Press release
What's Driving Smart Parking Systems Market Growth? Top Players : Smart Parking Ltd., Urbiotica, Skidata AG, Swarco AG, Parkmobile, LLC, Nedap N.V, Kapsch, Xerox Corp., Parkmobile, LLC , SWARCO AG
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Smart parking market is expected to grow US$ 1462.3 million by 2025 from 398.6 million 2016. Off street parking is anticipated to continue its dominance over the forecast period. Presently, almost 68% of the smart parking systems are off street parking. Off-street smart parking solutions are majorly utilized by governments and municipalities, corporate institutions, commercial institutions and transport facilities. Globally off-street parking is considered as a cost-effective and convenient parking solution.
Key trend which will predominantly effect the market in coming year is rapid evolution of technologies supporting the growth of smart parking systems across the globe. Smart parking market is anticipated to witness several technological improvisations in terms of expansion of bandwidth and connectivity. Growth in smart parking systems market is fueled by the surging demand for flexible, scalable and efficient parking systems to manage the on-street and off-street parking spaces, in order to reduce the gridlocks taking place because of large number of commuters circling on road searching for parking spaces.
Smart parking market by end-user industry is segmented into transport facilities, government & municipalities, commercial institutions and corporate institutions. Increasing number of vehicles running on road, surging sizes of vehicles in the luxurious segment, and decrease in the available parking space are influencing the traffic congestion, making it an alarming issue globally.
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The overall market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, primary interview were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the smart parking industry.
1 Table of Contents
1.1 List of Tables
1.2 List of Figures
2 Introduction
2.1 The Insight Partners Research Report Guidance
3 Key Takeaways
4 The Global Smart Parking Systems Market Landscape
4.1 Overview
4.2 Market Segmentation
4.2.1 Global Smart Parking Systems Market - By Parking Site
4.2.2 Global Smart Parking Systems Market - By Components
4.2.3 Global Smart Parking Systems Market - By End-user Industry
4.2.4 Global Smart Parking Systems Market - By Geography
4.3 Value Chain Analysis
5 The Global Smart Parking Systems Market - Key Industry Dynamics
5.1 Key Market Drivers
5.1.1 Rising Vehicular Population and Limited Availability of Parking Spaces
5.1.2 Growth in the implementation of IoT based Smart City Programs is Expected to Bolster the Smart Parking Systems Market
5.1.3 Municipalities are switching to Smart Parking Systems
5.1.4 The Need for Scalable, Flexible, Space Efficient and Easy Parking Systems
5.2 Key Market Restraints
5.2.1 Low Consumer Awareness and Limited Funding for Smart Parking Deployment
5.2.2 Interoperability and System Integration Issues
5.3 Key Market Opportunities
5.3.1 Provision of Bundled Car-Oriented Services with Smart Parking is expected to Open New Avenues for Revenue
5.3.2 Rising Interest of Major Automotive Companies in Smart Parking Systems
5.4 Future Trends
5.4.1 Operating on a Revenue Sharing Model
5.4.2 Switching to LoRAWAN Technology
5.4.3 Introduction of NWave Technology
6 The Smart Parking Systems Market - Five Forces Analysis
6.1 Porters Five Forces Analysis
6.1.1 Bargaining Power of Suppliers
6.1.2 Bargaining Power of Buyers
6.1.3 Threat of Substitutes
6.1.4 Threat of New Entrants
6.1.5 Degree of Competition
7 The Smart Parking Systems Market - Competitive Landscape
7.1 Global Smart Parking Systems Market Sales Revenue (US$ Mn), 2014 - 2025
7.2 The Global Smart Parking Systems Market - Key Players by Product Portfolio and Region, 2015
7.2.1 The Global Smart Parking Systems Market - List of Key Players by Product Portfolio, 2015
7.2.2 The Smart Parking Systems Market, Key Players by Region
8 Global Smart Parking Systems Market Analysis - Parking Sites
8.1 Overview
8.2 Off-Street Parking
8.2.1 Overview
8.2.2 Global Off-Street Smart Parking Systems Market Revenue and Forecasts to 2025 (US$ Mn)
8.3 On-Street Parking
8.3.1 Overview
8.3.2 Global On-Street Smart Parking Systems Market Revenue and Forecasts to 2025 (US$ Mn)
9 Global Smart Parking Systems Market Analysis - Components
9.1 Overview
9.2 Hardware
9.2.1 Overview
9.2.2 Global Smart Parking Systems Market Revenue and Forecasts to 2025 (US$ Mn), By Hardware Components
9.3 Software
9.3.1 Overview
9.3.2 Global Smart Parking Systems Market Revenue and Forecasts to 2025 (US$ Mn), By Software Components
9.4 Services
9.4.1 Overview
9.4.2 Global Smart Parking Systems Market Revenue and Forecasts to 2025 (US$ Mn), By Services
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