The latest intelligence report published by Report Ocean, titled “Smart Parking Market” “2023: Increase in Demand and Opportunities,” offers valuable insights into the industry. The report provides a comprehensive analysis of research and information from various sources, empowering decision-makers worldwide to make a significant impact on the global economy. With a dynamic vision of the market size, statistics, and competitive landscape, the report presents a complete overview of the industry. It covers future trends, growth factors, consumption, production volume, CAGR value, opinions, profit margin, pricing, and industry-validated market data. This report assists individuals and market competitors in predicting future profitability and making crucial decisions for business growth.
Smart parking is an intelligent parking system that assists driver for safe parking. Available space in parking slot is indicted by sign or symbol with the help of embedded software and sensors. The vacant space is notified to the driver correctly due to the proper management of vehicle. In addition, smart parking is adopted by many countries and hence it is becoming one of the most trending smart solutions across various public and private places, including airports, universities, shopping centers, and city garages, globally.
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The features such as ability to easily connect with the parking lots, analyze, and automate data gathered from devices, and make it more fruitful for the market. The off-street parking method that is widely used worldwide is generally categorized into the vehicles that are not parked on the roads. For the operation of the smart parking, they involve low-cost sensors, real-time data collection, and smart phone enabled automated payment systems. This combination allows people to reserve parking in advance and predicts the location for parking.
This system is linked with the mobile applications that notifies the user about current available parking space that further helps reduce the time needed for searching the available free parking space. This smart parking system implies M2M technologies to properly manage parking supply and also helps one of the biggest problems on driving in urban areas-finding empty parking spaces and controlling illegal parking.
Increase in parking concern across the globe, growth in demand for Internet of Things (IoT) based technology, and high adoption rate in number of vehicles drive the market growth. However, high employment cost & configuration complexity restrain the market growth. Moreover, rise in investment on building driverless vehicles and increase in government initiative in building smart cities across the globe are expected to create tremendous opportunities for the market growth.
The global smart parking market is segmented on the basis of type, component, technology, application, end user, and regions. Based on type, it is bifurcated into off-street and on-street. Based on technology, it is classified into IoT, ultrasonic, and RFID. Based on application, it is divided into security & surveillance, smart payment system, E-parking, and license plate recognition. Based on end user, it is studied across commercial and government. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The key players analyzed in the smart parking market includes Amano McGann, Inc., Continental AG, Dongyang Menics Co., Ltd, IEM SA, IPS Group Inc., Klaus Multiparking Systems, Robert Bosch GmbH, Smart Parking Limited, Swarco AG, and Urbiotica.
KEY BENEFITS FOR STAKEHOLDERS
– This study presents analytical depiction of the global smart parking market along with the current trends and future estimations to depict the imminent investment pockets.
– The overall market potential is determined to understand the profitable trends to enable stakeholders gain a stronger foothold in the market.
– The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
– The current market is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the market.
– Porter’s five forces analysis illustrates the potency of the buyers and suppliers.
KEY MARKET SEGMENTS
By Type
o Off-street
o On-street
By Technology
o IoT
o Ultrasonic
o RFID
By Application
o Security & Surveillance
o Smart Payment System
o E parking
o License Plate Recognition
By End User
o Commercial
o Government
By Region
o North America
? U.S.
? Canada
? Mexico
o Europe
? Germany
? France
? UK
? Italy
? Rest of Europe
o Asia-Pacific
? China
? Japan
? India
? Australia
? Rest of Asia-Pacific
o LAMEA
? Latin America
? Middle East
? Africa
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Table of Contents:
- Introduction and Scope
- Definition and Forecast Parameters
- Methodology and Forecast Parameters
- Information Sources
- Latest Trends Summary
- Regional Trends
- Product Trends
- End-Use Trends
- Business Trends
- Industry Insights
- Industry Fragmentation
- Industry Landscape
- Vendor Matrix
- Technological and Innovative Landscape
- Market by Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
- Company Profiles
- Company Overview
- Financial Elements
- Product Landscape
- SWOT Analysis
- Systematic Outlook
Market Dynamics:
Drivers:
- Increasing emphasis on self-care and wellness, particularly among women. A
- Growing awareness of the health and beauty benefits offered by dietary supplements.
- Rising disposable incomes and willingness to invest in premium health and beauty products.
- Influence of social media and beauty influencers shaping consumer preferences.
- Changing lifestyles and health concerns driving the demand for supplementary nutrition.
Restraints:
- Lack of regulatory oversight and quality control in the supplements industry.
- Consumer skepticism and confusion regarding product claims and effectiveness.
- Potential risks and interactions with other medications or health conditions.
- Limited accessibility and affordability of supplements in certain regions.
Opportunities:
- Increasing demand for natural and organic supplements.
- Untapped market potential in the Asia-Pacific region.
- Development of innovative formulations and delivery methods.
- Collaborations with beauty brands or influencers for product endorsements.
- Integration of technology to personalize nutrition and enhance consumer experience.
Challenges:
- Intense competition among market players.
- Navigating regulatory complexities and meeting regional standards.
- Building trust and credibility with consumers.
- Educating consumers about the benefits and proper usage of supplements.
- Addressing concerns and skepticism regarding the safety and efficacy of supplements.
The report will include answers to the following key questions:
- What are the key current trends that can impact the product life cycle and return on investment?
- How do regulatory changes affect corporate, business, and functional strategies?
- Which initiatives by major players in micromarketing are likely to attract investment?
- What are the recommended frameworks and methodologies for conducting PESTLE analysis?
- In which areas are there emerging opportunities for growth and development?
- Which game-changing technologies will be instrumental in capturing new revenue streams in the near future?
- What operational and tactical frameworks are different players adopting to foster customer loyalty?
- What is the current level of market rivalry, and what is the expected degree of competition in the coming years?
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