South America Parking Meter Apps Market
Market Introduction
The South America parking meter apps market is a highly fragmented market with the presence of considerable regional and local players providing numerous solutions for companies investing in the market arena. Traffic congestion and parking space unavailability have been long-term problems in developed and developing countries. At present, smart parking technologies are revolutionizing the car park applications (apps). A few of the smart technologies experiencing tremendous demand in the current parking meter app designing are parking guidance information systems, automated parking systems, smart parking payment systems, and parking reservation systems. In addition, demand for the security and safety of parked vehicles is also increasing rapidly among drivers and vehicle owners, which is propelling the procurement of parking surveillance systems Another factor boosting the adoption of smart technologies is their ability to optimize vacant spaces and provide real-time parking space information. This eventually helps drivers in parking their vehicles on-street as well as off-street with ease. Therefore, the rising adoption of such smart technologies is bolstering the parking meter apps market growth.
In South America, the Government had imposed travel restrictions, lockdowns, and trade bans in order to contain the infection spread. Thus, the SARS-CoV-2 pandemic has been severely affecting the parking meter apps market growth in this region. Further, parking meter apps market witnessed a decline in performance in South America as the majority of stimulus package deployed by governments were focused on public healthcare and tax relief. However, decrease in the number of new cases, relaxations in COVID-led restrictions, and investments and changes in production processes are anticipated to promote market recovery in this region.
Market Overview and Dynamics
The parking meter apps market in South America is expected to grow from US$ 1.34 million in 2021 to US$ 3.80 million by 2028; it is estimated to grow at a CAGR of 16.1% from 2021 to 2028. Smart parking systems require the compatibility of core hardware devices and software applications. Currently, many companies provide equipment or services to the smart parking industry, making it unclear to what extent software and hardware standards are shared across different equipment vendors. All hardware devices need to be compatible with all software services. Thus, the organizations working on smart parking systems need to combine and develop a standard, thereby eliminating compatibility issues and in turn eliminating a barrier in the development of the smart parking systems to a great extent. Apart from technological complexities, higher prices of parking meter systems and services are also limiting the progress of several cities and municipalities in developing countries. As the parking meter apps industry is still a niche one, the developers and service providers are integrating different technologies to attract customers. However, the integration of advanced technologies and software triggers the upfront cost of the systems. The future of parking meter apps is anticipated to be prominent with lowering prices of the final products. This factor is expected to substantially increase the procurement of such technologies, which would help the cities and municipalities in developing countries to optimize their parking.
Key Market Segments
Based on platform, the android segment accounted for the largest share of the South America parking meter apps market in 2020. Based on end-user, the personal segment accounted for the largest share of the South America parking meter apps market in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the South America parking meter apps market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report include INRIX, Inc.; Parkopedia; Arrive (ParkWhiz); Passport Labs, Inc.; and Flowbird.
Reasons to buy report
South America Parking Meter Apps Market Segmentation
South America Parking Meter Apps Market – By Platform
South America Parking Meter Apps Market – By End-User
South America Parking Meter Apps Market – By Country
South America Parking Meter Apps Market – Company Profiles
Strategic insights for the South America Parking Meter Apps provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1.34 Million |
| Market Size by 2028 | US$ 3.80 Million |
| Global CAGR (2021 - 2028) | 16.1% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Platform
|
| Regions and Countries Covered | South and Central America
|
| Market leaders and key company profiles |
The geographic scope of the South America Parking Meter Apps refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The South America Parking Meter Apps Market is valued at US$ 1.34 Million in 2021, it is projected to reach US$ 3.80 Million by 2028.
As per our report South America Parking Meter Apps Market, the market size is valued at US$ 1.34 Million in 2021, projecting it to reach US$ 3.80 Million by 2028. This translates to a CAGR of approximately 16.1% during the forecast period.
The South America Parking Meter Apps Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the South America Parking Meter Apps Market report:
The South America Parking Meter Apps Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South America Parking Meter Apps Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America Parking Meter Apps Market value chain can benefit from the information contained in a comprehensive market report.
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