NEW DELHI, December 19, 2018 /PRNewswire/ --
According to a new report Global Smart Parking Market, published by KBV research, The Global Smart Parking Market is expected to attain a market size of $7.8 billion by 2024, growing at a market CAGR of 10.5% during the forecast period. Growing parking concerns globally, growing adoption of Internet of Things (IoT), and rapidly growing number of f vehicles are the factors that drive the demand for smart parking market.
The RFID market would dominate the Global Smart Parking Market by Technology by 2024. The Ultrasonic market is expected to witness a CAGR of 11.2% during (2018 - 2024). Additionally, The Others market is expected to witness highest CAGR of 11.2% during (2018 - 2024). The introduction of parking solutions are already happening which are different from short-range wireless technologies, such as RF or ZigBee. The Smart Parking Solution however uses operator networks, providing many benefits to the end users. Wireless vehicle detectors and other parking devices have been connected to the public networks, which are provided by the network operators.
Access Full Report: https://kbvresearch.com/smart-parking-market
The North America market dominated the Global Commercial Smart Parking Market by Region 2017, growing at a CAGR of 8.4 % during the forecast period. The Europe market is expected to witness a CAGR of 8.9% during (2018 - 2024). Additionally, The Asia Pacific market is expected to witness a CAGR of 11.8% during (2018 - 2024). Growing investments into building driverless vehicles, and growth of smart cities across different regions would create tremendous opportunities for the growth of the Smart Parking market.
The Security & Surveillance market dominated the Global Smart Parking Market by Application 2017, growing at a CAGR of 9.6 % during the forecast period. The Smart Payment System market is expected to witness a CAGR of 10.7% during (2018 - 2024). Additionally, The License Plate Recognition market is expected to witness highest CAGR of 11.1% during (2018 - 2024).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Smart Parking Ltd., IEM SA, Amano Corporation (Amano Mcgann, Inc.), Urbiotica S.L., IPS Group Inc., Klaus Multiparking Systems, Swarco AG, and Dongyang PC, Inc.
Global Smart Parking Market Segmentation
By Technology Type
- Others Solution
By End User
- Security & Surveillance
- Smart Payment System
- License Plate Recognition
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
- Smart Parking Ltd.
- IEM SA
- AMANO CORPORATION (AMANO MCGANN, INC.)
- URBIOTICA S.L.
- IPS Group Inc.
- Klaus Multiparking Systems
- Swarco AG
- Dongyang PC, Inc.
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SOURCE KBV Research