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
o System Integration and Installation
o Parking Management
o Maintenance

By End-use Industry
• Airports
• Government and Municipalities
• Corporate and Commercial Institutions

By Geography

• North America
o S.
o Rest of North America

• Europe
o EU7
o CIS
o Rest of Europe

• Asia Pacific
o Japan
o China
o South Asia
o Australasia
o Rest of Asia Pacific

• Latin America
o Brazil
o Rest of Latin America

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

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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This release was published on openPR.