A new study title “Hybrid Smart Parking Platform market size, status and forecast 2027” has been featured on market research future.
The increasing number of vehicles on-road has increased the requirement for smart parking systems. The vehicles are high but the parking spaces are fewer in many areas. The smart parking sensor technology uses machine learning to inform the user about parking analytics. It is a useful tool to find parking places. The technology segregates all the parking information in the region. At the right time, it can provide useful information to park the vehicle.
The smart parking platform comes with sensors that can inform the user about parking places in short proximity. Also, it can offer complete information about the challenges in the parking spaces. Today, parking software platforms are considered the smartest solutions to manage traffic. The global hybrid smart parking platform market is witnessing massive growth in the forecast year. The hybrid smart parking platform market size growth is projected as 18%. Also, the market value is assumed to be USD 2,134 million in 2023.
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MRFR profiled noteworthy players in hybrid smart parking platform global market. They are; Tata Elxsi3e (India), IPS Group, Inc. (U.S.), Streetline (U.S.), Libelium (Spain), Siemens AG (Germany), Huawei Technologies Co. Ltd. (China), Kapsch TrafficCom AG (Germany), NuPark (U.S.), Acer Inc. (Taiwan), and Robert Bosch GmbH (Germany) among others. The report details several factors that can influence the hybrid smart parking platform market dynamics. Insights into history aspects, current developments, latest financial status, and data on marketing strategies can assist investors make rational decision on their business to gain global foothold and stay ahead of the growth curve.
The segment study of the Hybrid smart parking platform market is based on parking type, application, solution, and component. The parking type segments are off street parking and street parking. The increase in traffic congestion and rise in passenger traffic can cause the expansion of the hybrid smart parking market in years to come. The component segments of the hybrid smart parking market hardware, service, and software. The solution based segments of the hybrid smart parking market are security and surveillance, valet parking management, License Plate Recognition, and Parking Reservation Management. The application based segments of the Hybrid smart parking platform market are Commercial, Government, and Residential.
The regional analysis of the world hybrid smart parking platform market reveals that the hybrid smart parking platform market is the Asia Pacific region is expected to rise exponentially in the years to come. In North America, the growth of the world hybrid smart parking platform market can be attributed to increase in demand for hybrid smart parking platform. In Europe, the growing utility of passenger vehicle can promote the expansion of the regional hybrid smart parking platform market in the years to come. APAC hybrid smart packaging market expansion can be attributed to rise of industries, booming automobile sector, and rise in the automobile industry can boost the expansion of the market in these regions. Globalization and urbanization in APAC can cause the expansion of the regional market in the years to come.
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