Global Smart Parking Market Industry Trends and Forecast to 2029


The Smart Parking Market is anticipated to grow as a result of the increased acceptance of integrated automation systems, along with advancements in digital and wireless disbursement technologies. These technologies help determine whether a parking space is occupied or available, evaluate the situation, and broadcast the information to online and mobile applications. It is predicted that developments in these technologies will drive the market's expansion.

However, after COVID-19, citizens are expected to avoid collective mobility, such as using public transportation, and instead use their cars for solo travel. According to projections, this will cause gridlock in numerous cities across the globe. During the forecast period, it is expected that the increase in traffic congestion would increase demand for smart parking systems. During the projected period, it is anticipated that the consulting service area will experience significant growth. Consulting services address a variety of administrative needs, such as modifying parking spaces to better suit user needs and learning how to use smart parking applications. Operators and drivers alike benefit from these services for convenient and comfortable parking.

The global Smart Parking Systems Market was valued at US$ 106.1 Mn in 2019 and is forecast to reach a value of US$ 385.0 Mn by 2027 at a CAGR of 17.5% between 2020 and 2027.

Due to ents, and rising need for better parking systems, the Smart Parking Market solutions in Germany the country's expanding population, industrialization, urbanisation, technological advancemis anticipated to expand at a CAGR of 16% over the course of the projected period. As more parking management solutions are installed, which shorten the time it takes to find a parking space and ease traffic congestion, the need for parking sensors in Germany will increase. Furthermore, it is anticipated that during the following ten years, better traffic and parking management solutions will be available in Germany due to an increase in the number of vehicles on the road and government programmes like smart cities.

Governments all around the world are looking forward to the creation of smart cities because of growing environmental concerns, traffic congestion, and population growth. These cities will successfully increase quality of life while assisting authorities in resource conservation. Therefore, it is anticipated that favourable government policies in this area will considerably contribute to Smart Parking Market growth. For instance, the Australian government announced funding of USD 50 million in April 2021 to support the adoption of smart parking throughout the nation.

Comments

Post a Comment

Popular posts from this blog

Global Fiber Reinforced Concrete Market Opportunity Analysis and Industry Forecast 2028

Image
  Fiber Reinforced Concrete Market A rise in commercial construction activity is anticipated to fuel the market as a result of the economy's improved state. The need for more office and storage space has been driven by the expansion of industries like food and consumer goods, which has had a large positive impact on the construction sector and the demand for paving slabs as long-lasting and attractive flooring. With the majority of the actors involved in the production and manufacture of the raw materials used in the production of paving slabs, product makers have a highly integrated supply chain. The majority of market participants also benefit from a robust direct distribution network that facilitates a seamless flow of products and enables them to build a broader customer base. Having a wide range of customizable products is important while making purchases. The global Fiber Reinforced Concrete Market was valued at US$ 2,330.40 Mn in 2020 and is forecast to reach a value of US$
Read more

Augmented Reality Is Fastest Growing Segment Fueling The Growth Of Air Defense Systems Market

Image
Air Defense Systems Market Market Overview: Air defense systems provides protection against cruise, tactical and strategic ballistic missiles, unmanned aerial vehicles, and aircraft. They consist of radar systems, interceptor missiles, command and control systems and fire control systems. Air defense systems help detect incoming enemy planes, and intercept missiles and other threats before they reach their targets using air-to-air, surface-to-air, and man-portable missiles. Market key trends: One of the major trends in the air defense systems market is the increasing adoption of augmented reality and artificial intelligence. Augmented reality offers 3D digital interfaces to air defense operators and commanders and overlays geographical data and combat intelligence information onto real-world combat scenarios. This enhances situation awareness, minimizes fatigue and improves decision-making. It is increasingly being incorporated into command and control systems, fire control radars and
Read more

Agricultural Micronutrients Market Growth Accelerated By Increasing Need For Improved Soil Fertility

Image
Agricultural Micronutrients Market Agricultural micronutrients are essential plant nutrients required in small quantities for healthy plant growth and development. Micronutrients such as iron, zinc, manganese, molybdenum, and boron play vital roles in various metabolic functions of crops such as photosynthesis, nitrogen fixation, and enzyme activity. The increasing need to boost crop yields and improve soil fertility has raised the demand for micronutrient fertilizers globally. The growing population and reducing arable land have fueled the need for sustainable agricultural practices, propelling the micronutrients market. The global Agricultural Micronutrients Market is estimated to be valued at US$ 5.19 Bn in 2024 and is expected to exhibit a CAGR of 27.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Market key trends: The increasing adoption of precision farming and digital technologies in the agriculture sector is
Read more