Smart Parking Systems Market to Witness 16.1% CAGR during 2019–2024

It is true that the advent of vehicles and numerous advancements in the automobile industry has had countless positive effects, but vehicles these days are also causing a number of problems. As the disposable income of people has increased in various countries, owing a car stopped being a luxury since more than a decade. This has resulted in an alarmingly high number of vehicles on the roads, which further causes road congestion. Unorganized and inadequate parking spaces are also among factors which cause road congestion. As per industry experts, about 30.0% of the traffic congestion is on account of search for parking spaces.

The global smart parking systems market is predicted to generate a revenue of $9.1 billion in 2024, from $3.4 billion in 2018, registering a 16.1% CAGR during the forecast period (2019–2024). Smart parking systems help to park a car on both on-street and off-street parking sites. Off-street smart parking systems help in facilitating an easy pay-and-park process for both long and short durations, due to which off-street parking is more in demand. Hardware, service, and software technologies are offered under smart parking solutions.

Smart Parking Systems Market Key Players-
1. Amano Corporation
2. Robert Bosch GmbH
3. Urbiotica S.L.
4. Smart Parking Ltd.
5. Kapsch TrafficCom AG
6. IPS Group Inc.
7. ParkMobile LLC
8. Nedap N.V.
9. WORLDSENSING S.L.
10. Siemens AG
11. Valeo SA
12. Continental AG
13. Delphi Technologies PLC
14. Xerox Corporation
15. Cisco Systems Inc.

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In 2018, North America held the largest revenue share in the smart parking systems market. The continent is projected to see an even higher adoption of such systems, during the forecast period, with governments working to reduce traffic congestion, which has become a grave problem as a result of the increasing number of vehicles on the roads. During the forecast period, Asia-Pacific (APAC) would witness industry growth at the highest CAGR, on account of the increasing adoption of such solutions in China.

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Market Segmentation by Parking Site
Off-Street
On-Street

Market Segmentation by Technology
Hardware
Software
Service

Market Segmentation by End User
Commercial
Government
Others

Robert Bosch GmbH, Amano Corporation, Smart Parking Ltd., Urbiotica S.L., IPS Group Inc., Kapsch TrafficCom AG, Nedap N.V., ParkMobile LLC, Siemens AG, WORLDSENSING S.L., Continental AG, Valeo SA, Xerox Corporation, Delphi Technologies PLC, and Cisco Systems Inc. are the most prominent players in the smart parking systems market, which is highly competitive. The players are taking several measures, such as partnerships, mergers, and acquisitions and successful client win pursuance to stay on top of the competition. For instance, SWARCO TRAFFIC Ltd. agreed to integrate 11 count-control cabinets and 17 red-green-blue (RGB) matrix signs in the city of Cambridge, in 2019.

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This release was published on openPR.