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The COVID-19 pandemic has severely impacted the global smart parking system market as it has led to quarantine and shelter-at-home places and reduces parking activities. Moreover, airports had the largest revenue source of parking which had a negative impact due to global travel restrictions.
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Global Smart Parking Systems Market The global smart parking system market was valued at USD 4.4 billion in 2020 and is anticipated to reach USD 11.89 billion by 2027, thus growing at a CAGR of 10.57% during the forecast period. The smart parking system is an intelligent parking system that uses a sensing device to define the vacancy at the parking space. It helps the driver for safe parking and notified the driver correctly about the availability of parking slots with the help of embedded software, sensors, and appropriate management of the vehicle. Smart parking is the most adopted and convenient way to ensure vehicle safety, even in small places. The navigation systems help drivers to find parking themselves using GPS, rising consumer preference towards comfort and luxury and uses digital invoices sent directly to users' smartphones to replace cash payments, thereby reducing unnecessary paper consumption. These factors will lead to the growth of the smart parking system market.
Global Smart Parking Systems Market Globally, the manufacturing companies trying to enter the smart parking systems market require a high level of capital which poses a major barrier to the entry of new players. The established companies in the industry are investing massively in research and development to fuel innovations This offers an edge to the established players in the industry competition. Geographically, Europe is expected to be the largest smart parking systems market due to the presence of a large number of automobile manufacturers developing smart parking systems in the region.
Global Smart Parking Systems Market Valeo S.A. and Cisco Corporation collaborated to develop innovations in smart mobility service. Amano Mcgann extended its partnership with one of its oldest dealers PSX to Colorado. Robert Bosch GmbH, Aisin Seiki Co., Ltd, Cubic Corporation, Continental AG, Amano Corporation, Valeo S.A., KapschTrafficcom AG, Siemens AG, TKH Group–Park Assist, Delphi Automotive PLC, Xerox Corporation, and Nedap Identification Systems are the key players offering smart parking systems.
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