openPR Logo
Press release

Smart Parking Systems Market: Off-street Parking Demand Soars

Smart Parking Systems Market: Off-street Parking Demand Soars

The staggering amount of vehicles coming on to roads around the world calls for advanced methods for parking. Traffic and parking problems are on the rise and people are finding lesser space for either. This is creating a high level of discomfort, fuel wastage, and high levels of emissions. Urban and city parking has therefore become a major concern for both developed and emerging nations, forming the primary driver leading most entities towards seeking smart parking system solutions.

Smart parking systems provide a highly flexible, scalable, and efficient way for buildings and locations of all sizes and types, thus ensuring a smoother flow of traffic and a considerable drop in emissions. The latter forms a high concern issue as the growing emission levels are creating multiple complications in climate change and human health. The leading employers of smart parking systems in most countries are their municipalities. Their interest and involvement allows for the development of better smart parking systems through an upwards scaling of parking fees that can directly be used for advancing smart parking technologies.

Download PDF Brochure: https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=5966

The global market revenue for smart parking systems is therefore expected to show an exceptionally positive CAGR of 20.2% from 2015 to 2022. This revenue is expected to be valued at US$59.7 mn by the end of 2016 and reach US$177.1 mn by 2022.

North America Shows High Demand for Smart Parking Systems

North America is expected to generate a revenue of US$34.6 mn for the global market for smart parking systems by 2022, due to the presence of dense traffic in cities such as New York, Los Angeles, and others. These cities are also showing a higher level of awareness towards modern solutions for traffic control and parking, thereby becoming an optimized region for the large-scale adoption of smart parking systems.

Various smart parking systems have already been implemented in North America, such as the SFpark program implemented in San Francisco. Areas in the city equipped with SFpark systems have sped up parking of vehicle by five minutes on average when compared to conventional parking methods. Programs such as these are proof that the smart parking systems can bring about a successful change in traffic and parking conditions across the world.

Off-street Parking Demand Soars

In terms of the site of parking, the smart parking systems can be classified into off-street and on-street parking solutions. At the moment, off-street smart parking systems are in high demand due to the ease with which they can be implemented and fine-tuned. Additionally, they can be privately owned, while almost all on-street parking spaces are owned by the government. Therefore, while the need for smart parking systems is extremely high in both sites, it is being implemented on a larger scale in off-street sites. Most off-street parking areas are made of commercial parking lots and garages. On the other hand, on-street smart parking systems have to prepare for permit timers, passenger zones, loading zones, bus and truck zones, and street cleaning vehicles.

Off-street parking spots are the easier place to implement effective smart parking systems in tandem with robot-assisted or automated parking services. These systems help increase the comfort and safety of all passengers. On the other hand, on-street smart parking systems are gathering steam. This parking site segment is expected to progress at a CAGR of 23.6% from 2015 to 2022.

View Report TOC: https://www.transparencymarketresearch.com/report-toc/5966

About TMR

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.

Contact TMR

90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email:sales@transparencymarketresearch.com
Website:http://www.transparencymarketresearch.com

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Smart Parking Systems Market: Off-street Parking Demand Soars here

News-ID: 1006359 • Views: 329

More Releases from Transparency Market Research

Medical Device Contract Manufacturing Market: Technological Advancements and Mul …
Medical devices contract manufacturing involves taking the assistance of third-party companies to manufacture medical devices. Contract manufacturing of medical devices allows the companies to go for the production of devices based on latest technologies without deviating from their core activities. The medical device contract manufacturing allows the companies to focus on their core activities such as marketing of the product or device which in turn boosts the market growth. Read Report
Insulin Delivery Devices Market is Projected to Reach Market Valuation of US$ 21 …
Transparency Market Research (TMR) has published a new report titled ‘Insulin Delivery Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 to 2026.’ According to the report, the global insulin delivery devices market was valued at US$ 10,385.0 Mn in 2017 and is projected to reach US$ 21,783.3 Mn by 2026, expanding at a high CAGR of 8.7% from 2018 to 2026. Increase in the prevalence
Advanced Wound Care Management Market to Expand at a CAGR of 5.8 % from 2018 to …
Transparency Market Research (TMR) has published a new report titled, “Advanced Wound Care Management Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global advanced wound care management market was valued at US$ 8.5 Bn in 2016 and is projected to expand at a CAGR of 5.8% from 2018 to 2026. Read Report Overview - https://www.transparencymarketresearch.com/advanced-wound-care-management-market.html Surge in incidence of chronic wounds and
Radiation Dose Management Market: Safety Concerns against Adverse Effects of Rad …
Transparency Market Research has published a new report titled, “Radiation Dose Management Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global radiation dose management market was valued at US$ 143.2 Mn in 2017 and is projected to expand at a CAGR of 26.7% from 2018 to 2026 to reach US$ 1,361.5 Mn in 2026. Read Report Overview - https://www.transparencymarketresearch.com/radiation-dose-management-market.html Rise in prevalence

All 5 Releases


More Releases for Parking

Global Smart Parking Market
Global Smart Parking Market size will grow from USD 2.71 Billion in 2017 to USD 7.32 Billion by 2023, at an estimated CAGR of 18%. The base year considered for the study is 2017, and the market size is projected from 2018 to 2023. The market is driven by factors such as limited parking space availability, a growing number of accidents caused by vehicles reversing out of parking spaces and growing
Car parking system Market May Witness Astonishing Growth | Skyline Parking, Mult …
United States Car parking system Market Report 2018 is latest research study released by HTF MI evaluating the market, highlighting opportunities, risk side analysis, and leveraged with strategic and tactical decision-making support. The study provides information on market trends and development, drivers, capacities, technologies, and on the changing capital structure of the United States Car parking system Market. Car parking system Market Overview: If you are involved in the Car
SimplyGuest launched Parking Marketplace to solve Parking Woes of Bangaloreans
Need a safe place for your four-wheeled buddy? Find long-term parking in convenient locations here! Ten Second Takeaway If you don’t have a safe, covered parking space for your car at home, SimplyGuest is a platform through which you can find owners willing to rent out such spaces in several major locations. A Safe Place With the monsoon all set to roll into the city soon, you might be worried about not having a safe
Market Size : Automated Parking Management System Market in Global Industry | Sk …
Albany, NY, 6th June : Recent research and the current scenario as well as future market potential of "Automated Parking Management System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025" globally. The automated parking management system is a method of automatically parking and retrieving cars or vehicles in order to cater to the increasing demand for safe and convenient parking, as the number of vehicles
Why Choose Sydney Airport Parking Instead Of Traditional Airport Parking
Nowadays, people are becoming increasingly involved in air travel. No matter if you're considering a family holiday or a business trip, Sydney airport parking affords way better options than traditional airport parking. Air travel is more popular than ever as more and more people are using airports to move from one place to another. Airports are busy places and they need to make some improvements. Due to the increased number of
Smart Parking Systems Market
Smart parking system provides real-time information about the availability of parking space in a particular location, thereby enabling hassle-free vehicle parking while saving on time, cost, and fuel. It consists of low-cost sensors, real-time data collection and analytics, and automated payment systems that allow people to find parking in desired locations and pay for it in advance. Once deployed, the smart parking system helps in reducing exhaust emissions from cars