Smart Parking Solutions Experience Higher Demand Motivated by Valet Parking Management and Smart City Technology, as testified by Fact.MR

Fact.MR has carefully examined the global market for smart parking solutions which highlights the established and mid-sized companies that acquire almost 40-50% and 30-35% revenue share respectively. The report published on the online portal focuses on the advancements across the internet of things segment which is opening new gateways for high-end prospects for smart parking solution developers. The research report is titled “Smart Parking Solutions Market Forecast, Trend Analysis & Competition Tracking – Global Market Insights 2018 to 2028”, which further educates the readers about the diverse innovations in global computing merged with developments in cloud platforms that are supporting the growth of the smart parking solutions market in the coming years.

As per research findings, the smart parking solutions market acquired more than $3000 million in the year 2018. In addition, the system devices segment is projected to acquire revenue share higher than $1500 thousand in 2019. The research study starts with the key findings and opportunity assessment, followed by global market outlook and technology integration. The assessment is a rich source of vital information that also covers partnerships, acquisitions and knowledge regarded untapped industries which can benefit the global smart parking solutions market during 2018-2028.

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Valet Parking Management Systems Deliver Strong Growth

The research report preaches automated valet parking solutions to deliver highest growth in the near future. It has been noticed that automated valet parking management solutions are progressively substituting the orthodox valet parking systems. At present, the importance for valet parking has turned useful in urban areas, and this trend has motivated companies to launch automated valet parking management solutions for fulfilling the demands of the urban population. The study reveals that smart valet parking solutions has witnessed Y-o-Y growth of 9.9% in 2018 over 2017.

North America to Emerge Dominant Due to Smart City Evolution

Considering the geographical aspect, North America will remain stable to maintain its largest share in the smart parking solutions market. This growth is supported by the presence of major OEM in the region. Moreover, increasing investments across the smart city solutions sector has steered the smart parking solutions market in North America. As a result of these factors, the overall investments concerned with smart parking solutions across the continent has exceeded the $900 million mark in 2018.

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After North America, Japan promises to deliver rising growth in the smart parking solutions market during the forecast period. This upsurge in this region can be credited to the rapid technological advancements merged with parking scarcity across the country.

The final section of the report discourse information about the various players operating in the smart parking solutions market. Amano McGann Inc, DESIGNA Verkehrsleittechnik GmbH, Scheidt & Bachmann GmbH, HUB Parking Technology, Cubic Corporation, SKIDATA AG, WPS Parking System BV, ABM Industries Incorporated, FlowBird Group, TIBA Parking, Kapsch TrafficCom AG, SWARCO AG and Kudelski SA, are the prime manufacturers which are mentioned in this intelligent report.

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