Global Market for Smart Parking System is Anticipated to grow at a Significant Pace i.e., USD 11.89 Billion during the Forecast Period 2021-2027

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Global Smart Parking Systems Market
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Global Smart Parking Systems Market
The global smart parking systems market is
anticipated to reach USD 11.89 billion by 2027,
growing at a 10.57 CAGR during 2021-2027. Smart
parking is a safe parking solution for drivers.
Embedded software and sensors display the sign or
symbol about the available parking space. The
driver is well familiar with the unoccupied space
as a result of effective vehicle management.
Smart parking gives drivers real-time information
about available parking spaces allowing them to
reserve a spot without having to wait. Factors
attributing to the growth of the smart parking
system market are the increased demand for
vehicles leading to parking concerns, rising
demand for IoT technology, increased investment
to build driverless vehicles, and initiatives by
the government to establish smart cities will
propel the growth of the market.
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Global Smart Parking Systems Market
The global smart parking system is divided into
hardware, software, and services based on the
vehicle type. Wireless sensors, cameras, LPRs,
smart meters, signage, and parking gates are all
types of hardware. Parking guidance systems and
analytics solutions are two types of software.
Consulting, engineering, and mobile app parking
services are the three subcategories of services.
The parking guidance system contributes to the
largest share as it helps drivers in saving their
time and proactively have information about
vacant spaces, parking guidelines, number of
available spaces, and duration of availability.
Thus, ensuring improve experience among drivers
offers a user-friendly graphical interface to
monitor ultra-sonic sensors and electronic
signs. Europe is anticipated to contribute to
the largest share in the smart parking system
market owing to initiatives by the government to
offer smart parking systems so as to reduce
pollution.
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Global Smart Parking Systems Market
In August 2021, Continental, a technology
business, is taking a minority position in
Leipzig-based startup Kopernikus Automotive.
Kopernikus who is a provider of autonomous
driving technologies is offering solutions for
vehicle handling based on infrastructure. The
system is based on sensors that are permanently
embedded in the infrastructure, as well as
artificial intelligence-based algorithms that
control the movement of the cars from a central
location. The prominent players in the smart
parking system industry include Amano
Corporation, Robert Bosch GmbH, TKH GroupPark
Assist, Aisin Seiki Co., Ltd, Cubic Corporation,
Continental AG, Valeo S.A., Kapsch Trafficcom AG,
Siemens AG, Delphi Automotive PLC, Xerox
Corporation, and Nedap Identification Systems.
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