Real Time Parking System Market to Witness an Impressive Growth of USD 25,381.85 Million with Growing CAGR of 20.10 % Forecast by 2029

NEW YORK, Sept. 28, 2022 /PRNewswire/ -- The comprehensive industry research on "Global Real Time Parking System Market" published by Data Bridge Market research includes growth analysis, regional marketing, challenges, opportunities, and drivers analyzed in the report. The credible Global Real Time Parking System Market report offers actionable market insights with which businesses can make out sustainable and lucrative strategies. Not to mention, the report analyses the general market conditions such as product price, profit, capacity, production, supply, demand, and market growth rate which supports businesses in deciding upon several strategies. Porter's Five Forces analysis has been performed while formulating this market document along with many other standard steps of researching, analyzing, and collecting data. Additionally, key players, major collaborations, mergers, acquisitions, trending innovations,s and business policies are also re-evaluated in the Real Time Parking System Market report. It becomes easy to figure out brand awareness and insight about the brand and product among potential customers.

Data Bridge Market Research analyses that the Real Time Parking System Market was valued at USD 5,863.80 million in 2021 and is expected to reach USD 25,381.85 million by 2029, registering a CAGR of 20.10 % during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

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Real-time parking system has become beneficial due to the upsurge in traffic and reduced availability of parking slots for convenient parking. Real-time parking system has improved effectiveness, capacity, reduced emission, and increased convenience and safety. Thus, demand for the real-time parking system is expected to increase in the forecast period and the growth of the real-time parking system market in the upcoming period.

Real-time parking is an advanced parking system that helps the driver find a secure and safe parking space. This system indicates the information by displaying a sign on the infotainment display. This real-time parking system uses advanced technologies such as side-mounted and in-ground sensors, radio detection and ranging (RADAR) to detect the presence of any vacant parking slot and allows the driver to park their vehicle without any disturbance.

Opportunities

• Growing adoption of advanced technology

The significant growth of real time parking systems is due to mounting automotive industry and increasing government regulations in several countries for adopting advanced safety standards in vehicles to easily identify vacant parking spaces and decrease accidents. For instance, it has been witnessed that the governments in some countries are installing real time parking systems for traffic management and parking space management.

Moreover, increasing adoption of cloud services and internet of things will further create lucrative opportunities that will led to the growth of the real time parking system market during the forecast period of 2022-2029.

Some of the major players operating in the real time parking system market are:

• Streetline (U.S.)
• Smart Parking (Australia)
• Amano Corporation (Japan)
• Kapsch TrafficCom AG (Austria)
• INRIX (U.S.)
• SWARCO (Austria)
• Siemens (Germany)
• Cubic Corporation (U.S.)
• AppyParking (U.K.)
• TKH GROUP (Netherlands)
• 3M (U.S.)
• Parknav (U.S.)
• Thales Group (France)
• KLAUS MULTIPARKING SYSTEMS PVT. LTD (India)
• IPS Group Inc. (U.S.)
• IEM SA (Switzerland)
• Dongyang Menics Co. (South Korea)
• Altiux Innovations (India)
• Parkmobile LLC (U.S.)
• ParkMe, Inc. (U.S.)

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The Real Time Parking System Market Competitive Landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to real time parking system market.

The report provides insights on the following pointers:

Market Penetration: Comprehensive information on the product portfolios of the top players in the Real Time Parking System market

Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market

Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market

Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies

Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Real Time Parking System Market

Market Dynamics: Real Time Parking System

Key Industry Drivers

• Rising adoption of real time parking system

Real time parking system is widely used in several applications such as heavy commercial vehicle, light commercial vehicle, passenger vehicle, transport, and other due to advanced and improved feature such as indication of available space on the alert system by using smart parking technology.

• Increase in Number of Vehicles

The continuous upsurge in the number of vehicles sold and produced globally has become a major aspect which is causing parking concerns in urban cities. So, the concern regarding the parking solutions is the major factor which are expected to drive the growth of the real time parking system Industry

• Increasing demand of real time parking system from different areas

The adoption of an effective real-time parking system increases due to increased demand for these systems, which is expected to arise from several areas such as commercial parking garages, universities, on-street municipal, airport, hospital, mall parking and other event avenues.

How will this Real Time Parking System Market Report Benefits You?

• The report offers statistical data in terms of value (US$) as well as Volume (units)
• Exclusive insight into the key trends affecting this industry, although key threats, opportunities and disruptive technologies that could shape the Global Market supply and demand
• The report tracks the leading market players that will shape and impact this Market most
• The data analysis present in this report is based on the combination of both primary and secondary resources
• The report helps you to understand the real effects of key market drivers or retainers on this business

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Global Real Time Parking System Market Scope

By Type

• Software
• Hardware
• Services

By Location

• On–Street
• Off–Street
• Others

By Application

• Commercial
• Personal
• Transport and Aviation
• Government
• Others

Real Time Parking System Market Regional Analysis/Insights:

The countries covered in the Real Time Parking System  Market Report  U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the real time parking system market in terms of revenue growth and market share. This is due to the increasing sales of the automotive products along with the growing adoption of advanced technology in this region.

TABLE OF CONTENTS:

Part 01: Executive Summary

Part 02: Scope of the Report

Part 03: Research Methodology

Part 04: Market Landscape

Part 05: Pipeline Analysis

Part 06: Market Sizing

Part 07: Five Forces Analysis

Part 08: Market Segmentation

Part 09: Customer Landscape

Part 10: Regional Landscape

Part 11: Decision Framework

Part 12: Drivers and Challenges

Part 13: Market Trends

Part 14: Vendor Landscape

Part 15: Vendor Analysis

Part 16: Appendix

To Get a Detailed Table of Contents (TOC), click here @ https://www.databridgemarketresearch.com/toc/?dbmr=global-real-time-parking-system-market 

Customization Options:

All segmentation provided above in this report is represented at country level and can be customized according to needs.

All products covered in the market, product volume and average selling prices will be included as customizable options which may incur no or minimal additional cost (depends on customization).

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