According to the new research report published by The Insight Partners, titled "Smart parking market - Global Analysis and Forecast to 2025", the global smart parking market is expected to reach US$ 398.6 million in 2016 to US$ 1,462.3 million by 2025 at a CAGR of 15.7% between 2017 and 2025.
In 2016, Europe accounted for the second largest revenue share of little more than two-fifth of the total market share, followed by North America.
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.
Off-street parking site is a parking facility which does not interact with the traffic flow on the road. Off-street smart parking solutions are majorly utilized by governments and municipalities, corporate institutions, commercial institutions and transport facilities. Globally off-street parking is considered as a cost-effective and convenient parking solution. Off-street parking accounts for higher demand for smart parking systems due to rising concerns for secure and open walking space for pedestrians leading to increase in construction of parking lots and garages. The off-street segment for parking site segment for smart parking systems is expected to witness a lucrative CAGR growth of 16.3% in the forecast period.
The Indian smart parking market is expected to grow at a CAGR of 12.6% during the forecast period 2017 to 2025. India a well-known overpopulated country with millions of people suffering through the issues of unorganized and unmanageable gridlocks. The parking system in this country has no common standard and introduction of smart parking systems would generalize the entire parking system in the country. Moreover, the country has been planning to deploy its initial projects in its some of the hi-tech cities. India is expected to foresee high demand for more efficient parking systems in coming future.
Key findings of the study:
- From a growth perspective India in Asia-Pacific region is anticipated to witness the most lucrative CAGR growth rate of 12.6% during the forecast period
- Based on parking site, the on-street parking site segment is projected to witness significant lucrative profitable opportunities with projected CAGR growth rate of 14.1%
- By component, the software segment is anticipated to register a attractive CAGR growth rate of 16.3% during the forecast period 2017 to 2025
Software component in the smart parking market comprises of cloud-based software, traditional software, and mobile applications. This software collates and analyzes the live information on how a parking space is being utilized, provide accurate vehicle-by-vehicle, minute-by-minute data on the actual usage of all the facilities, thus offering an edge in day-to-day management, future planning, and maximizing optimum efficiency of revenue. The software used in smart parking systems is either cloud based or uses a server for data storage. Due to rapid adoption of cloud-based solutions, cloud-based software is preferred over traditional software. Server-side software provides necessary information regarding the number of parking spaces being used and the turnover period, to the parking authorities and headquarters. On the other hand, the client side uses mobile applications to provide ease of use on the drive.
The Value chain for the smart parking systems involve various in-bound (integration of hardware components and software applications) & out-bound (certain process that are outsourced viz., cases, software development) activities that add up to the value of the final product, furthermore these primary activities are supported by other components that include infrastructure, manpower, organizational systems and technology development that facilitate smooth flow of all the key processes. Smart parking market value chain covers all the stages of manufacturing and supplying smart parking systems and solutions. The raw materials in the form of the hardware required for the manufacturing of smart parking systems include semiconductors, transmitters, sensors, nodes, cameras, networking components, microcontrollers, cases (plastic, aluminum or metal) and circuits among others.
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