The Mexico smart parking market is projected to register a substantial CAGR during the forecast period. Increase in focus on improving urban mobility and the increasing adoption of technology to facilitate simpler and smarter parking solutions are the key drivers for the market growth. During the forecast period, the Mexico smart parking market is expected to witness a substantial increase in the number of solutions implemented across the parking industry in Mexico.
Furthermore, increase in awareness among people regarding the benefits of smart parking and need to introduce automated mechanisms at parking facilities, particularly in public parks, are leading to increased investments in Mexico’s parking infrastructure. Moreover, growth of the Mexico smart parking market is driven by public policy initiatives to promote smart city development throughout Mexico and adoption of advanced technology in car parks.
Furthermore, increase in adoption of internet of things (IoT) generation and advanced sensors & controllers consisting of RFID, ultrasonic and registration code popularity, are some other predominant factors propelling the market growth. In addition, development of a comprehensive community of parking spots through smart parking structures and rise in focus on supplying smooth & handy e-parking solutions to citizens are contributing to the growth of the market. However, high costs associated with the implementation of smart parking structures is hindering market growth. Furthermore, loss of regulatory requirements and infrastructure necessities to combine smart parking structures is restraining the market growth. Contrarily, increase in demand for integrated public parking solutions across the country presents ample opportunities to the Mexico smart parking market players. The government's initiatives to set up thousands of different parking spots in public parks and open spaces is expected to help increase the uptake of IoT connected and automated parking solutions in Mexico. In addition, increase in investments in smart city projects will help IoT based smart parking market in Mexico. Furthermore, growth in demand for smart payment solutions is expected to create lucrative opportunities for vendors. In addition, smart payment solutions allow citizens to pay conveniently from their smartphones for parking spots. As people become more accustomed to smart payment systems, this technology will help the smart parking market grow in Mexico. Furthermore, rise in popularity of license plate recognition systems in Mexico is expected to present substantial opportunities to the Mexico smart parking market. These systems provide security & surveillance in congested parking areas and can identify cars from a long distance. Moreover, this technology is becoming increasingly popular in government parking lots and in commercial garages. Thus, it is expected to create significant opportunities for the market vendors in Mexico.
The Porter’s five force analysis for the Mexico smart parking market indicates a high competition between vendors. This is due to rise in variety of technological advancements inside the parking enterprise and presence of a large range of vendors offering numerous parking solutions in Mexico. Moreover, the bargaining power of buyers is high as companies are increasingly presenting numerous reductions and custom designed programs to their clients. Furthermore, the threat of substitutes is quite high due to presence of traditional parking systems and other alternative solutions. In addition, the threat of new entrants is high as the Mexico smart parking market is currently in its early stages of development with the entry barriers being relatively low.
Furthermore, need for smart parking in Mexico is anticipated to be driven by strategic location, size of the population, and an optimistic outlook on technology. Moreover, the market is expected to grow significantly owing to government initiatives and investments aimed at developing new innovative technologies and smart city projects. According to the analysis, there are several opportunities available to market players. This is due to high demand for integrated public transport solutions, rise in adoption of IoT and advanced sensor technologies, and increase in demand for smart payment systems. In addition, the Mexico market is set to create several opportunities for growth due to large number of providers who offer their services. At the same time, various challenges are limiting the growth of the Mexico smart parking market. These include high cost associated with the implementation of smart parking solutions and lack of regulatory standards for the Mexico smart parking market. To enhance their position in the Mexico smart parking market, operators are concentrating on providing new products and services that have been designed specifically for customers' needs. Moreover, suppliers are increasing their R&D investments in Mexico to implement more advanced parking facilities.
It analyzes the key strategies adopted by major market players in the Mexico smart parking market.
The study assesses and ranks the top factors that are expected to impact the growth of the Mexico smart parking market.
It Identifies the top investment pockets in the market.
Furthermore, increase in awareness among people regarding the benefits of smart parking and need to introduce automated mechanisms at parking facilities, particularly in public parks, are leading to increased investments in Mexico’s parking infrastructure. Moreover, growth of the Mexico smart parking market is driven by public policy initiatives to promote smart city development throughout Mexico and adoption of advanced technology in car parks.
Furthermore, increase in adoption of internet of things (IoT) generation and advanced sensors & controllers consisting of RFID, ultrasonic and registration code popularity, are some other predominant factors propelling the market growth. In addition, development of a comprehensive community of parking spots through smart parking structures and rise in focus on supplying smooth & handy e-parking solutions to citizens are contributing to the growth of the market. However, high costs associated with the implementation of smart parking structures is hindering market growth. Furthermore, loss of regulatory requirements and infrastructure necessities to combine smart parking structures is restraining the market growth. Contrarily, increase in demand for integrated public parking solutions across the country presents ample opportunities to the Mexico smart parking market players. The government's initiatives to set up thousands of different parking spots in public parks and open spaces is expected to help increase the uptake of IoT connected and automated parking solutions in Mexico. In addition, increase in investments in smart city projects will help IoT based smart parking market in Mexico. Furthermore, growth in demand for smart payment solutions is expected to create lucrative opportunities for vendors. In addition, smart payment solutions allow citizens to pay conveniently from their smartphones for parking spots. As people become more accustomed to smart payment systems, this technology will help the smart parking market grow in Mexico. Furthermore, rise in popularity of license plate recognition systems in Mexico is expected to present substantial opportunities to the Mexico smart parking market. These systems provide security & surveillance in congested parking areas and can identify cars from a long distance. Moreover, this technology is becoming increasingly popular in government parking lots and in commercial garages. Thus, it is expected to create significant opportunities for the market vendors in Mexico.
The Porter’s five force analysis for the Mexico smart parking market indicates a high competition between vendors. This is due to rise in variety of technological advancements inside the parking enterprise and presence of a large range of vendors offering numerous parking solutions in Mexico. Moreover, the bargaining power of buyers is high as companies are increasingly presenting numerous reductions and custom designed programs to their clients. Furthermore, the threat of substitutes is quite high due to presence of traditional parking systems and other alternative solutions. In addition, the threat of new entrants is high as the Mexico smart parking market is currently in its early stages of development with the entry barriers being relatively low.
Furthermore, need for smart parking in Mexico is anticipated to be driven by strategic location, size of the population, and an optimistic outlook on technology. Moreover, the market is expected to grow significantly owing to government initiatives and investments aimed at developing new innovative technologies and smart city projects. According to the analysis, there are several opportunities available to market players. This is due to high demand for integrated public transport solutions, rise in adoption of IoT and advanced sensor technologies, and increase in demand for smart payment systems. In addition, the Mexico market is set to create several opportunities for growth due to large number of providers who offer their services. At the same time, various challenges are limiting the growth of the Mexico smart parking market. These include high cost associated with the implementation of smart parking solutions and lack of regulatory standards for the Mexico smart parking market. To enhance their position in the Mexico smart parking market, operators are concentrating on providing new products and services that have been designed specifically for customers' needs. Moreover, suppliers are increasing their R&D investments in Mexico to implement more advanced parking facilities.
Key Benefits For Stakeholders
The report highlights the market analysis based on current trends and future estimations.It analyzes the key strategies adopted by major market players in the Mexico smart parking market.
The study assesses and ranks the top factors that are expected to impact the growth of the Mexico 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.
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Key Market Segments
By Type
- Off-street
- On-street
By Technology
- Internet of Things (IoT)
- Ultrasonic
- RFID
By Application
- Security and surveillance
- Smart payment systems
- E-parking
- License plate recognition
By End User
- Commercial
- Government
- Key Market Players
- Streetline
- FLO
- ParkPlus
- Worldline
- ParkMobile
- ParkMi
- Parkopedia
- T2 Systems
- MobileTicket
- IPS Group
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MEXICO SMART PARKING MARKET, BY TYPE
CHAPTER 5: MEXICO SMART PARKING MARKET, BY TECHNOLOGY
CHAPTER 6: MEXICO SMART PARKING MARKET, BY APPLICATION
CHAPTER 7: MEXICO SMART PARKING MARKET, BY END USER
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- Streetline
- FLO
- ParkPlus
- Worldline
- ParkMobile
- ParkMi
- Parkopedia
- T2 Systems
- MobileTicket
- IPS Group
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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