Global Smart Parking Systems Market Expanding at 20.2% CAGR from 2015-2022, Driven by High Demand in Developed Countries

Transparency Market Research (TMR) has released a new market research document, detailing the global smart parking systems market. The report, titled ‘Smart Parking Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2022’, studies the historical statistics regarding the global market and makes forecasts for the given forecast period.

The report utilizes various industry-standard tools to examine data gathered from primary and secondary research, in addition to expert inputs from experienced market analysts. The global smart parking systems market is calculated to be on a growth trajectory that will take it to a total valuation of US$177.1 mn by 2022. The market will exhibit an astounding 20.2% CAGR from 2015 to 2022, demonstrating the rising need for smart vehicle systems in the modern world.

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Smart parking systems consist of a network of technologies that provide drivers real-time information about the availability of parking space and the charges to be paid for the same. This reduces the time required to find a parking space and to make the necessary transactions.

The increasing demand for parking spaces and the rising number of automobiles are the main market drivers of the global smart parking systems market. The higher the number of vehicles on the road, the lower the availability of parking space and the more the chances of commotion and confusion. Smart parking systems, which are automated, thus help cut down on both these possibilities.

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The scalability and ease of use of modern smart parking systems is the result of steady technological innovation in the same over the years. This has resulted in a high number of municipalities adopting smart parking systems in their jurisdiction, which will drive the global smart parking systems market in the coming years. The scalability of smart parking systems will help generate demand from municipalities of varying sizes, which is a major factor working in the favor of the smart parking systems market.

According to TMR’s expert analysts, the increasing incorporation of other automotive services, such as repairs and fuel filling stations, into smart parking premises is a major trend shaping the trajectory of the global smart parking systems market.On the other hand, the lack of public awareness and funds in developing economies will restrain the smart parking systems market in emerging regions such as Asia Pacific and Latin America.

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The report overviews the major technology segments of the global smart parking systems market, namely parking guidance and information systems, e-parking, smart payment systems, automated parking systems, and transit-based information systems. According to region, data regarding the smart parking systems market in North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America is evaluated in the report.The report also profiles major players in the global smart parking systems market, such as Smart Parking Ltd., Cisco, Urbiotica, Streetline Inc., and Worldsensing, in order to provide a useful snapshot of the market’s competitive landscape.

The global smart parking systems market is segmented as follows:

By Parking Site

On-Street Parking
On-Street Parking
By Component

Sensor and Network Hardware
Software (Management and Analytics Software and Mobile Applications)
Services
System Integration and Installation
Parking Management
Maintenance
By End-use Industry

Airports
Government and Municipalities
Corporate and Commercial Institutions
By Geography

North America
S.
Rest of North America

Europe
EU7
CIS
Rest of Europe

Asia Pacific
Japan
China
South Asia
Australasia
Rest of Asia Pacific

Latin America
Brazil
Rest of Latin America

Middle East and Africa (MEA)
GCC
South Africa
Rest of MEA

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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This release was published on openPR.