Smart Parking Market Forecast, Trend, Analysis 2025

Smart Parking Market to 2025 - Global Analysis and Forecasts By Parking Sites (Off-Street and On-Street), Components, End-user Industries (Transport Facilities, Government & Municipalities, Commercial Institutions, and Corporate Institutions)

Publication Month : Jun 2017

  • Report Code : TIPTE100000553
  • Category : Electronics and Semiconductor
  • Status : Published
  • No. of Pages : 164
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The smart parking market is expected to grow from US$ 398.6 million in 2016 to US$ 1,462.3 million by 2025 at a CAGR of 15.7% between 2017 and 2025.

Smart parking systems address critical parking issues, by making it easier for drivers to park their vehicles without wasting time and fuel. Smart parking systems avail their users with real-time information regarding available parking spaces across the city, thereby reducing the traffic congestion caused due to mismanaged parking spaces. Amano Mcgann, Smart Parking Ltd., Xerox, Cisco and Urbiotica are among the major players operating in this market. North America, being a technologically advanced region along with high number vehicle population and congestion in cities, has witnessed highest adoptions of smart parking systems by government & municipalities of various cities. Europe is the second largest adopter of smart parking systems, while APAC region with growing urbanization and increasing technological trends is anticipated to be the fastest growing region globally in the smart parking market

Smart Parking Regional Markets

Smart Parking Regional Markets
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Market Insights

Smart parking market Boosted Owing to Continued Demand Growth in Asia Pacific

Currently, smart parking systems have seen a significant adoption in the North American and European countries. Furthermore, with advancements in technology and infrastructure, in various developing economies of APAC and MEA that include the grand project in city of Wellington, pilot projects in Canberra, Singapore, Thailand, Dubai and Saudi Arabia are expected to witness significant adoption of smart parking solutions. Although, North America and Europe dominate the global smart parking market, they are anticipated to lose their revenue share to Asia Pacific during the forecast period. Whereas, APAC is expected to register a growth rate of 18.9% during 2016 to 2025 in the global smart parking market.

Global Smart parking market is propelled by the Off-street Parking Segment

Technological advancements such as use of mobile applications for parking guidance systems, enhanced ticketing and payment solutions and significant growth in adoption of smart parking systems by commercial and corporate institutions are the factors expected to boost the demand for off-street parking management system market. This type of parking is beneficial to both short as well as long term parking users. However, high initial deployment cost of off-street parking systems is expected to restrict the growth of the market. The off-street parking segment leads the global smart parking market currently and is expected to continue its dominance during the forecast period.

Smart Parking Market by End-User

Smart Parking Market by End-User
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Smart Parking Market: Strategic Insights

smart-parking-market
Market Size Value inUS$ 398.6 Million in 2016
Market Size Value byUS$ 1,462.3 Million by 2025
Growth rateCAGR of 15.7% from 2017-2025
Forecast Period2017-2025
Base Year2017
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Market initiative was observed as the most adopted strategy in global smart parking market. Few of the recent strategies by some of the players in smart parking market landscape are listed below

  • 2017: Amano Mcgann extended its partnership with one of its oldest dealers PSX to Colorado.
  • 2017: Valeo and Cisco announced a cooperation agreement to develop strategic innovations in smart mobility services.
  • 2017: Smart Parking announced that it won a new contract in New Zealand, chosen by Wilson Parking New Zealand as the preferred supplier of sensor and bay-finding technology at nine new sites.
  • 2017: Smart Parking launched its newly designed SmartSpot IoT Gateway, with new and improved features adapted to meet the needs of smart city

Global Smart Parking Systems - Market Segmentation

By Parking Site

  • Off-Street Parking
  • On-Street Parking

By Components

  • Hardware
  • Software
  • Service

By End-user Industry

  • Transport Facilities
  • Governments & Municipalities
  • Commercial Institutions
  • Corporate Institutions

By Geography

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • Italy
    • Spain
    • U.K
    • Rest of Europe
  • Asia Pacific (APAC)
    • Japan
    • China
    • India
    • Australia
    • Rest of APAC
  • Middle East & Africa (MEA)
    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of MEA
  • South America (SAM)
    • Brazil
    • Rest of SAM

Company Profiles

  • Cisco Systems, Inc.
  • Amano McGann, Inc.
  • Smart Parking Ltd.
  • Urbiotica
  • Skidata AG
  • Swarco AG
  • Parkmobile, LLC
  • Nedap N.V
  • Kapsch
  • Xerox Corp.
  • Parkmobile, LLC
  • SWARCO AG
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Parking Sites , Components, End-user Industries

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

The List of companies - Smart Parking Market 
  1. Amano McGann, Inc.
  2. Cisco
  3. Smart Parking Ltd.
  4. Urbiotica
  5. SKIDATA AG
  6. Nedap NV
  7. Kapsch
  8. Xerox Corp.
  9. Parkmobile, LLC
  10. SWARCO AG

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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