Hybrid Smart Parking Platform Market Impacted Highly by COVID-19 Pandemic

Pune, India, May 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Hybrid Smart Parking Platform Market.

Market Scenario

Market Research Future (MRFR), reveals the impact of COVID-19 pandemic on the global hybrid smart parking platform market. As per MRFR study, the expansion of the world hybrid smart parking market is expected to rise at 7.83% CAGR across the review period 2024 to 2032.MRFR study shows that the hybrid smart parking platform market can touch about USD 3.2 billion by 2032.

The rise in smart parking solutions need and increase in number of vehicles, along with lack of parking spaces can promote the expansion of the market in the years to come. Major companies are invested in developing smart parking management solutions that can bolster the rise of the market across the assessment period. The expansion of hybrid smart parking platform product line and strategic leadership of key players can support the expansion of the global market of hybrid parking platform market across the review period. The growing utility of street line uses machine can promote the expansion of the market. In addition, the rise of the market can be attributed to increase in techniques used to deploy hybrid smart parking platform.

The rise in number of vehicles on street and increase in the awareness about measures for pollution can impel the expansion of the market in the years to come. The cause for well-established infrastructure and the implementation of modern technologies for better connectivity and high real time data streaming can drive the market.

Segment Study

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.

Regional Analysis

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.

Key Players

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.