Hybrid Smart Parking Platform Market Analysis
The increasing number of vehicles on-road has increased the requirement for smart parking systems. The vehicles are high but the parking spaces are fewer in many areas. The smart parking sensor technology uses machine learning to inform the user about parking analytics. It is a useful tool to find parking places. The technology segregates all the parking information in the region. At the right time, it can provide useful information to park the vehicle.
Market Research Future (MRFR), reveals the impact of COVID-19 pandemic on the global hybrid smart parking platform market 2020. 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. The rise in smart parking solutions need and increase in number of vehicles, along with lack of parking spaces can promote the expansion of the market in the years to come.
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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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