The Latin America smart parking market is expected to expand swiftly during the projection period, owing to rise in demand for advanced technological services to improve the performance of parking in Latin America. Smart parking services comprise different on and off-street systems, such as Internet of Things (IoT), ultrasonic, Radio Frequency Identification (RFID) and other modern technologies. Furthermore, the market is driven by the enhancing appeal of smart parking services for better safety & monitoring, smart settlement systems; e-parking; and certificate plate recognition in Latin America. Moreover, rise in urbanization, exponential increase in population, and automation are significant driving aspects of the Latin America smart parking market. Various other market drivers entail the requirement for reliable, protected, and economical vehicle parking services. Significant breakthroughs in numerous modern technologies, such as sophisticated sensing units, automated communication, and machine learning, are creating potential possibilities for the smart parking market in Latin America. Furthermore, federal government efforts and partnerships with private companies are fostering to the market growth. Although advancements in modern technology are assisting to drive the Latin America smart parking market, the cost of smart parking services is still a restraining factor. Various other aspects hindering the market?include high price of installation and upkeep, lack of technical assistance, lack of infrastructure, and lack of standardization of systems.
Latin American countries are concentrating on increasing the occurrence of smart parking systems, and this is expected to offer remunerative opportunities for the market in coming years. Moreover, rising customer demand for IoT-enabled tools is expected to open lucrative opportunities for the Latin America smart parking market. Furthermore, financial investments from federal governments are expected to drive the overall market. The Latin America smart parking market is anticipated to witness considerable growth due to rise in demand for modern car parking solutions for efficient website traffic administration and need for improved safety & surveillance. In addition, development of smart cities in the area is predicted to drive the market, as these cities have a high demand for efficient parking remedies, such as RFID, IoT, and certificate plate recognition. In addition, application of smart parking services is anticipated to help reduce traffic, thereby enhancing fuel efficiency and reducing emission of harmful gases. The Latin America smart parking market is segmented based on type, technology, application, and end user. By type, the market?is classified into off-street and on-street. On the basis of modern technology, the market?is separated into Internet of Things (IoT), ultrasonic, Radio Frequency Identification (RFID), and others. By application, the market is categorized into security and surveillance, smart payment systems, e-parking, and license plate recognition. By end user, the market is bifurcated into commercial and government. The Latin America smart parking market is being examined using Porter’s five force analysis which includes bargaining power of suppliers, bargaining power of customers, threat of substitutes, competitive rivalry, and threat of new entrants. The bargaining power of the suppliers is high as there are minimal number of suppliers with a strong presence in the market?of Latin America. The bargaining power of buyers is lower than the suppliers due to the presence of substitutes and the large number of customers in the market. Moreover, competition in the Latin America smart parking market is high due to the existence of huge international and domestic players in the region. Furthermore, the threat of new entrants is reduced due to high cost of technology and visibility of rigid government laws.
SWOT analysis of the Latin America smart parking market highlights its potential strengths, weaknesses, opportunities, and threats. Strengths consist of rise in urbanization, rise in population, and rise in focus of Latin American governments on improved web traffic monitoring. The restraint of the market?is the high cost of technology and absence of technological assistance. The market opportunities include rise in financial investments in smart parking solutions, implementation of IoT and RFID modern technologies, and increase in need for cost-efficient parking solutions. The threat to the market?includes lack of facilities and non-standardization of systems. Several players in the Latin America smart parking market are concentrating on developing new and innovative products to obtain a competitive edge. For example, Echobox recently released its boosted range of RFID viewers, called the Echobox Prime Collection. These viewers are designed to assist in reliable accessibility administration and user-friendly visitor flow for integration of seamless smart parking remedies. Several players are investing in R&D for advancement of sophisticated and effective products. For instance, in 2021, Dynniq entered a partnership with the Netherlands Institute of Transport Policy.


The report highlights the market analysis based on current trends and future estimations.
It analyzes the key strategies adopted by major market players in Latin America smart parking market.
The study assesses and ranks the top factors that are expected to impact the growth of the Latin America smart parking market.
It Identifies the top investment pockets in the market.
Top player positioning provides a clear understanding of the present position of market players.
Detailed analysis of the Latin America smart parking market segmentation assists to determine the prevailing market opportunities.

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By Type
? Off-street
? On-street

By Technology
? Internet of Things (IoT)
? Ultrasonic

By Application
? Security and surveillance
? Smart payment systems
? E-parking
? License plate recognition

By End Users
? Commercial
? Government
? Key Market Players
? Siemens
? Hitachi
? Cisco Systems
? Xerox
? Traffic Technologies
? Fujitsu
? Telenav
? Kapsch TrafficCom
? DTI Global Solutions