Smart Parking Systems: Worldwide Market Analysis & Forecasts (2018-2024) - CAGR to Grow at 18.5% - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Smart parking system market: Global Industry Analysis, Trends, Market Size and Forecasts up to 2024" report has been added to ResearchAndMarkets.com's offering.

The report predicts the global smart parking system market to grow with a CAGR of 18.5% over the forecast period of 2018-2024.

Automated payment systems allows people to reserve parking in advance. When deployed as a system, smart parking thus reduces car emissions in urban centers by reducing the need for people to unnecessarily circle city blocks searching for parking. It also permits cities to carefully manage their parking supply. These benefits are driving the growth of the smart parking system market over the years to come.

Moreover, increasing demand for IoT based technology is the factor driving the growth of the smart parking system. Problems such as, traffic congestion, limited car parking facilities and road safety are being addressed with the help of IoT. In addition, demand for upcoming smart cites with the growing number of hospitals, shopping complexes and corporate hubs are fuelling the demand for smart parking system market.

However, lack of standardization and high setup cost that requires huge investments are likely to hamper the growth of the smart parking system market during the forecast period. On the other hand, system integration due to wide variety of hardware and software platforms involved, possess a great concern to the system scalability. Furthermore, advancements in autonomous cars and smart park technology are creating several opportunities for the key players in the smart parking system market over the upcoming years. A wide variety of other technology innovations are also enabling more adaptable systems including cameras, wireless communications, data analytics, induction loops, smart parking meters, and advanced algorithms. This in turn has opened several doors of opportunities for the smart parking system market over the years to come.

Company Profiles

• Aisin Seiki Co. Ltd.
• Delphi Automotive PLC
• Valeo S.A.
• Continental AG
• Robert Bosch GmbH
• Kapsch Trafficcom AG
• Amano Corporation
• Cubic Corporation
• Xerox Corporation
• Siemens AG

Key Topics Covered

1. Preface

2. Executive Summary

3. Global Smart Parking System Market Overview

4. Smart Parking System Market Macro Indicator Analysis

5. Global Smart Parking System Market by Sensor Technology

6. Global Smart Parking System Market by Solution

7. Global Smart Parking System Market by End-user

8. Global Smart Parking System Market by Region 2018-2024

9. Company Profiles and Competitive Landscape

For more information about this report visit https://www.researchandmarkets.com/research/fdshsn/smart_parking?w=4