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The market research report, from KD Market Insights, studies the “Smart Parking Solutions Market” for the forecast period of 2020 to 2025 in terms of value. The market research report will represent the analysis of all the segments, which will include the market value, Y-O-Y growth analysis and structure of the overall industry.
The global smart parking solutions market is anticipated to grow at a compound annual growth rate (CAGR) of 9.7% from 2020 to 2025. In terms of value, global smart parking solutions market will be receiving a growth opportunity of USD 8.9 Billion between 2020 & 2025.
The market research report determines the market dynamics, which includes growth drivers, barriers, opportunities, and trends leading the current nature and future status of this market. In addition to this, Porter’s Five Forces analysis demonstrates the five forces which include buyers bargaining power, suppliers bargaining power, the threat of new entrants, the threat of substitutes, and degree of competition in the global market. Further, the report offers recent industry activities and value chain analysis for the global smart parking solutions market.
Key Insights Covered in the Report:
Smart parking solution offers aid in the parking management. Further, factors such as growth in parking concern across the globe and the high adoption rate of vehicles are predicted to bolster the demand for the global smart parking solutions market in upcoming years. Further, advancement in parking features such as notification of available free space through SMS or live updates of space reservation using smart parking technologies is anticipated to drive the growth of smart parking solutions market over the forecast period.
The global smart parking solutions market is segmented on the basis of system component & services, solutions and end-use vertical. In the system component & services segment, the market is segmented into parking software, system devices, and professional services, out of which, system devices segment is estimated to capture significant CAGR over the forecast period, i.e., 2020-2025. Further, the system devices are sub-segmented into entry/exit terminals, card readers, validation solution, pay-on-foot station, LPR system and others. Also, the parking software segment is projected to register a higher market share in the global market over the upcoming years.
In the solutions segment, the market is divided into access control, parking reservation management, valet parking management, parking guidance & slot management and others, out of which, parking reservation management segment is expected to register a higher market share in the global market over the forecast period. Based on end-use vertical, the market is segregated into airports, government & municipalities, corporate & commercial parks, commercial institutions, healthcare, and others, out of which, corporate & commercial parks segment is anticipated to reach a considerable value by the end of 2025. In addition, the airports segment is anticipated to grow at a significant CAGR over the forecast period.
In terms of geography, the global smart parking solutions market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Further, the market is divided on the basis of countries into
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa)
The report includes profiles of leading companies in the global smart parking solutions market. Some of the key players profiled include:
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