Asia Pacific Blood Glucose Test Strip Packaging Market Research Repor Global Smart Parking Market_Written by Trisha | Page 2

time availability of parking lots and is extensively used as any person sitting in the car can locate the
parking space in a convenient manner.
Regional Insights
Geographically, the smart parking market span across regions Asia Pacific, North America, Europe, and
Rest-of-the-World (RoW).
Among all the regions, the Asia Pacific region occupies the largest market share owing to the presence
of economies such as India, Japan, and China. the increasing rate in registration of new cars coupled
with boom from this region is considered to open doors of opportunities for the parking management
business.
Europe is considered to occupy the second largest market share owing to the rising urbanization. The
rising urbanization has resulted in the increased demand for infrastructure including building and
transportation. Smart cities offer higher technology through mobile technology, thus optimizing the
existing infrastructure and creating use of land in an efficient way. Moreover, there has been continuous
development in this region for formulating strategy to achieve growth in the metropolitan areas. This is
considered to fuel the smart parking market in this region.
Drivers and Constraints Impacting the Market
The global smart parking market is estimated to expand at a remarkable CAGR owing to several growth
factors. With smart parking systems emerging as ideal solution to various economic and environmental
issues coupled with smart cities solutions for connected demands, the global smart parking marking is
witnessing a surge during the estimated period. The adoption of smart parking is increasing at a rapid
pace as disruptive digital technologies have the potential to solve metropolitan challenges like safe
parking and promises to make urban areas more secure and efficient. Smart parking is one of the fastest
growing and most adopted solutions across universities, airports, city garages, and shopping centers.
The ability to analyze, connect, and automate data gathered from devices, powered by the Internet of
Things makes smart parking possible. Smart parking helps to solve problem associated with parking that
results in air pollution. Governments across the world are taking initiative in order to develop the
infrastructure which is projected to result in automated parking. Moreover, some solutions facilitate
online payments, car searching functionalities, and parking time notifications for huge parking space. For
instance, the U.S.-based blockchain technology firm Net-Objex in December 2017, has showcased a
smart parking payment solution by using the cryptocurrency and IOTA decentralized network.
On the flip side, the concept of smart parking market is highly affected by the operational complexity
which is difficult to understand and its high implementation cost. This is considered to bottleneck the
growth of the market during the estimated period.
Industry Updates
Guangzhou Kinouwell Parking Co., Ltd has recently announced smart parking solution in order to make
parking safe and convenient for everyone. The company has been engaged in the development, design,
and production of intelligent parking solutions and introduces innovative parking solutions effective in
offering the best parking technology in the market. They are offering products such as parking lot
sensors, parking locks, parking card ticketing machines, parking meters, parking barriers, and others.