Smart Parking Systems Market Expected to Witness the Highest Growth at a CAGR of 15.7% with Top Key Players are Cisco Systems, Amano McGann, Smart Parking, Urbiotica and Skidata

According to the new research report published by The Insight Partners, titled “Smart Parking Systems Market–Global Analysis and Forecast to 2025”, the global smart parking systems market is expected to reach US$ 1,462.3 Mn in 2025, registering a CAGR of 15.7% during the forecast period 2017-2025.

Parking has been a challenging issue, especially in the urban landscape, where 30% – 40% of all traffic congestion is mainly caused by drivers struggling to find a parking space. An increasing number of vehicles running on the road, surging sizes of vehicles in the luxurious segment, and a decrease in the available parking space are influencing the traffic congestion, making it an alarming issue globally. Also, the limited availability of data required to guide a driver’s decisions tends to waste lot of time, subsequently fuelling the parking woes in urban areas. This also causes environmental damages such as the increase in carbon dioxide emissions, sound pollution, and land contamination. Somewhere, these parking-related issues are also impacting the revenues of local businesses in urban areas. Due to the unavailability of proper parking space, many local retail shops tend to lose huge business, significantly impacting their incomes directly.

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Parking in itself is a huge industry comprising revenues of more than $100 billion globally, and the smart parking systems market is emerging as an attractive potential market for flourished as well as new parking players. The smart parking systems market currently is experiencing significantly high growth in several developed geographical regions and is expected to foresee exponential growth in other areas globally in the coming years. The global Smart Parking Systems market is segmented on the basis of type of parking sites (on-street and off-street parking), components (hardware, software, and service), end-users (transport facilities, government and municipalities, commercial institutions, and corporate institutions), and regions (North America, Europe, Asia-Pacific, Middle East and Africa, and South America).

Competitive scenario:

The study assesses factors such as segmentation, description, and applications of Smart Parking Systems industries. It derives accurate insights to give a holistic view of the dynamic features of the business, including shares, profit generation, thereby directing focus on the critical aspects of the business.

The final report will add the analysis of the Impact of Covid-19 in this report Smart Parking Systems Market.

Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 pandemic on the global Smart Parking Systems Market is included in the present report. The influence of the novel coronavirus pandemic on the growth of the Smart Parking Systems Market is analysed and depicted in the report.

Some of the companies competing in the Smart Parking Systems Market are 

- Cisco Systems, Inc.
- Amano McGann, Inc.
- Smart Parking Ltd.
- Urbiotica
- Skidata AG
- Swarco AG
- Parkmobile, LLC
- Nedap N.V
- Kapsch
- Xerox Corp.
- Parkmobile, LLC
- SWARCO AG

Segmentation

The Smart Parking Systems Market has been segmented on the basis of different aspects. The market is also segmented according to region. The Smart Parking Systems Market has been segmented into Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa on the basis of region

Research Methodology

The report has its roots definitely set in thorough strategies provided by proficient data analysts. The research methodology involves the collection of information by analysts only to have them studied and filtered thoroughly in an attempt to provide significant predictions about the market over the review period. The research process further includes interviews with leading market influencers, which makes the primary research relevant and practical. The secondary method gives a direct peek into the demand and supply connection. The market methodologies adopted in the report offer precise data analysis and provides a tour of the entire market. Both primary and secondary approaches to data collection have been used. In addition to these, publicly available sources such as SEC filings, annual reports, and white papers have been used by data analysts for an insightful understanding of the market. The research methodology clearly reflects an intent to extract a comprehensive view of the market by having it analyzed against many parameters. The valued inputs enhance the report and offer an edge over the peers.

Drivers & Constraints

The Smart Parking Systems Market rests united with the incidence of leading players who keep funding to the market’s growth significantly every year. The report studies the value, volume trends, and the pricing structure of the market so that it could predict maximum growth in the future. Besides, various suppressed growth factors, restraints, and opportunities are also estimated for the advanced study and suggestions of the market over the assessment period.

Smart Parking Systems Market Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America

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