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Based on components, Smart Parking Systems Market can be classified into sensors and hardware, software, and services

Author : Ronak Bora | Published Date : 2019-03-22 

On the basis of components, Smart Parking Systems Market can be classified into sensors and hardware, software, and services. Ultrasonic sensors account for the largest revenue share in sensor technology. Radar sensors are deployed less frequently as compared to ultrasonic sensors owing to high costs. Radar sensors are used for other highly sophisticated applications such as automatic emergency braking system, forward collision warning, and other driver assistance systems.

On basis of sites, the smart parking systems market can be segregated into on-street and off-street vehicle spaces. In 2015, off-street accounted for more than 60% of smart parking systems market share. Facilities, such as advanced payment solutions using RFID cards and ticketing, have facilitated the off-street solutions growth. Off-street solutions provide better utilization of space availability and accuracy of information.

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The smart parking systems market share will grow substantially owing to benefits, such as real-time information about the availability of spaces in desired locations, thus saving time, energy, and fuel. It eliminates the drivers’ need to search for a parking spot by going around the desired areas. It efficiently manages empty and filled spaces and limits illegal parking issues, which in turn favors the smart parking systems market size from 2016 to 2024.

Based on applications, the industry can be segmented into transportation, commercial, and government. Government segment is expected to dominate the industry owing to high investments in smart cities and technology adoption rate in government and municipal establishments.

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Increasing traffic congestion in North America has led to the adoption of this technology in countries such as U.S. and Canada. The region accounts for about 40% of the smart parking systems market share. Asia Pacific is expected to grow at a significant rate owing to increasing automobile sales in countries such as China and India. Various government initiatives by the EU to reduce environmental pollution will lead the smart parking systems market demand in Europe.

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Industry players for the smart parking systems market include 3M, Cubic Corporation, Amano Corporation, Thales, Nortek Control Systems Ltd., Swarco AG, Kapsch TrafficCom AG, Xerox Corporation, Siemens, Fujica, and Imtech. Other players include Altiux Innovations, BMW Group, Amco, Bosch, Cisco, ParkHelp, ParkMe, and Parkmobile LLC.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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