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Smart Parking Market Expected to reach $11,553.6 Million by 2025| Extensive analysis of the current as well as emerging trends and dynamics

02-25-2019 06:09 PM CET | Industry, Real Estate & Construction

Press release from: Allied Market Research

Smart Parking Market Expected to reach $11,553.6 Million

The global smart parking was valued at $5,001.1 million in 2017, and is projected to reach $11,553.6 million by 2025, registering a CAGR of 11.2% from 2018 to 2025. At present, North America dominates the market, followed by Europe. In 2017, the U.S. is expected to remain dominant in the North America market, while France is expected to lead at a significant growth rate in Europe.

There are problems associated with vehicle parking due to growth in number of vehicles. This technology provides user a real-time information related to the parking space. Rise in population, increase in disposable income, and development of the cities with the slower pace has resulted in parking related problems.

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This technology helps solve problem associated with parking that leads to create air pollution. It includes components that consist of low-cost sensors, real-time data interference, and smart mobile applications that allow users to monitor available & unavailable parking spots. Facility to handle the parking of the vehicle suitably with the use of smart phones. Governments across the globe are taking initiative for the development of infrastructure which is projected to result in automated parking.

Furthermore, some solutions facilitate the services such as online payments, parking time notifications, and car searching functionalities for very huge parking lots. In December 2017, the U.S.-based Blockchain technology firm Net-Objex has showcased a smart parking payment solution by using the IOTA decentralized network and cryptocurrency. This new solution is projected to help motorists to pay autonomously for parking through the integration of crypto wallets.

Furthermore, the market is expected to grow at a lucrative demand during the forecast period, owing to the advantages such as improved usage of parking space, reduced traffic congestion enhanced user interference due to real time data accessibility, and increased safety to human beings as well as other motor vehicles. The rise in development of urbanization leads to increase in demand for infrastructure including transportation and building. Smart cities also provide higher technology through mobile technology, thus optimizing existing infrastructure in an efficient way.

Based on type, the off-street parking segment generated the highest revenue in the smart parking market in 2017, and is expected to remain dominant during the forecast period. In addition, based on technology, the ultrasonic sensor segment generated the highest revenue followed by IoT and RFID.

Key Findings of the Smart Parking Market:
•The off-street parking type segment is estimated to generate the highest revenue in the global smart parking market in 2017.
•In 2017, the commercial segment is projected to be the highest revenue contributor in the end-user segment.
•Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
•In 2017, North America contributes the highest market revenue, followed by, Asia-Pacific, Europe, and LAMEA.

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The key players profiled in the report are Amano Mcgann, Inc., Urbiotica, Smart Parking Ltd., IEM SA, IPS Group Inc., Klaus Multiparking Systems, Swarco AG, PArklayer, Omnitec group, Dongyang Menics Co. Ltd., Skidata AG, and Mindteck.

About Allied Market Research
Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

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