Smart Parking Market to Grow at a CAGR of 15.7% to reach US$ 398.6 million from 2022 to 2025 | Top Countries Data with Leading Players: Amano McGann, Inc., Cisco, Smart Parking Ltd., Urbiotica SKIDATA AG, Nedap NV

According to the new research report published by The Insight Partners, titled "Smart parking market - Global Analysis and Forecast to 2025", the global smart parking market is expected to reach US$ 398.6 million in 2016 to US$ 1,462.3 million by 2025 at a CAGR of 15.7% between 2017 and 2025. Smart parking systems address critical parking issues, by making it easier for drivers to park their vehicles without wasting time and fuel. Smart parking systems avail their users with real-time information regarding available parking spaces across the city, thereby reducing the traffic congestion caused due to mismanaged parking spaces.

Smart Parking Market: Competitive Landscape and Key Developments
Amano Mcgann, Smart Parking Ltd., Xerox, Cisco and Urbiotica are among the major players operating in this market. North America, being a technologically advanced region along with high number vehicle population and congestion in cities, has witnessed highest adoptions of smart parking systems by government & municipalities of various cities. Europe is the second largest adopter of smart parking systems, while APAC region with growing urbanization and increasing technological trends is anticipated to be the fastest growing region globally in the smart parking market.

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Currently, smart parking systems have seen a significant adoption in the North American and European countries. Furthermore, with advancements in technology and infrastructure, in various developing economies of APAC and MEA that include the grand project in city of Wellington, pilot projects in Canberra, Singapore, Thailand, Dubai and Saudi Arabia are expected to witness significant adoption of smart parking solutions. Although, North America and Europe dominate the global smart parking market, they are anticipated to lose their revenue share to Asia Pacific during the forecast period. Whereas, APAC is expected to register a growth rate of 18.9% during 2016 to 2025 in the global smart parking market.

Technological advancements such as use of mobile applications for parking guidance systems, enhanced ticketing and payment solutions and significant growth in adoption of smart parking systems by commercial and corporate institutions are the factors expected to boost the demand for off-street parking management system market.

Smart Parking Market: Key Insights - Future Trend
This type of parking is beneficial to both short as well as long term parking users. However, high initial deployment cost of off-street parking systems is expected to restrict the growth of the market. The off-street parking segment leads the global smart parking market currently and is expected to continue its dominance during the forecast period.

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Off-street parking site is a parking facility which does not interact with the traffic flow on the road. 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

Smart Parking Market: Segmental Overview
. Off-street parking accounts for higher demand for smart parking systems due to rising concerns for secure and open walking space for pedestrians leading to increase in construction of parking lots and garages. The off-street segment for parking site segment for smart parking systems is expected to witness a lucrative CAGR growth of 16.3% in the forecast period.

Smart parking systems are gaining focus in terms of investments, adoption, and implementation across the globe. Major developments are seen in developed countries, but even developing countries have started implementing or are planning to implement smart technologies in their traditional parking systems. Germany, U.K., France, U.S., and Japan are few of the major countries which have successfully deployed smart parking systems and are relishing the benefits of easier and efficient parking systems.

The Indian smart parking market is expected to grow at a CAGR of 12.6% during the forecast period 2017 to 2025. India a well-known overpopulated country with millions of people suffering through the issues of unorganized and unmanageable gridlocks.

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The parking system in this country has no common standard and introduction of smart parking systems would generalize the entire parking system in the country. Moreover, the country has been planning to deploy its initial projects in its some of the hi-tech cities. India is expected to foresee high demand for more efficient parking systems in coming future.

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