Parking Management Solutions Global Market Report 2023 – By Type (Solutions, Services), By Parking Site (On Site Parking, Off Site Parking), By Technology (Parking Meters, Parking Kiosks), By Application (Transport, Commercial, Government) – Market Size, Trends, And Global Forecast 2023-2032

Parking management refers to solution and service systems focused on managing and using parking sources effectively and efficiently, providing simple parking tactics to the authorities to meet the requirements of controlled parking, and aiding in the reduction of long-waiting times and costs through advanced technologies. The main type of parking sites in parking management is on-street and off-street. On-street parking management refers to a parking management solution for an on-street parking site focused on the parking spaces within a designated area on the street. The main parking management solutions include access control, security management, revenue management, parking reservation management, valet parking management, and others. These parking management solutions are widely used by transport transit, commercial, and government entities. The global parking management market is segmented - 1) By Solution: Access Control, Security & Surveillance, Revenue Management, Parking Reservation Management, Valet Parking Management, Other Solutions 2) By Parking Site: On Street, Off Street 3) By Application: Transport Transit, Commercial, Government The global parking management market size will grow from $3.31 billion in 2022 to $3.64 billion in 2023 at a compound annual growth rate (CAGR) of 9.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the parking management is expected to grow to $5.24 billion in 2027 at a CAGR of 9.5%. The increasing demand for optimal parking space utilization across the globe is driving the growth of the parking management market. In the current era, an increase in vehicles results in the mismanagement of parking spaces across the globe. The authorities operating parking spaces are increasingly investing in advanced parking management solutions for optimal business performance and error-free operations. For instance, in August 2022, Parking Network, a Netherlands-based statistical company, stated that, in large centers and non-residential regions, between 50 and 70% of the land is set aside for parking, compared to an average of 35% in residential areas across the globe, whereas there are 8 parking places available for every vehicle in the US. Therefore, the growing demand for optimum utilization of parking spaces is expected to boost demand for parking management systems during the forecast period. Major players in the parking management market are Amano corporation, FlashParking, Inrix Inc., ParkMobile LLC, Passport Labs Inc., Q-Free ASA, Siemens AG, Streetline Inc., T2 Systems Inc., Tiba Parking LLC, IBM Corporation, APCOA Parking Ltd., Robert Bosch GmbH, IPS Group Inc., Smart Parking Ltd., SKIDATA AG, and Cleverciti Systems GmbH. The growing automation of services is a key trend that is gaining popularity in the parking management market. Automated services help to solve parking-space conundrums while reducing the land use for parking and maximizing space usage efficiency without a human intervention system navigating the parking space and parking the vehicle. For instance, In June 2020, TATA ELXSI, an Indian-based provider of design and technology services across automotive, broadcast, communications, healthcare, and transportation developed two smart auto-parking solutions named Park By Memory and Parking Slot Detection, which help drivers save time and make hassle-free parking with the help of machine learning, automation, and data collection. In November 2021, Verra Mobility Corporation, a US-based smart mobility company, acquired T2 Systems, Inc., for $21 million. This acquisition rounds out Verra's urban transportation technology portfolio, allowing us to maintain revenue growth while expanding our client base and providing streamlined transportation solutions to improve the customer experience and service reach to North America. T2 Systems, Inc., is a US-based parking management solution provider that pioneers in parking, mobility, and transportation systems in North America. North America was the largest region in the parking management market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the parking management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the parking management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The parking management market includes revenues earned by entities by providing services to users of parking facilities and enhancing parking facility design. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The parking management market research report is one of a series of new reports from The Business Research Company that provides parking management market statistics, including parking management industry global market size, regional shares, competitors with a parking management market share, detailed parking management market segments, market trends and opportunities, and any further data you may need to thrive in the parking management industry. This parking management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

An automated parking system refers to a system that consists of several rooms for storing and retrieving vehicles. With the help of this system, vehicles can be transported from the entrance to their parking space without the presence of a driver. The automated parking system is used to stack vehicles vertically to limit space. The main components of automated parking systems are hardware and software. Hardware refers to the computer's tangible components that store and run the written instructions provided by the software. The types of structures involved are AGV system, silo system, tower system, rail guided cart (RGC) system, puzzle system, and shuttle system. The platforms are palleted, and non-palleted. The automation levels involved fully automated and semi-automated. The various end users include residential, commercial, and mixed-use. The global automated parking system market is segmented - 1) By Component: Hardware, Software 2) By Structure Type: AGV System, Silo System, Tower System, Rail Guided Cart (RGC) System, Puzzle System, Shuttle System 3) By Platform: Palleted, Non-Palleted 4) By Automation Level: Fully Automated, Semi Automated 5) By End Use: Residential, Commercial, Mixed Use The global automated parking system market size will grow from $1.9 billion in 2022 to $2.18 billion in 2023 at a compound annual growth rate (CAGR) of 14.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the automated parking system is expected to grow to $3.75 billion in 2027 at a CAGR of 14.6%. The increase in high-rise structures are expected to propel the growth of the automated parking system market going forward. High-rise structures refer to a building or structure that is between 75 and 491 feet high. The automated parking system built into high-rise buildings helps to withstand earthquakes, provide safety mechanisms, and supports pallets under vehicles. For instance, in February 2022, according to the research report by Anarock, an India-based property consulting company, out of 486 residential projects, 291 projects, or 60%, were high-rise buildings, and in the year 2021, the percentage rose to 62%. It means in the year 2021, 263 projects out of 421 were for high-rise buildings. Therefore, high-rise structures are driving the automated parking system market growth. Major players in the automated parking system market are Westfalia Parking, Unitronics, Klaus Multiparking Systems Pvt. Ltd., Robotic Parking Systems Inc., City Lift Parking LLC, Wohr Parking Systems Pvt. Ltd., Skyline Parking, Park plus, Automotion Parking Systems, FATA Automation Inc., Parkmatic, EITO&GLOBAL Inc., AJ Automated Parking Systems, U-Tron and Robotic Parking Systems. Advancements in technology are the key trend gaining popularity in the automated parking system market. Major companies operating in the automated parking system market are integrating intelligence systems such as sensors to sustain their position in the market. For instance, in June 2021, Evergrande Auto, a China-based company manufacturing automated parking systems, launched its automated valet parking system (AVP) based on smart technology with the introduction of the AVP automatic parking system which uses sensor technologies like ultrasonic radars, millimeter-wave radars, high-definition cameras with panoramic views, as well as high-precision maps, and has contributed to the development of features like cruising on narrow roads, pedestrian and obstacle avoidance, automatic car-following, and automatic recognition of park lots. In December 2020, FAAC, an Italian-based company that provides industrial automation solutions, acquired TIBA Parking Systems for an amount of $135 million. With this acquisition, FAAC is expected to strengthen its position in the parking systems segment and achieve leadership. TIBA Parking Systems is an Israel-based company that manufactures automated parking systems for parking operators and owners. Western Europe was the largest region in the automated parking system market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automated parking system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the automated parking system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The automated parking system market consists of revenues earned by entities by providing conveyor, crane system and shuttle. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The automated parking systems market research report is one of a series of new reports from The Business Research Company that provides automated parking systems market statistics, including automated parking systems industry global market size, regional shares, competitors with an automated parking systems market share, detailed automated parking systems market segments, market trends and opportunities, and any further data you may need to thrive in the automated parking systems industry. This automated parking systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Parking lots refer to those agencies that provide areas for the temporary parking of automobiles against parking charges for a specified period of time. Parking garages refers to those agencies that run and operate secure establishments where people can park their motor vehicles against fee charged on a time basis. The main types of parking lots and garages are airport parking and garages, events and venues (stadiums for sporting events), healthcare parking, hospitality parking, municipal parking, office parking, university parking, retail parking, and residential parking. A parking garage at an airport is a structure where individuals can leave their cars. The different technologies include smart parking using IoT, and automation, and include various sites such as off-street, and streets. The global parking lots and garages market is segmented - 1) By Type: Airport Parking And Garages, Events And Venues (Stadiums For Sporting Events), Healthcare Parking, Hospitality Parking, Municipal Parking, Office Parking, University Parking, Retails Parking, Residential Parking 2) By Site: Off Street, On Street 3) By Technology: Smart Parking using IoT, Automation The global parking lots and garages market size will grow from $92.4 billion in 2022 to $94.46 billion in 2023 at a compound annual growth rate (CAGR) of 2.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global parking lots and garages is expected to grow to $100.69 billion in 2027 at a CAGR of 1.6%. The lack of sufficient parking due to rising motor vehicles use in developing economies is expected to drive the global parking lots and garages market. Market liberalization has caused a severe increase in transport, one of the important economic sectors, and its operational efficiency, which in turn has led to increased stagnant traffic in cities. For instance, in India, the average volume of traffic related to parking during peak times can reach 30%–50% of total traffic according to a research study published by the Journal of Traffic and Transportation Engineering. Commuters in Indian cities spend over 80 hours a year looking for parking spaces due to the lack of parking spaces in Indian cities amid a growing population of vehicles. The imbalance between parking supply and parking demand due to the increasing use of vehicles in developing economies is driving the growth of the parking lots and garages market. Major players in the parking lots and garages market include SP Plus Corporation, LAZ Parking Ltd. LLC., ABM Industries Inc., Ace Parking Management Inc., Diamond Parking, Lanier Parking, TPS Parking, Impark, Indigo, Park24, and Wilson Parking. Expensive parking spaces are expected to hinder the global parking lots and garages market. For instance, according to Parkopedia’s global parking index 2022, the average regular parking cost for 2-hour off-street parking in New York charges $43.10 per 2-hour off-street parking, which most expensive city for daily off-street parking ($52.65 average), and Amsterdam charges $13.31 for 2-hour on-street parking. In Australia, an average 2-hour off-street parking cost is $19.12 and daily off-street parking is $34.42. Motorists often get frustrated due to the expensive parking cost as most of the time they end up paying for the time they do not use. Also, the small parking spaces and poor parking services add to their irritation. To cut parking prices and other issues associated with it, people try to avoid using personal vehicles, wind up their work in a short time that hampers their daily work targets, or decide to park elsewhere risking the safety of their vehicle. The wireless smart parking sensor for detecting parking space occupancy is an emerging trend in the global parking lots and garages market. The Parking Lot Sensor (PLS) senses and records the occupancy of parking spaces, allowing active parking lots management functionality such as search, navigation, and reservation. The sensors help in the effective management of parking spaces in cities. For instance, BOSCH recently launched a parking lot sensor that utilizes the LoRaWAN protocol for wireless communication. This sensor helps in guided and regulated parking, which removes traffic limitations. In September 2022, Premium Parking acquired Allpro Parking, a US-based parking management company for an undisclosed amount. Through this acquisition, Premium Parking would expand its presence across the Midwest and Northeast, in order to create the largest network of entrepreneur-led parking. Allpro Parking provides first-class valet parking services for medical facilities, hotels, and special events. Among its specialties are surface and structured parking management, health care system parking management, airport and commuter rail, transportation services, and special event parking. Introduction to online fundraising is gaining popularity in the voluntary health organizations market. Major players operating in the industry are highly focused on introducing digital philanthropy which is widely favorable among donors (and the non-profits they support). For instance, according to fundraising statistics in 2021, 60% of millennials give an average of $481 to NGOs, while online donations accounted for 14.1% of all gifts received by nonprofits. In 2020, online giving is expected to increase by 21%. Facebook fundraisers accounted for 1.3% of all online earnings for nonprofits. In 2020, revenue from Facebook Fundraisers increased by 14%. In August 2020, Cone Health, a not-for-profit healthcare network serving people in Alamance, Forsyth, Guilford, Randolph, Rockingham, and surrounding counties, planned to merge with Sentara Healthcare. With the merger of Sentara Healthcare, Cone Health plans to create a combined organization with a unique value-based approach that is focused on keeping people healthy and well, while providing high-quality, accessible, and affordable health care in more ways and more places. Sentara Healthcare is a US-based not-for-profit health system company operating in North Carolina and Virginia, with 12 hospitals, outpatient care centers, imaging centers, and more. North America was the largest region in the parking lots and garages market in 2022. Asia-Pacific was the second largest region in the global parking lots and garages market share. The regions covered in the global parking lots and garages market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the parking lots and garages market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The parking lots and garages market consists of revenues earned by entities that are engaged in providing temporary parking services for motor vehicles, usually on an hourly, daily, or monthly basis. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The parking lots and garages market research report is one of a series of new reports from The Business Research Company that provides parking lots and garages market statistics, including parking lots and garages industry global market size, regional shares, competitors with a parking lots and garages market share, detailed parking lots and garages market segments, market trends and opportunities, and any further data you may need to thrive in the parking lots and garages industry. This parking lots and garages market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Smart transportation refers to the combined use of management techniques and current technology in the transportation industry. These are technological solutions, which employ a variety of technologies, ranging from basic management systems such as car navigation, traffic signal control systems, container management systems, automatic number plate recognition, speed cameras, and monitoring applications, to more sophisticated applications that include real-time data and input from a range of external sources. The main products of smart transportation include advanced traveler information systems, advanced transportation management systems, advanced transportation pricing systems, advanced public transportation systems, and cooperative vehicle systems. Advanced traveler information systems (refer to intelligent transportation systems that make use of a cutting-edge computer, communication, and information technologies to give users of a system crucial information about traffic laws, route and location guidance, hazardous situations and safety advisories, and warning messages. They are widely used in various modes of transportation, which include roadways, railways, airways, and maritime. The applications of smart transportation include traffic management, road safety and security, parking management, public transport, automotive telematics, and freight management. The global smart transportation market is segmented – 1) By Product Type: Advanced Traveler Information Systems (ATIC), Advanced Transportation Management Systems (ATMS), Advanced Transportation Pricing Systems (ATPS), Advanced Public Transportation Systems (APTS), Cooperative Vehicle Systems 2) By Transportation Mode: Roadways, Railways, Airways, Maritime 3) By Application: Traffic Management, Road Safety and Security, Parking Management, Public Transport, Automotive Telematics, Freight The global smart transportation market size will grow from $123.15 billion in 2022 to $143.54 billion in 2023 at a compound annual growth rate (CAGR) of 16.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of smart transportation market is expected to grow to $261.1 billion in 2027 at a CAGR of 16.1%. Increasing government initiatives and regulations are driving the smart transportation market. The governments across emerging and developing economies are focusing on investing in innovative transportation technologies to reduce the congestion on roadways, maintain safe transportation practices and reduce road accidents. Currently, the Indian government is building around 599 highway projects with a total outlay budget of INR 1,000 billion ($14.67 billion), out of which INR 480 billion ($ 7.03 billion) will be spent on the development of smart cities across the new highways. Therefore, increasing government initiatives and regulations is expected to boost demand for smart transportation solutions during the forecast period. Major players in the smart transportation market are Cisco Systems Inc., Toshiba Corporation, Siemens Corporation, SAP SE, Thales Group, Kapsch Traffic Com, Cubic Corporation, Accenture, Alstom SA., Indra Sistemas S.A, TomTom International B.V, Huawei Technologies Co., Ltd., Iteris, Inc., Schneider Electric, and Q-Free ASA. Internet of Things (IoT) is a key trend gaining popularity in the smart transportation market. IoT sensors and devices collect information, such as trip time or weather conditions and connect with other devices and systems in intelligent transportation systems. The data can also be used to assist drivers. Environmental sensors and computerized weather systems can alert a vehicle when they are going to reach a stretch of road with icy patches. When cars are equipped with sensors that can transmit information about road conditions to a centralized traffic system, traffic administrators can utilize this data to make adjustments, change traffic signals, and better guide traffic to minimize accidents. In November 20202, China's first smart transportation IoT platform was recently launched at the World Transport Conference. The platform employs a wide range of IoT hardware facilities, such as smart cones, accident car boxes, law enforcement integrated fast road sealers, and others, and smart transportation IoT software platforms, to assist road traffic practitioners (traffic cops, road maintenance workers, and road builders) in working more safely and efficiently. In May 2021, Siemens Mobility, a Germany-based provider of sustainable and efficient transport solutions, acquired Padam Mobility for an undisclosed amount. This acquisition expands Siemens Mobility's multimodal transportation-focused portfolio of intelligent infrastructure. It aids transportation professionals in coordinating and integrating various types of transportation to ensure smooth travel from the first mile to the last. Padam Mobility is a France-based Software as a Service (SaaS) provider for on-demand and paratransit software solutions. North America was the largest region in the smart transportation market in 2022. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the smart transportation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the smart transportation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The smart transportation market includes revenues earned by entities by managing transportation and ensuring safe movement of vehicles, pedestrians, traffic, parking, and others. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The smart transportation market research report is one of a series of new reports from The Business Research Company that provides smart transportation market statistics, including smart transportation industry global market size, regional shares, competitors with a smart transportation market share, detailed smart transportation market segments, market trends and opportunities, and any further data you may need to thrive in the smart transportation industry. This smart transportation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The predictive vehicle technology refer to a set of vehicle technologies that incorporate prophetic analytics with the use of both real-time and historical data to predict vehicle behavior, and faults that might hamper vehicles if not corrected in real-time. Predictive vehicle technology uses artificial intelligence (AI) and machine learning (ML) to understand the trends and operating patterns of the vehicle owner which enhances the safety of the vehicle. The main types of component in predictive vehicle technology market are hardware, ADAS, OBD and telematics. The hardware is a mechanical devices used in predictive vehicle technology for vehicles that includes interconnected electronic devices used to control a car’s operation, input, and output. The vehicles using predictive vehicle technology are passenger vehicles and commercial vehicles deployed through on-premise and cloud. It is mainly used for proactive alerts, safety and security, maintenance analysis, and predictive smart parking. The global predictive vehicle technology market is segmented - 1) By Component: Hardware, ADAS, OBD, Telematics 2) By Vehicle Type: Passenger Vehicle, Commercial Vehicle 3) By Deployment: On-Premise, Cloud 4) By Application: Proactive Alerts, Safety And Security, Maintenance Analysis, Predictive Smart Parking The global predictive vehicle technology market size will grow from $30.07 billion in 2022 to $35.72 billion in 2023, at a compound annual growth rate (CAGR) of 18.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the predictive vehicle technology is expected to grow to $71.19 billion in 2027 at a CAGR of 18.8%. The rising demand for technologically advanced vehicles propels the growth of the predictive vehicle technology market. Technologically advanced vehicles are highly equipped with the latest technology such as advanced driver assistant systems (ADAS), predictive vehicle technology, electric vehicle (EV) technology, 360-degree cameras, and more. The growing population and the economy, and rapid urbanization globally coupled with a need to reduce carbon footprint, have led to an increased demand for technologically advanced vehicles such as electric vehicles that use the latest EV technology. As the demand for technologically advanced vehicles grows, it will drive the need for the latest technologies including predictive vehicle technology. For instance, in February 2022, according to the International Energy Agency (IEA), the worldwide electric car market is expanding at a rapid pace with a global sale of 6.6 million EVs in 2021, more than doubling from 2019 which was 2.2 million EVs. Market momentum has continued, with EV sales more than doubling year on year to 6.6 million in 2021, accounting for over 9% of the worldwide market. There are presently around 16 million electric vehicles on the roads globally. Therefore, the rising demand for technologically advanced vehicles drives the predictive vehicle technology market growth. Major players in the predictive vehicle technology market are Bosch, Continental AG, Valeo, Garrett Motion Inc., Aisin Corporation, Aptiv, Hella KGaA Hueck & Co., Huawei Technologies Co., Ltd., Infineon Technologies AG, KPIT Technologies Limited, NXP Semiconductors NV, Qualcomm Technologies Inc., Samsung Electronics Co., Ltd., Sierra Wireless Inc., Cisco Systems Inc., CloudMade, Cohda Wireless Pty Ltd., and Embitel Technologies. Technological advancement is a key trend gaining popularity in the predictive vehicle technology market. Major companies operating in the predictive vehicle technology market are focused on providing new technological solutions/upgrades in predictive vehicle technology to strengthen their position in the market. Predictive vehicle technology also uses hardware components such as ADAS (advanced driver assistance) components, telematics, and onboard diagnostics (OBD) port to predict vehicle behavior and assist the driver. These latest technologies help in ensuring the safety of vehicles. For an instance, in April 2021, Toyota Motor Corp, a Japanese automotive manufacturer launched its new Lexus and Mirai vehicle models in Japan, outfitted with the company's most advanced driver assistance technology, allowing for safe driving and wireless software upgrades. The latest driving assist technology, or Advanced Drive, from the automaker, is a level 2 autonomous system that assists drivers with driving circumstances such as staying in one's lane, maintaining a safe distance from other vehicles, and changing lanes on expressways or other motor-vehicle only routes. In May 2020, ZF Friedrichshafen, a German-based company specializing in driveline and chassis technology, active and passive safety technology, and also a manufacturer of auto parts acquired WABCO Vehicle Control Systems for an amount of over $7 billion. The acquisition strengthens both firms and is expected to hasten the development of new technologies to enable autonomous commercial vehicle operations, making ZF less reliant on the passenger car industry's cycle. Wabco is a US-based company that specializes in advanced driver assistance systems for trucks and trailers. Asia-Pacific was the largest region in the predictive vehicle technology market in 2022. The regions covered in the predictive vehicle technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the predictive vehicle technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The predictive vehicle technology market includes revenues earned by entities by providing services by using predictive maintenance software and predictive maintenance sensors that includes services such as vibration analysis, oil analysis, thermal imaging. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The predictive vehicle technology market research report is one of a series of new reports from The Business Research Company that provides predictive vehicle technology market statistics, including predictive vehicle technology industry global market size, regional shares, competitors with a predictive vehicle technology market share, detailed predictive vehicle technology market segments, market trends and opportunities, and any further data you may need to thrive in the predictive vehicle technology industry. This predictive vehicle technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The advanced driver assistance systems (ADAS) refer to passive or active electronic systems designed to reduce human error component during the operations of vehicles. These systems utilize a wide range of technologies to assist the driver during driving and improve driving performance. Sensors such as radar and cameras are used to provide information to the driver or to take automatic action which prevents injuries and deaths caused by car accidents. The main types of ADAS include tire pressure monitoring system (TPMS), drowsiness monitor system, intelligent parking assist system (IPAS), adaptive cruise control system, blind spot object detection system, lane departure warning system, adaptive front-lighting system, and others. Adaptive front-lighting system refers to electronics or sensor-based systems, designed to help in adjusting the lights depending on vehicle speed and steering input. The offering offered in ADAS includes hardware and software and these systems are used in passenger vehicles, commercial vehicles, buses, and trucks. The global advanced driver assistance systems adas market is segmented – 1) By System Type: Tire Pressure Monitoring System (TPMS), Drowsiness Monitor System, Intelligent Parking Assist System (IPAS), Adaptive Cruise Control System, Blind Spot Object Detection System, Lane Departure Warning System, Adaptive Front-lighting System, Other System Types 2) By Offering: Hardware, Software 3) By Vehicle Type: Passenger Car, Light Commercial Vehicle, Buses, Trucks The global advanced driver assistance systems (adas) market size will grow from $31.85 billion in 2022 to $37.61 billion in 2023 at a compound annual growth rate (CAGR) of 18.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of advanced driver assistance systems (adas) market is expected to grow to $72.56 billion in 2027 at a CAGR of 17.9%.. The increasing government regulations for mandatory ADAS implementation in vehicles are propelling the advanced driver assistance systems market. The governments across the globe are implementing mandatory ADAS inclusion regulations in the vehicle to strengthen driving convenience and safety of the drivers and commuters. For instance, in July 2022, new rules entered into force in the EU, which require new vehicles to be equipped with ADAS to improve road safety. This regulation was focused on increasing general safety of motor vehicles and protection of vehicle occupants, and vulnerable road users, in a move to decrease the number of road accidents. Therefore, the increasing regulations for mandatory implementation of ADAS in vehicles are driving the growth of advanced driver assistance systems. Major players in the ADAS market are Continental AG, Denso, Magna International, Robert Bosch, NXP Semiconductors, Panasonic, Renesas Electronics, Texas Instruments, Hyundai Mobis, ZF Friedrichshafen, Mobileye, Autoliv Inc., Nvidia, Hitachi, and TRW Automotive Holdings Corp. Technological advancements are a key trend gaining popularity in the ADAS market. Major companies operating in the ADAS market are focused on developing new technological solutions to strengthen their position through the implementation of next-generation ADAS technologies into their products such as sensor fusion, embedded vision, HMI, software infrastructure, and autosar. For instance, In September 2021, ZF Friedrichshafen, a German-based company, launched a high-performance Mid-Range Radar (MRR), the nextgen advancement in the ADAS tech market, which is designed to meet safety ratings and enable semi-automated driving functions. The Mid-Range Radar has modes that provide the proper resolution and range tuned for the driving situation. In June 2021, Magna International Inc., a Canada-based manufacturer, and developer of advanced mobility technologies acquired Veoneer, Inc., for $3.8 billion. This acquisition expands Magna’s ADAS product portfolio and industry position, as this provides access to new customers and new regions, including Asia. The acquisition also provides access to engineering and software expertise such as sensor perception and drive policy software. Veoneer, Inc., is a Sweden-based manufacturer and developer of automotive safety technologies. North America was the largest region in the ADAS market in 2022. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the ADAS market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the ADAS market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The advanced driver assistance systems (ADAS) market consists of sales of adaptive cruise control, glare-free high beam and pixel light, adaptive light control, automatic parking, autonomous valet parking and navigation system. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The advanced driver assistance systems (ADAS) market research report is one of a series of new reports from The Business Research Company that provides advanced driver assistance systems (ADAS) market statistics, including advanced driver assistance systems (ADAS) industry global market size, regional shares, competitors with an advanced driver assistance systems (ADAS) market share, detailed advanced driver assistance systems (ADAS) market segments, market trends and opportunities, and any further data you may need to thrive in the advanced driver assistance systems (ADAS) industry. This advanced driver assistance systems (ADAS) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The vehicle security system are devices that uses a sensor or an alarm to protect the vehicle, monitor the vehicle against theft and other actions. Vehicle security also uses factory alarm system control, door lock control, and a computerized data network to secure the vehicles. The main types of products in vehicle security system market are immobilizers, alarm systems, tracking systems, central locking systems, remote keyless entries, and others. Immobilizers are used to secure the vehicle from theft. Immobilizers are connected to the vehicle to provide security by reducing the vehicle from being hotwired and security from theft. The different technologies include a global positioning system, a global system for mobile communication, a face detection system, real-time location system, and others that are implemented in different vehicle types such as passenger cars, commercial vehicles, and others. The global vehicle security system market is segmented – 1) By Product Type: Immobilizers, Alarm System, Tracking System, Central Locking System, Remote Keyless Entry and Other Product Types 2) By Technology: Global Positioning System, Global System for Mobile Communication, Face Detection System, Real-Time Location System and Other Technologies 3) By Vehicle Type: Passenger Car, Commercial Vehicles and Other Vehicle Types The global vehicle security system market size will grow from $8.57 billion in 2022 to $9.5 billion in 2023 at a compound annual growth rate (CAGR) of 10.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of vehicle security system market is expected to grow to $13.35 billion in 2027 at a CAGR of 8.9%. The increasing cyberattacks are expected to propel the growth of the vehicle security system market going forward. A cyberattack is a deliberate attempt by an individual or organization to breach the information system of another individual or organization. As automotive innovation grows, cybersecurity evolves as a real concern. Automotive vehicle security system secures electronic systems, communication networks, software, and data collected by the new wave of intelligent cars from harm. If a vehicle’s computer systems aren’t protected properly, hackers can steal data or even take control of the vehicle. For instance, according to Automotive Cybersecurity Report 2021 published by Upstream, an Israel-based automotive cybersecurity company, the frequency of cyberattacks on cars increased 225% from 2018 to 2021 and 85% of the attacks in 2021 were carried out remotely. Therefore, the increasing cyberattacks drive the growth of the vehicle security systems market. Major players in the vehicle security system market are Continental AG, Delphi Automotive, Denso Corporation, Hella Kgaa Hueck & Co., Lear Corporation, Mitsubishi Electric Corporation, Robert Bosch GmbH, Tokai Rika Co. Ltd., Valeo SA, TRW Automotive, ZF Friedrichshafen AG, Aptiv PLC, Omron Corporation, Clifford, and Viper Security Systems. Technological advancements have emerged as a key trend gaining popularity in the vehicle security system market. Major companies operating in the vehicle security system sector are focused on developing new technological solutions to reinforce their position. For instance, in January 2022, Ford, a US-based automobile manufacturer, and ADT Security Services, a US-based security company announced a $100 million standalone joint venture called Canopy to help prevent theft from vehicles using sensors and AI. According to the companies, by 2023, Canopy will initially provide an after-market security product for customers to install a camera in a cargo vehicle or pickup that faces back and relies on AI to identify and report credible threats and trigger an alarm when signs and sounds of metal cutting or breaking glass or suspicious sounds or motion near a vehicle are detected. The joint venture's and technology's principal goal is to prevent vehicle theft before it happens. In May 2020, ZF Friedrichshafen AG, a Germany-based vehicle security system company acquired WABCO for an undisclosed amount. With this acquisition, the ZF plans to expand its commercial vehicle service portfolio and operating customer business and also focuses on mobilizing commercial vehicle intelligence. WABCO is a US-based commercial vehicle security company that develops mobilizing vehicle intelligence technology for vehicle security. Asia-Pacific was the largest region in the vehicle security system market in 2022. The regions covered in the vehicle security system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the vehicle security system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The vehicle security system market consists of sales of passive security systems, active security systems, alarms and immobilizing devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The vehicle security system market research report is one of a series of new reports from The Business Research Company that provides vehicle security system market statistics, including vehicle security system industry global market size, regional shares, competitors with a vehicle security system market share, detailed vehicle security system market segments, market trends and opportunities, and any further data you may need to thrive in the vehicle security system industry. This vehicle security system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Information technology (IT) is the use of computers, storage, networking and other physical devices, infrastructure and processes to create, process, store, secure and exchange all forms of electronic data. The main type of information technology (IT) are IT services, computer hardware, telecom, and software products. Computer hardware is the physical components that a computer system requires to function and encompasses everything within a PC or laptop. The services are used by large, small, and medium enterprises of financial services, retail and wholesale, manufacturing, healthcare and others. The global information technology (IT) market is segmented - 1) By Type: IT Services, Computer Hardware, Telecom, Software Products 2) By Organization Size: Large Enterprise, Small and Medium Enterprise 3) End User Industry: Financial Services, Retail & Wholesale, Manufacturing, Healthcare, Other End User Industries Subsegments Covered: Hardware Support Services, Software And BPO Services, Cloud Services, Computer Peripheral Equipment, Computer Storage Devices And Servers, Computers, Wireless Telecommunication Carriers, Wired Telecommunication Carriers, Communications Hardware, Satellite & Telecommunication Resellers, Operating Systems & Productivity Software Publishing, Database, Storage & Backup Software Publishing, Business Analytics & Enterprise Software, Video Game Software, Design, Editing & Rendering Software The global information technology (IT) market size grew from $8179.48 billion in 2022 to $8852.41 billion in 2023 at a compound annual growth rate (CAGR) of 8.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The information technology (IT) market is expected to grow to $11995.97 billion in 2027 at a CAGR of 7.9%. The demand for cloud computing services is expected to drive the demand for IT services during the forecast period. In the cloud computing model, data is stored on the internet by a cloud computing provider, who manages and operates data storage as a service. Many companies are now choosing applications hosted in the cloud for their day-to-day operations. For example, according to statistics provided by hostingtribunal.com, 60% of computing workloads were running in the public cloud in 2019. Similarly, 94% of enterprise workloads are expected to be processed by cloud data centers in 2021. Companies are also opting for cloud-based data storage, thus boosting the demand for IT services. Major companies in the information technology (IT) market include Apple, Microsoft, Verizon Communications, China Mobile, AT&T Inc., Huawei, Deutsche Telekom AG, Dell Technologies Inc., Samsung Electronics Co., Ltd. and Comcast Corporation. The outbreak of COVID-19 disease (COVID-19) has acted as a significant restraint on the information technology (IT) market share in 2020 as supply chains were disrupted due to trade restrictions and employees working for these establishments faced difficulties related to infrastructure and communication owing to lockdowns imposed by governments globally, forcing them to work from home. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally, including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity, with countries entering a state of 'lock down,' and the outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the information technology (IT) market will recover from the shock across the forecast period as it is a 'black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy. Over the past five years there has been an increasing prevalence of low cost open source alternatives. Open source has become a preferred platform for developing new technology. In the past, software publishers would open source software that was not making money, but now companies are open sourcing software to increase their presence and share in the market. Supabase, a YC-incubated startup that offers developers an open-source alternative, announced that it had raised a $6 million in funding to create new open-source tools. Asia-Pacific was the largest region in the information technology (IT) market in 2022. North America was the second largest region of the information technology (IT) market. The regions covered in the information technology (IT) industry analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the information technology (IT) market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam. The information technology (IT) market consists of revenues earned by entities by providing IT services such as computer networking, broadcasting, systems design services and information distribution technologies like television and telephones and other equipment used during the process. The market value includes the value of related goods sold by the service provider or included within the service offering. The information technology (IT) market also includes sales of computers, computer peripherals and telecommunications equipment which are used in providing IT services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The information technology (IT) market research report is one of a series of new reports from The Business Research Company that provides information technology (IT) market statistics, including information technology (IT) industry global market size, regional shares, competitors with information technology (IT) market share, detailed information technology (IT) market segments, market trends and opportunities, and any further data you may need to thrive in the information technology (IT) industry. This information technology (IT) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.