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The new report, titled ‘Smart Parking Market in Western Europe 2016-2020,’ presents a comprehensive evaluation on the smart parking market in Western Europe. Market dynamics such as drivers, impeders, trends, and opportunities impacting the development of the market also form a key part of this study. A number of analysis tools have been employed for an accurate evaluation of the data. These include SWOT analysis and Porter’s five forces analysis.

The first section of the report presents an introduction to the market for smart parking. This section also encapsulates the size of the market and its predicted growth by the end of the forecast period. As per the report, the market for smart parking in Western Europe is predicted to rise at a 14.0% CAGR between 2016 and 2020.

Next, the definition of smart parking systems is presented. Smart parking systems aid drivers in finding a parking space at economical costs. Smart parking systems utilize cellphone-enabled automated payment solutions and low-cost sensors. These high-end features enable individuals to determine vacant parking spaces so that they may reserve that particular spot, thus reducing the overall time needed to park.

In addition, smart parking systems have greatly reduced vehicle overcrowding, which may otherwise result in congestion problems. They help in reducing pollution levels and governments globally and particularly in Western Europe are thus taking a number of steps for the extensive implementation of smart parking.

In the following section of the study, the segmentation of the market has been presented. In terms of type, the report segments the Western Europe smart parking market into on-street parking and off-street parking. Of these, the segment of off-street parking led the market in 2015 and is predicted to reach US$112 mn by 2020. Off-street parking can be applied in both outdoor and indoor spaces. These systems also reduce carbon dioxide emissions by impeding the unwanted flow of traffic caused by individuals looking for spaces to park.

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The prime drivers and restraints impacting the growth of the Western Europe smart parking market come next in the report. The growing deployment of smart parking sensors is a prime factor stimulating the growth of this market in Western Europe. In addition, two-way M2M communication between connected cars and smart parking systems aids in resolving a number of problems related to parking. This has further positively impacted the Western Europe smart parking market. On the other hand, the increasing issues in network integration and security may impede the growth of the market in Western Europe, in the coming years.

At the end of the study, the vendor landscape section has been presented. The Western Europe smart parking market is immensely fragmented due to the high number of established vendors in this market. The prime vendors operating in the market are The IPS Group, Parkeon, TransCore, 3M, Cisco Systems, Gemalto, HCL, Jasper Technologies, Nedap Mobility Solutions, Oti (PARX), ParkHelp, Parkmobile, Parkopedia, Serco, Siemens, SKIDATA, Synapt (Prodapt Solutions), TeliaSonera, Vodafone, Xerox, among others, as per this report.

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