Smart Parking Systems Market Outlook To 2025 | Precise Scenario with Latest Trends, Opportunities, Growth Overview and Segment Forecasts By The Insight Partners

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

Smart Parking Systems Market: Competitive Landscape and Key Developments
The key companies profiled in this report include Cisco Systems, Inc., Amano McGann, Inc., Smart Parking Ltd., Urbiotica, Skidata AG, Swarco AG, Parkmobile, LLC, Nedap N.V, Kapsch, Xerox Corp., Parkmobile, LLC, and SWARCO AG. 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.

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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. 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. Also, limited availability of data required to guide a driver's decisions tend to waste lot of time, subsequently fuelling the parking woes in urban areas.

This also causes environmental damages such as 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 unavailability of proper parking space, many local retail shops tend to lose huge business, significantly impacting their incomes directly.

Smart Parking Systems Market: Key Insights - Future Trend
Parking in itself is a huge industry comprising revenues of more than $100 billion globally, and smart parking systems market is emerging as an attractive potential market for flourished as well as new parking players. 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).

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A smart city utilizes the power of technology to run processes efficiently and smoothly making smart parking system as a vital fragment of its framework. Smart technology possesses significant power to maximize the most critical assets of its customers and register responsible development by providing better efficiency, revenue growth, contributing to sustainable future. The graph below depicts the share of investment made in various critical aspects of smart cities, where smart transportation exhibits a significant growth in its investment. Parking being the major concern in modern transportation sector, is expected to gain high attention in coming years. One of the most helpful aspects of a smart city is using technology to ease traffic and parking woes.

Smart Parking Systems Market: Segmental Overview
Based on parking sites, the smart parking systems market is segmented into off-street and on-street. On-street parking refers to parking of vehicles on the road side itself, and is majorly controlled by government agencies. On the other hand, in off-street parking vehicles are parked in garages or specific parking areas, being controlled by commercial agencies.

Intelligent/smart parking systems comprises majorly of two elements, namely; hardware and software. To support smooth functioning of these two elements concerned services are provided. So, in this research study we have segmented the smart parking systems market into three components; hardware, software, and services. The total revenues in the global smart parking systems market comprises of accumulated revenues coming from these three components.

Based on end-user industries, the smart parking systems market is segmented into transport facilities, government & municipalities, commercial institutions, and corporate institutions. The airports in the transportation facilities are the major contributors to the smart parking systems market. As number of footfalls in such places is high and therefore management of parking spaces has become a priority making therefore transportation facilities capture the most of market. However, the government authorities are also initiating the adoption of smart parking for public parking spaces such as on-street parking and public garages.

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Parking in itself is a huge industry comprising revenues of more than $100 billion globally, and smart parking systems market is emerging as an attractive potential market for flourished as well as new parking players.
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.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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