The factor that is boosting this market is the growing adoption of integrated automated solutions coupled with wireless technologies' advancements. The surging of digital payment technologies in the market is likely to contribute growth over the forecast period. However, high implementation cost and non-availability of supporting infrastructure are expected to hamper this market's growth.
As the global urban population has reached 7.5 billion in 2020, according to Census Bureau's International; smart parking is playing a significant role in bringing about improvements in convenience, congestion, lower costs, urban mobility and the delivery of practical information and intelligence. Smart Parking technology's adoption equips operators with the ability to deliver a wide range of additional services such as public broadband, safety video surveillance, air quality, and lighting control more efficiently, with new intelligent networks and greater automation via the Smart Spot network gateway products. The app included payment function features that alarm people when they get paid, allowing them to top up instantly.
Renub Research report titled “Global Smart Parking Market By Type [Off-street & On-street], Application (Security & Surveillance, Smart Payment system, license Plate Recognition, & Others), End-User (Transport facilities, Governments and Municipalities, Commercial Institutions & Corporate Institution), Regions (North America, Europe, Asia Pacific, Middle East & Africa and Latin America), Companies (ASSA ABLOY AB, Allegion Plc, Aisin Seiki Co. Ltd, Siemens AG & Bosch)” studies the Global Smart Parking Industry.
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By Type
1. Off-street
2. On-street
By Application
1. Security & Surveillance
2. Smart Payment system
3. License Plate Recognition
4. Others
By End-User
1. Transport facilities
2. Governments and Municipalities
3. Commercial Institutions
4. Corporate Institution
By Regions
1. North America
2. Europe
3. Asia Pacific
4. Middle East &Africa
5. Latin America
Key Players covered in the report which has been studied from 3 viewpoints
• Overview
• Initiatives & Recent Developments
• Revenue
Companies covered in this report
1. ASSA ABLOY AB
2. Allegion Plc
3. Aisin Seiki Co. Ltd
4. Siemens AG
5. Bosch
Industry Related Opportunity:
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