Acumen Research and Consulting, Recently Published Report titled "Automated Parking Management Systems Market Size, Share, Growth and Forecast, 2019-2026".
LOS ANGELES, Jan. 24, 2020 /PRNewswire/ -- The global automated parking management systems market is expected to reach the market value of around US$ 3,400 Mn by 2026 and is anticipated to grow at a CAGR of around 14% in terms of revenue during the forecasting period 2019 to 2026.
Due to their ability to promote the processing of real-time data and to assess the supply, intelligent parking systems powered by advances in technology can be very useful at this juncture. Increasing smart building technology in the developed countries is key driving factor of the market.
Free Download Sample Report Pages for Better Understanding@ https://www.acumenresearchandconsulting.com/request-sample/1694
Drivers and Challenges of Market
The businesses that provide these parking services are focused on providing more effective and safe parking options with the goal of gaining more profits. Factors such as the rise in vehicle sales and shortage of parking space are expected to drive market growth in the forecast period, especially in urban areas. It is expected that the high cost of automated systems and their management would hinder market growth in the coming years.
Installation costs pose a crucial limitation on the demand for automated parking management systems. The installation price of the system increases dramatically, as the system consists of large mechanical and electronic components. Another important industry constraint is the malfunctioning of electronic components. The modules require a lot of maintenance which increases the cost of the system. A rise in demand for parking spaces has generated substantial opportunities for the automated parking management systems industry due to the increase in vehicle numbers.
View Detail Information with Complete TOC@ https://www.acumenresearchandconsulting.com/automated-parking-management-systems-market
Europe governs the market in 2018 in terms of revenue. It is also anticipated that the European regional market will offer significant growth prospects for the sector, in particular due to the European Union's favorable government initiatives in encouraging the implementation of automated parking management systems as part of efforts to reduce pollution and ensure a safe climate. Europe has the history of state-of - the-art technologies and the involvement of leading players in automatic parking solutions. This further enabled both the private and public sectors to introduce automated parking strategies to effectively manage parking problems.
North America held the second-largest share in the global market and expected to continue its growth within the timeframe forecast. The North American Region was dominated by automated parking management systems industry. Throughout North America, demand for parking management systems is expected to rise, as the U.S. and Canadian civil authorities are aggressively trying to reduce traffic congestion, which has become increasingly severe due to the increasing number of vehicles.
Asia Pacific and Latin America regional markets are also expected to be gaining traction due to the growing number of communities in emerging economies. The growth rate in China, India, Brazil, and South Korea is projected to be comparatively higher.
About the Market
A need for automatic parking management systems is a mechanical parking and car recovery strategy to meet the increasing demand for safe and convenient parking, as the number of vehicles increases every day. The demand for automatic parking management systems eliminates the width and depth needed for parking spaces and gaps between parking spaces, as there is no need to make allowances for driving the car into the parking space or opening car doors. It also needs no driving lanes or ramps to drive the car towards the parking area. Having realized that such technologies can also help to alleviate traffic congestion and mitigate pollution levels, many policymakers around the globe are taking steps to implement such systems on a broad scale. As such, it is anticipated that favorable government schemes introduced toward this end would contribute remarkably to market growth. Considering that large-scale implementation of these systems is feasible with significant funding from the national governments, it is expected that expanded installation of these systems at airports, corporate campuses, and other public venues would fuel market growth.
Key Players & Strategies
Participants include major global players such as Cisco Systems, Inc.Robert Bosch GmbH; Altiux Innovations, Conduent, Inc., Streetline, Inc., Amano McGann, Inc., Altiux Innovations, and Others.
Request for Customization@ https://www.acumenresearchandconsulting.com/request-customization/1694
The report is readily available and can be dispatched immediately after payment confirmation.
Buy this premium research report@ https://www.acumenresearchandconsulting.com/buy-now/0/1694
If you would like to place an order or have any questions, please feel free to contact at firstname.lastname@example.org | +1-407-915-4157 OR +1-408-900-9135
Acumen Research and Consulting (ARC) is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. Among the industries served include aerospace and defense, information and communication technology (ICT), semiconductor and electronics, healthcare and pharmaceuticals, chemicals, advanced materials, banking, finance services and insurance (BFSI), and others.
Our collective industry experience of over 100 years has helped us to offer appropriate market information and our global reach and regional connects ensures appropriate insights into regional markets to guarantee apt delivery of information.
Our regional market intelligence helps our clients to identify potential opportunities and develop growth strategies across regions and countries. Our services are geared towards offering best market research to our clients.
Mr. Frank Wilson
Acumen Research and Consulting
17890, Castleton St #218, Rowland Heights, CA 91748 United States
Tel: +1-407-915-4157 OR +1-408-900-9135
SOURCE Acumen Research and Consulting