Hybrid Smart Parking Platform Market Analysis
The Hybrid Smart Parking Platform Market size will touch USD 2,134
million at an 18% CAGR between the forecast period 2017- 2023, according to the
new Market Research Future (MRFR) analysis. A hybrid smart parking platform
helps to optimize parking resources with constant data streaming from streets.
This offers an analysis of data in real-time and accurate results on parking
occupancy based on different data sources.
Various factors are propelling the global hybrid
smart parking platform market share. According to the recent MRFR market
estimates, such factors include the rising preference of consumers towards
luxury and comfort, increased competition amid OEMs to provide these driver
assistance features, government policies supporting smart parking systems, an
increase in the number of cars, and technological advances.
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On the contrary, high implementation cost, limited
parking spaces, increasing privacy and security issues in the auto industry,
and the on-going COVID-19 pandemic are factors that may deter the market growth
trends over the forecast period.
Market Segmentations
The MRFR report highlights an inclusive segmental
analysis of the global smart parking platform market based on component,
solution, application, and parking type.
By parking type, the global smart parking platform
market is segmented into street parking and off street parking. Of these, the
street parking segment will lead the market over the forecast period.
By component, the global hybrid smart parking
platform market is segmented into software, service, and hardware.
By solution, the global hybrid smart parking
platform market is segmented into parking reservation management, license plate
recognition, valet parking management, security and surveillance, and others.
By application, the global hybrid smart parking
platform market is segmented into residential, government, and commercial. Of
these, the commercial segment will spearhead the market over the forecast
period.
Regional Analysis
By region, the hybrid smart parking platform market
covers the growth opportunity and recent trends across Europe, North America,
the Asia Pacific (APAC), and the Rest of the World (RoW).
Of these, North America will spearhead the market
over the forecast period. The rising number of cars on the street, growing
awareness about pollution, presence of a well-established infrastructure that
allows better connectivity for real-time data streaming and implementation of
advanced technologies, and increasing demand for this platform are adding to
the global hybrid smart parking platform market growth in the region. Canada
and the US have the utmost share in the market.
In Europe, the global hybrid smart parking platform
market is predicted to have the second-largest share over the forecast period.
The growing use of passenger cars, growing prominence of autonomous cars, a
strong presence of technology pioneers, rising smart parking initiatives,
growing urbanization, the introduction of smart cities, steady sales of cars,
and on-going government initiatives are adding to the global hybrid smart
parking platform market growth in the region.
In the APAC region, the hybrid smart parking platform
market is predicted to have healthy growth over the forecast period. Rise in
industries, developing automobile sector, urbanization and globalization,
growing consumer awareness, increase in the number of cars on the road,
favorable initiatives by the government such as smart cities, demand for
parking sensors, rising implementation of parking management solutions which
ease traffic congestion and reduce time to find a parking space, developing
economy, and adoption of sustainable practices are adding to the global hybrid
smart parking platform market growth in the region.
In the Rest of the World, the hybrid smart parking
platform market is predicted to have sound growth over the forecast period.
Key Players
Key contenders profiled in the global hybrid smart
parking platform market report include Robert Bosch GmbH (Germany), Acer Inc.
(Taiwan), NuPark (U.S.), Kapsch TrafficCom AG (Germany), Huawei Technologies
Co. Ltd. (China), Siemens AG (Germany), Libelium (Spain), Streetline (U.S.),
IPS Group, Inc. (U.S.), and Elxsi3e (India).
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