Smart Parking Solutions Market Provides an In-Depth Insight of Sales and Trends, Forecast 2018 to 2028
August 19, 2019 by Steve Blade
According to a recent Fact.MR study, the smart parking 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.
Smart parking solution is a combination of technologies which aid in parking management. The devices used in smart parking solutions include sensors, cameras, payment collection kiosks, and other hardware. These devices work in collaboration to provide real-time data about parking lots and spaces to end-users and therefore help in reducing congestion, pollution, and aid in the overall improvement of the parking management system.
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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 adoption of flexible payments 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 convenience of hassle-free parking.
Table of Content
1. Executive Summary
2. Industry Outlook and Technology Integration
3. Risk & Opportunities
To be Continue..................
Shares Remain Consolidated Among Established and Mid-sized Players
The smart parking solutions market remains highly consolidated, with established and mid-sized companies accounting for 40-50% and 30-35% of the revenue share respectively. Large scale companies continue to invest heavily in research and development to fuel innovations, which gives them a competitive edge over other players in the market. Strategic mergers and acquisitions, coupled with collaboration with city authorities to provide for smarter mobility solutions, are among key expansion strategies of these market players.
To meet the rising demands for smart parking solutions and to promote further innovation in the field, Cubic Corporation expanded the space of its Trafficware Manufacturing facility in Sugarland, Texas to accommodate over 70 software engineers in the facility. The company is targeting to expand its market presence and is planning to increase its workforce in order to do so.
Smart Parking Solutions Market – Additional Questions Answered
Apart from the above-mentioned insights on the smart parking solutions the market, the smart parking solutions market report answers the following crucial questions that can help stakeholders and business professionals streamline their strategy to maximize profitability:
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