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