According to the new research report published by The Insight Partners, titled “Smart Parking Systems Market–Global Analysis and Forecast to 2025”, the global smart parking systems market is expected to reach US$ 1,462.3 Mn in 2025, registering a CAGR of 15.7% during the forecast period 2017-2025.
Parking has been a challenging issue, especially in the urban landscape, where 30% – 40% of all traffic congestion is mainly caused by drivers struggling to find a parking space. Increasing number of vehicles running on road, surging sizes of vehicles in the luxurious segment, and decrease in the available parking space are influencing the traffic congestion, making it an alarming issue globally. Also, limited availability of data required to guide a driver’s decisions tend to waste lot of time, subsequently fuelling the parking woes in urban areas. This also causes environmental damages such as increase in carbon dioxide emissions, sound pollution, and land contamination. Somewhere, these parking related issues are also impacting the revenues of local businesses in urban areas. Due to unavailability of proper parking space, many local retail shops tend to lose huge business, significantly impacting their incomes directly.
Parking in itself is a huge industry comprising revenues of more than $100 billion globally, and smart parking systems market is emerging as an attractive potential market for flourished as well as new parking players. Smart parking systems market currently is experiencing significantly high growth in several developed geographical regions, and is expected to foresee exponential growth in other areas globally in the coming years. The global Smart Parking Systems market is segmented on the basis of type of parking sites (on-street and off-street parking), components (hardware, software, and service), end-users (transport facilities, government and municipalities, commercial institutions, and corporate institutions), and regions (North America, Europe, Asia-Pacific, Middle East and Africa, and South America).
Key findings of the study:
North America and Europe dominated the Smart Parking Systems market in 2016 with more than 70% combined market share each and are expected to continue their dominance in the forecast period.
North America is anticipated to account the largest Smart Parking Systems market share and would register a CAGR of 14.8%.
APAC is estimated to gain significant share of revenue in the total market as a result of rapid infrastructural growth and developing nations in region. In the forecast period from 2017 to 2025, APAC is estimated to foresee a CAGR of more than 18%.
Smart parking systems are gaining focus in terms of investments, adoption, and implementation across the globe. Major developments are seen in developed countries, but even developing countries have started implementing or are planning to implement smart technologies in their traditional parking systems. Germany, U.K., France, U.S., and Japan are few of the major countries which have successfully deployed smart parking systems and are relishing the benefits of easier and efficient parking systems.
The key companies profiled in this report include Cisco Systems, Inc., Amano McGann, Inc., Smart Parking Ltd., Urbiotica, Skidata AG, Swarco AG, Parkmobile, LLC, Nedap N.V, Kapsch, Xerox Corp., Parkmobile, LLC, and SWARCO AG.
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