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Paving the Way for Smarter Cities: Trends and Markets in Smart Parking Technologies

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Cutting-Edge Research Unveils Striking Expansion of Global Smart Parking Technologies Market, with a Staggering Compound Annual Growth Rate (CAGR) of 18.1%

BOSTON, Feb. 14, 2024 /PRNewswire/ — Discover the future of parking with our exploration of Smart Parking Technologies and Global Markets. This brief journey explores the latest advancements in parking technology and their impact on global markets. From intelligent sensors to data-driven solutions, join us in uncovering the key trends and market dynamics propelling the evolution of smart parking on a global scale.

“According to the latest research study, the demand for Smart Parking Technologies and Global Markets grow from $38.7 billion in 2023 and is estimated to increase from $88.8 billion in 2028, at a compound annual growth rate (CAGR) of 18.1% from 2023 to 2028.”       

Embark on a captivating journey into the world of smart parking with this report, offering a comprehensive overview of global market trends. Anchored in the pivotal year of 2022, the analysis extends its gaze into the future, forecasting market dynamics through 2028. Delving into the nuances of hardware, software, and services, as well as diverse parking solution types, technologies, end-users, and regional landscapes, the report provides a roadmap for understanding the transformative forces at play. It’s a revealing exploration of the market’s evolution, carefully crafted to illuminate key insights and projections. Notably, while the report sheds light on revenue forecasts across various dimensions, it refrains from delving into the intricacies of hardware costs and volumes, ensuring a focused and streamlined narrative.

The surge in the number of vehicles on the roads, coupled with government initiatives like smart cities, is anticipated to drive the development of improved traffic and parking management solutions in regions such as Asia-Pacific and Oceana by 2030. The widespread adoption of artificial intelligence (AI) plays a key role, leveraging data from sensors and cameras to create intelligent parking management systems. These devices, strategically placed in and around parking lots, efficiently detect available parking spots. Looking ahead, the smart parking market is poised for significant transformation with the advent of automated vehicles (AVs). Forward-thinking cities in the industry are already testing self-parking vehicles, automated parking lots, and robotic parking valets. For instance, ParkPlus, a leading provider of automated parking systems, is actively working on deploying a fully automated parking garage, marking a notable stride in the future of smart parking.

Unlock the full insights and strategic implications of the latest research study on Smart Parking Technologies and Global Markets. Click here to Learn More.

Driving forces behind the smart parking technologies and global market’s growth comprise:

1.  Growing Demand for IoT-Based Vehicles-The rise of IoT-based vehicles signifies a surging demand for connected and smart automotive solutions. With features like real-time data exchange, predictive maintenance, and enhanced safety, these vehicles are at the forefront of transforming the driving experience. As consumers increasingly seek seamless connectivity, the demand for IoT-based vehicles is rapidly gaining momentum, shaping the future of the automotive industry.

2.  More Vehicles on the Road-The increasing number of vehicles on the road highlights a growing challenge in urban mobility and infrastructure. This surge in traffic poses implications for congestion, environmental impact, and the need for innovative solutions to ensure efficient and sustainable transportation systems.

3.  Government Policies and Regulations to Support Smart Parking-Government policies and regulations are crucial drivers for the advancement of smart parking solutions. With a focus on enhancing urban mobility and reducing traffic congestion, policymakers are increasingly supporting initiatives that promote the implementation of smart parking technologies. These regulations play a pivotal role in fostering innovation, encouraging the adoption of intelligent parking systems, and contributing to the development of more efficient and sustainable urban environments.

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Report Synopsis

Report Metrics

Details

Base year considered

2022

Forecast Period considered

2023-2028

Base year market size

$35.6 billion

Market Size Forecast

$88.8 billion

Growth Rate

CAGR of 18.1% for the forecast period of 2023-2028

Segment Covered

Offering, Parking Solution Type, Technology, End User

Regions covered

North America, Europe, Asia-Pacific, and Rest of the World (RoW)

Countries covered           

U.S., Canada, Mexico, U.K., Germany, France, Russia, Italy, Norway, Sweden, Finland, Poland, Denmark, Hungary, China, India, Japan, Australia, New Zealand, Taiwan, Indonesia, Thailand, Singapore, Latin America, Middle East and Africa

Key Market Drivers

•  Growing Demand for IoT-Based Vehicles

•  More Vehicles on the Road

•  Government Policies and Regulations to Support Smart Parking

The Rising Demand for Smart Parking Technologies and Global Markets:

The global demand for smart parking technologies is on the rise, shaping markets worldwide. With a focus on efficiency and overcoming parking challenges, intelligent solutions are gaining traction. From advanced sensors to data-driven management systems, the market is undergoing a transformative shift. This increasing demand not only impacts urban mobility but also drives innovation in the broader context of smart city development. The future promises a seamlessly integrated and technologically advanced approach to parking, reflecting the growing importance of intelligent solutions on a global scale.

Trends and Innovations:

Delve into the dynamic landscape of smart parking technologies with a focus on current trends and innovations shaping global markets. From state-of-the-art sensors to groundbreaking management systems, this exploration unveils the forefront of parking solutions. Discover the evolving industry as it adapts to modern urban needs, providing insights into the exciting future of smart parking technologies.

Challenges and Opportunities

Navigate the challenges and opportunities in the realm of smart parking technologies, influencing global markets. From overcoming urban congestion to capitalizing on technological advancements, this exploration sheds light on the dynamic landscape. Uncover the potential hurdles and the promising openings, offering a glimpse into the evolving world of smart parking solutions and the broader opportunities they present on a global scale.

This report on the smart parking technologies and global markets provides comprehensive insights and analysis, addressing the following key questions:

What is the market’s expected size and rate of growth?
Over the forecast period of 2023–2028, the smart parking technologies market was expected to increase at a compound annual growth rate (CAGR) of 18.1%, from $35.6 billion in 2022 to $88.8 billion in 2028.
What are the main elements propelling the market’s expansion?
Growing demand for Internet of Things (IoT)-based automobiles, the adoption of laws and regulations to facilitate smart parking, and an increase in the number of vehicles as a result of an expanding economy are the main drivers propelling the growth of the smart parking technologies market.
Which market segments are covered?
Based on components, parking solution type, technology, end-user, and geography, the global smart parking technologies market is divided into segments.
Which market sector, according to end use, will be in the lead by 2028?
The market for smart parking technologies will remain dominated by the commercial parking segment by the end of 2028. The segment is expected to maintain its dominant position through the end of 2028 due to the growth of retail centers, sports complexes, amusement parks, and recreation centers.
Which geographic area dominates the market in terms of market share?
In terms of market share, North America leads the world market for smart parking technologies. Canada and the United States both make major contributions to the worldwide market for smart parking solutions. The region’s high rates of urbanization, dense population, and robust technical infrastructures are driving demand for market expansion.

Some of the Key Market Players Are:

3MAPTIVCISCO SYSTEMS INC.CONTINENTAL AGFLASHPARKINGINRIXKAPSCH TRAFFICCOM AGNEC CORP.NEDAP N.V.ROBERT BOSCH GMBHSIEMENS AGSMART PARKINGTKH GROUPVALEO

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For further information or to make a purchase, please get in touch with info@bccresearch.com.  

About BCC Research

BCC Research provides objective, unbiased measurement and assessment of market opportunities with detailed market research reports. Our experienced industry analysts’ goal is to help you make informed business decisions, free of noise and hype.

Contact Us

Corporate HQ: BCC Research LLC, 49 Walnut Park, Building 2, Wellesley, MA 02481, USA
Email: info@bccresearch.com,
Phone: +1 781-489-7301
For media inquiries, email press@bccresearch.com or visit our media page for access to our market research library.

Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher.

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TCI Network: Cluster development policies in Latin America need continuity

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MEXICO CITY, Sept. 20, 2024 /PRNewswire/ — Latin America is a region in the world where “cluster policies have been developed more,” mainly in Mexico and Colombia. However, these initiatives have had “boom periods that later have not had continuity,” says Alberto Pezzi, founder of TCI Network, a global network dedicated to exchanging and improving practices in this sector.
“The main problem in several Latin American countries has been the initial implementation of certain norms and institutions to support the cluster policy that later, with a change of government (…) or due to a lack of trained personnel, are abandoned,” he said. 
For Pezzi, who has been working in this field for 25 years, clusters have helped to strengthen dialogue between the public and private sectors, to understand the problems companies have, and for small and medium-sized businesses to implement “strategic changes” to increase their competitiveness.
The also former CEO of TCI was optimistic about the promotion of cluster policies. He also recognized the work members of the Economic Commission for Latin America and the Caribbean (ECLAC) have done in Colombia in creating the Cluster Initiatives Platform.
To continue to strengthen these ecosystems in the region, Pezzi highlighted that this year the city of Chihuahua, in northern Mexico, will host the 27th TCI Global World Conference from October 8 to 10. There attendants will talk about the application models of artificial intelligence in clusters and the construction of a more collaborative future, considering the emergence of disruptive technologies.
“TCI’s annual event is the point of reference for professionals who are dedicated to the development of clusters around the world and the expectation is, on the one hand, to learn about methodologies, projects, good cluster practices and, at the same time, innovation ecosystems,” he said.
Also, the organizers said that the intention is to publish a white book for all the conclusions of the meeting. These would contain lessons learned from local networks and internationally recognized panelists, such as the expert in artificial intelligence, Rebeca Hwang, and Mariana Mazzucato, an economist specializing in development issues.
Regarding this year’s event, Pezzi said that Chihuahua is a special place for TCI. The state was where the American economist Michael Porter and other “cluster methodology pioneers” met in 1997 to celebrate the first International Cluster Workshop.

https://tciglobalconference.com/2024/
https://desec.mx/

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This Week in Finance News: 10 Stories You Need to See

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A roundup of the most newsworthy financial press releases from PR Newswire this week, including a new Volkswagen/Wells Fargo agreement and Americans’ worries about the election’s impact on their finances.

NEW YORK, Sept. 20, 2024 /PRNewswire/ — With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

Volkswagen Financial Services U.S. and Wells Fargo announce cooperation agreement for vehicle purchase financing of Volkswagen, Audi, and Ducati brands in the United States
Wells Fargo will provide new U.S. consumer retail financing for vehicle purchase as a co-branded offering, with an estimated transition beginning in April 2025.Credit Builders Alliance Launches New Financial Inclusion Pilot Program Using VantageScore 4plus™ Open Banking Credit Score
The program, with support for technical assistance from JPMorganChase, will select and lead a cohort of ten CBA nonprofit members to test the VantageScore 4plus credit score that uses both credit report data and alternative open banking data to generate a more predictive credit score, especially for underserved or “thin” credit file consumers. Eight in 10 Americans worry about the impact of the election on their retirement plan Two in 10 (19%) Americans believe the election will affect when they retire—a concern most prevalent among Gen Z (29%), according to the study of 1,000 U.S. adults. Americans who have not retired yet also fear inflation has set back their retirement goals, delaying them by nearly 8.5 years on average (55%).Carver Bancorp, Inc. Names Donald Felix President and CEO, Effective November 01, 2024
Donald Felix is only the sixth CEO in Carver’s 76-year history and will also serve as a member of the Carver Board. Carver continues to pay its mission forward, focusing on Minority and Women Business Enterprises and the growing middle-income neighborhoods it serves.National Real Estate Brokerage REALTY OF AMERICA Announces Launch
Four industry titans come together to launch Realty of America. The virtual brokerage invests in agents through technology, training, culture, and an innovative compensation structure.Two Boxes Secures $5.3M in Oversubscribed Funding Round
The oversubscribed funding round led by Peterson Ventures more than doubled the company’s valuation and saw participation from new investor Assembly Ventures, alongside renewed support from existing backers Vinyl, Range Ventures, and Matchstick Ventures. With Two Boxes, brands and 3PLs optimize returns inspection, prioritization, processing, tracking, and a growing list of obstacles.Stratix and Samsung Drive Financial Services Innovation with Mobile-First Solutions
Stratix services and Samsung’s state-of-the-art devices powered by Android empower financial service organizations to improve workflows, increase automation, and create better experiences for users and customers. AES Announces Strategic Partnership with CDPQ to Support AES Ohio’s Robust Growth Plans
The AES Corporation announced that it reached an agreement to sell a 30% indirect equity interest in AES Ohio to CDPQ, a global investment group, for approximately US$546 million, with closing expected in the first half of 2025.Announcing the 2024 Most Powerful Latina Summit at L’ATTITUDE: Celebrating the Trailblazers Powering the $3 Trillion U.S. Latino Economy
Now in its 8th year, the Most Powerful Latinas list continues to highlight the critical contributions of Latina leaders across multiple industries. Released at the Most Powerful Latina Summit during L’ATTITUDE, this year’s list reflects the growing influence of Latinas in shaping the New Mainstream Economy.IEX Enters Options Market with Top Talent and Innovative Solutions
IEX Group, Inc. announced that it will launch a U.S. options exchange to partner with liquidity providers to uniquely tackle risk management challenges experienced in the options markets, pending regulatory approvals.

For more news like this, check out all of the latest finance-related releases from PR Newswire.

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Helping Journalists Stay Up to Date on Industry News

These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.

Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:

Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.

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ATFX Connect Wins “Institutional Forex Broker of the Year 2024” Award

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HONG KONG, Sept. 20, 2024 /PRNewswire/ —  ATFX Connect, the institutional division of ATFX Group, has been recognised for its exceptional service and innovative technology platform, earning the prestigious “Institutional Forex Broker of the Year 2024” award from Corporate Vision. This accolade reflects ATFX Connect’s client-first approach, advanced liquidity solutions, and leadership in the institutional brokerage industry.

This accolade acknowledges ATFX Connect’s contributions in the field of institutional brokerage services and affirms its continuous efforts in driving industry progress and innovation.

Corporate Vision magazine, an internationally renowned business and financial information platform, presents its annual Corporate Excellence Awards to honor companies and individuals who demonstrate excellent leadership, innovation, and performance in their respective fields. This year, ATFX Connect, earned unanimous praise from the judging panel for its professional service team, efficient trade execution system, and comprehensive solutions tailored for institutional clients.

The magazine also featured an extensive report on ATFX Connect, highlighting its customer-centric approach. The core focus is providing clients with fast and straightforward access to financial markets, along with all the necessary tools, which has always been a hallmark of the brand.

ATFX Connect continues to customise liquidity solutions based on client needs while maintaining competitive pricing. Clients benefit from competitive spreads across 65 different currency pairs and access to over 20 liquidity providers, including Tier 1 banks and non-bank liquidity. Looking ahead, ATFX Connect plans to offer services specifically tailored for professional traders.

With the establishment of its Australian office, the brand’s influence continues to grow. ATFX has laid out an ambitious development blueprint, to enhance its brand influence and leverage its unique advantages to expand into broader international markets.

About ATFX
ATFX is a leading global fintech broker with a local presence in 23 locations and licenses from regulatory authorities, including the UK’s FCA, Cypriot CySEC, UAE’s SCA, Australian ASIC, and South African FSCA. With a strong commitment to customer satisfaction, innovative technology, and strict regulatory compliance, ATFX provides exceptional trading experiences to clients worldwide.

For further information on ATFX, please visit the ATFX website: https://www.atfx.com.

About ATFX Connect
ATFX Connect is a trading name of AT Global Markets (UK) Limited, which is authorised and regulated by the Financial Conduct Authority. ATFX Connect’s bespoke liquidity offerings are available to institutions, hedge funds, broker-to-broker, family offices, asset managers, and High-Net-Worth Individuals.

ATFX Connect supports institutional clients by providing them with direct market access to liquidity from T1 banks and non-bank providers in Spot FX, Precious Metals, and CFDs. In addition, the flexible infrastructure enables ATFX to manage aggregation and pricing and allows integration with any third-party platform.

AT Global Markets (UK) Limited is part of the ATFX Group. For further information on ATFX Connect, please visit the ATFX Connect Website: https://www.atfxconnect.com

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