Everything You Want to Know About the Global Crowdsourced Smart Parking Market

Published Date : Jul 30, 2018

Albany, New York, July 30, 2018: A recent report, titled, “Global Crowdsourced Smart Parking Market Research Report 2018,” added by MarketResearchReports.biz to their vast repository, projects this market to bode well in terms of depicting a magnificent growth thanks to the world of parking technology expanding with leaps and bounds.

The crowdsourced smart parking market is mainly being propelled due to an increasing demand for vehicles from a global perspective, thus leading towards a greater demand for quality parking spaces. Crowdsourced parking spaces help save time, cost, fuel, as well as provide several advantages such reliability, safety, and lesser parking errors compared to other public parking spaces. These factors make users highly prefer such smart parking spaces, consequently making the global crowdsourced smart parking market expand tremendously in recent times. Moreover, an increasing number of smart city projects is further increasing the demand for crowdsourced smart parking, as with such projects, the number of cars used are bound to rise. Advancements in automotive industry, particularly in the field of self-driving cars such as Tesla Roadster, is expected to further boost the market’s growth in future. This is mainly due to a projected rise in self-driving cars used as a mode of public transport throughout entire cities.

However, high costs of establishing smart parking systems in the automotive sector is substantially restraining the global crowdsourced smart parking market. Such high costs might discourage potential customers having less disposable income from buying the product. Nevertheless, many companies are expected to introduce cheaper and highly-enhanced crowdsourced smart parking systems soon, which could reduce effects of the restraints affecting the market.

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The global crowdsourced smart parking market showcases a relatively nascent competitive landscape, as many players are finding it difficult to develop prototypes for their underlying technology. Most companies are attempting to carry out extensive research and innovations, thus constituting their key strategy to gain handsome revenue and market shares. Many companies are also focusing on getting funds from private as well government agencies so that the required research can be carried out properly.

3M, Imtech, Swarco AG, Thales, Amano Corporation, Fujica, Kapsch TrafficCom AG, Cubic Corporation, Nortech Control Systems Limited, Siemens, and Xerox Corporation are key companies operating in the global crowdsourced smart parking market. With new businesses expected to enter the global crowdsourced smart parking market on a regular basis, the vendor landscape is anticipated to witness a highly vigorous competition to exist in the near future.

From a regional perspective, North America holds leading position in the global crowdsourced smart parking market, owing to the presence of a dominant automotive industry in this region. This region is expected to hold onto the position in the near future. Large uptake and adoption of artificial intelligence systems in smart parking spaces in Asia Pacific too is anticipated to occur in the near future.

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