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Smart Parking Systems Market to Reach US$177.1 mn by 2022 due to Growing Need for Efficient Parking Systems
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According to the research report, the global smart parking systems market will reach US$177.1 mn by the end of 2022. Analysts have calculated that this market will expand at a CAGR of 20.20% from 2015 to 2022. Smart parking systems use travel and navigation planning processes in combination with automated and robotic parking systems, electronic parking payment systems, and parking guidance systems. The popularity of smart parking systems is mainly due to the growing number of vehicles in the world and the paucity of parking spaces for the same.
The biggest advantage of smart parking systems is that they help in managing parking spaces with utmost efficiency and heavily cut down on carbon emissions from vehicles that are a result of idling engines. Furthermore, technological developments such as implementation of IP cameras, display of parking meters, and payment gateways have also led to a huge demand for these systems all across the globe.
A commonly observed trend is that municipalities have larger parking spaces as compared to other entities such as commercial and corporate institutions. Owing to this reason, several smart parking vendors are working with municipalities and public parking lot owners for implementing smart parking systems. This trend is expected to fuel the global smart parking systems market in the near future.
The global smart parking systems market has been segmented on the basis of parking site, component, end-use industry, and geography. Depending on the parking site, this market is segmented into on-street parking and off-street parking. The components in this market are sensor and network hardware, software (management and analytics software and mobile applications), and services, which are further sub-segmented into system integration and installation, parking management, and maintenance. The end-use industries in the global smart parking systems market are governments and municipalities, airports, and corporate and commercial institutions. Geographically, this market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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The research report on the global smart parking systems market offers a complete competitive analysis of the market. It profiles some of the top players in the smart parking systems market such as Cisco, Streetline Inc., Smart Parking Ltd., Urbiotica, and Worldsensin. The research report also gives an account of the financial overview, business and marketing strategies, research and development activities, strategic mergers and acquisitions, and investment outlook of the major companies for the near future.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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