated into the system,
smart parking systems are bulky and more
expensive than a simple parking system. The San
Francisco Government reports that SFpark has
around USD 27 million in funding spread over two
years. According to Urbiotica, even a simpler
system, such as theirs, costs between 200 and
400 per sensor to install.
Impact of COVID-19on the Global Smart Parking
Systems Market Due to the impact of the COVID-19
pandemic, millions of people fled into their
homes, leading to low traffic, steep drops in
congestion, empty highways, and empty buildings,
which impacted the growth of smart parking
systems. As COVID-19 continues to wreak havoc
around the world, particularly after the
emergence of many lethal viral variants, Spot
Hero, a leader in smart parking systems in North
America with 7,500 partner locations, reported a
90 loss in parking volume. Sample Copy
Global Smart Parking Systems Market Regional
Insights Geographically, the smart parking
systems market is categorized into North America,
Europe, the Asia-Pacific, the Middle East
Africa, and Latin America. North America
accounted for the largest share in the smart
parking systems market in 2020 and is likely to
dominate during the forecast period. The
governments of the United States and Canada are
working to reduce traffic on the roads,
particularly in crowded and downtown areas. In
addition, government initiatives to develop smart
cities across North America have spurred the
growth of the smart parking systems market in the
region. In Washington, D.C., the District
Department of Transportation has installed Street
Smart Technology parking sensors in about 100
parking places in 10 blocks.
Competitive Landscape Some of the key players in
the smart parking systems market are Altiux
Innovations, Amano McGann, Inc., Amco S.A., BMW
AG (ParkNow GmbH, Parkmobile LLC), Cisco Systems,
Inc., CivicSmart, Inc., Deteq Solutions,
Flowbird, gtechna, INDECT Electronics
Distribution GmbH, Kapsch TrafficCom, Libelium
Comunicaciones Distribuidas S.L., Robert Bosch
GmbH, Siemens AG, Municipal Parking Services,
Inc., Nedap N.V., and other prominent players.
The high production and implementation costs of
smart parking systems are driving the key players
to heavily invest in research and development in
order to optimize their production.The growing
applications of smart parking systems, as well as
extensive RD in this field, are creating
lucrative opportunities for the key market
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