Global Real-Time Parking System Market to Witness Soaring Growth During 2016-2026

Proliferating number of vehicle combined with the escalating traffic has led to a serious issue of parking in urban cities. In the absence of any systematic method or a system, sufficient time and fuel is wasted over parking. As much as more than twenty five percent of the traffic is contributed by vehicles cruising for parking. Problems are further exacerbated if there are limited parking spaces and or if they are available for any particular period of time. Therefore there arises a strong need for real time information on the availability of parking in a particular region and location. The parking industry has witnessed major technological metamorphosis, and with the introduction of new technology and systems efficient and convenient parking operation can be achieved. A real time parking system collects the data either through cameras or sensors, analyses the input and presents a location to the user either through an inbuilt device in car or through a mobile application. The utilization of real time parking system by parking operator and customer is enabling a smoother transition and efficient management of traffic and parking in a location.

Global real-time parking system market: Dynamics

The real time parking system market demand is propelled with increasing usage of such systems in urban cities. The demand is further boosted with enhanced features offered by modern real time parking system such as parking spot price, spot guidance and airport and transit connections along with other services. With increasing adoption of efficient real time parking system the demand for these system is expected arise from airport, hospital, mall parking, commercial parking garages, universities, on street municipal and other event avenues. The strong integration of real time parking system and Internet of Things and cloud data is opening new avenues for the users and manufacturers. The integration is enabling users to access real time parking condition and for paid parking structures, it’s helping user opt for simple payment method through payment wallet. Although owing to high capital cost of equipment for real time parking systems, the adoption is relatively low but with economic pricing of these systems the application for commercial purpose is expected to increase.

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Global real-time parking system market: Region-wise Outlook

On the basis of region, the real-time parking system market can be segmented into North America, Western Europe, Asia Pacific Excl. Japan, Latin America, Middle East & Africa, Eastern Europe, and Japan. The North America and Western Europe are currently one of the largest markets real-time parking system, yet the demand for real-time parking system is relatively moderate in the regions owing to maturing automotive sales. The rising sales of automobile and increasing vehicle density in Japan and APEJ are propelling the demand for real time parking system market in the region, therefore the market is anticipated to account for substantial market share during the forecast period. Likewise Latin America real time parking system market is expected to gain significant market share over the forecast period. The Middle East and Africa real time parking system market is expected to create sustainable opportunities in key markets of Qatar, Dubai, Turkey and South Africa among other countries.

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Global real-time parking system market: Key Players

Some of the key players identified in the real-time parking system market are: Streetline, Smart Parking Ltd., ParkMe Inc., Parknav, T2 SYSTEMS, Spot Innovation, Inc., INRIX, Inc., ParkWhiz API, Robotic Parking Systems, Inc., Cisco Systems, Inc., and PARKMATIC among many other participant.

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This release was published on openPR.