New Report Examine Global Smart Parking Systems Market Share, Growth, Trends and Forecast 2017 - 2022

Smart parking system provides real-time information about the availability of parking space in a particular location, thereby enabling hassle-free vehicle parking while saving on time, cost, and fuel. It consists of low-cost sensors, real-time data collection and analytics, and automated payment systems that allow people to find parking in desired locations and pay for it in advance. 

Once deployed, the smart parking system helps in reducing exhaust emissions from cars in urban cities by reducing the needless circling of city blocks in the search of parking space. It also efficiently manages the availability of parking space for cities and controls illegal parking. The rapid growth in the number of vehicles worldwide is increasing the scarcity of parking space, which is further magnifying the need for smart and innovative parking systems. Whether at airports or shopping centers, parking issues are a regular occurrence, in turn hurting the local business and affecting the quality of life of the city residents.

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These intelligent parking management systems provide high levels of convenience to the drivers while simplifying and automating the parking site operations. Deploying smart parking systems in cities requires data collection and management, integration with mobile phones, and various software and hardware innovations. Furthermore, there is a need for cooperation among various parking stakeholders such as off and on-street parking operators, transport authorities, municipalities, as well as customers. The smart parking market is growing significantly with numerous advanced solutions being adopted by major global cities such as Los Angeles, San Francisco, Stockholm, Shanghai, Beijing, and Sao Paulo. In the long run, smart parking can significantly transform these and other cities by making them friendlier to citizens. Smart parking systems are expected to open up opportunities for the reuse of commercial as well as municipal parking garages  Hence, smart parking systems contribute toward making urban cities cleaner, greener, compact, and thereby more freely walkable and drivable.

This research report provides in-depth analysis of the global smart parking systems market based on parking site types, components, application areas, and geography. In terms of geographical regions, the report segments the global smart parking systems market into North America, Europe, Asia Pacific, the Middle East and Africa (MEA), and Latin America; these are analyzed in terms of revenue generation. North America is further segmented into the U.S. and Rest of North America, while Europe is divided into EU7, CIS, and Rest of Europe. Moreover, the analysis for Asia Pacific is subdivided into Japan, China, South Asia, Australasia, and Rest of Asia Pacific. Likewise, MEA is further segmented into GCC countries, South Africa, and Rest of MEA, while Latin America is subdivided into Brazil and Rest of Latin America.

The report analyzes the factors that drive and restrain the growth of the smart parking systems market. The report also identifies prospective growth opportunities, prevailing market trends, and major strategies enhancing the popularity of smart parking systems. It also provides market estimates and forecasts for all the segments in terms of revenue. The global smart parking systems market is categorized based on parking site types as on-street parking and off-street parking. The market is also segmented on the basis of components that include sensor and network hardware, software, and services. The report further subdivides the smart parking services market into system integration and installation, parking management, and maintenance. This research report provides complete insight into different application areas of the smart parking systems market including airports, government and municipalities, and corporate and commercial institutions. The report also includes profiles of major players engaged in providing these smart parking systems. Key business strategies adopted by the major players, their market positioning, and various recent developments have also been identified in the research report. Besides, market positioning of key players in the smart parking systems market has also been provided. The major players in the smart parking systems market include Streetline, Inc., Cisco Systems, Inc., ParkMe, Inc., Urbiotica, Skidata AG, Amano McGann, Inc., Swarco AG, Smart Parking Ltd, Nedap N.V., and Parkmobile, LLC.

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The global smart parking systems market is segmented as below:

Smart Parking Systems Market

By Parking Site Type

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
Europe
Asia Pacific
Latin America
Middle East and Africa

Global Smart Parking Systems Market: Snapshot 

The staggering amount of vehicles coming on to roads around the world calls for advanced methods for parking. Traffic and parking problems are on the rise and people are finding lesser space for either. This is creating a high level of discomfort, fuel wastage, and high levels of emissions. Urban and city parking has therefore become a major concern for both developed and emerging nations, forming the primary driver leading most entities towards seeking smart parking system solutions. 

Smart parking systems provide a highly flexible, scalable, and efficient way for buildings and locations of all sizes and types, thus ensuring a smoother flow of traffic and a considerable drop in emissions. The latter forms a high concern issue as the growing emission levels are creating multiple complications in climate change and human health. The leading employers of smart parking systems in most countries are their municipalities. Their interest and involvement allows for the development of better smart parking systems through an upwards scaling of parking fees that can directly be used for advancing smart parking technologies. 

The global market revenue for smart parking systems is therefore expected to show an exceptionally positive CAGR of 20.2% from 2015 to 2022. This revenue is expected to be valued at US$59.7 mn by the end of 2016 and reach US$177.1 mn by 2022. 

North America Shows High Demand for Smart Parking Systems

North America is expected to generate a revenue of US$34.6 mn for the global market for smart parking systems by 2022, due to the presence of dense traffic in cities such as New York, Los Angeles, and others. These cities are also showing a higher level of awareness towards modern solutions for traffic control and parking, thereby becoming an optimized region for the large-scale adoption of smart parking systems. 

Various smart parking systems have already been implemented in North America, such as the SFpark program implemented in San Francisco. Areas in the city equipped with SFpark systems have sped up parking of vehicle by five minutes on average when compared to conventional parking methods. Programs such as these are proof that the smart parking systems can bring about a successful change in traffic and parking conditions across the world. 

Off-street Parking Demand Soars

In terms of the site of parking, the smart parking systems can be classified into off-street and on-street parking solutions. At the moment, off-street smart parking systems are in high demand due to the ease with which they can be implemented and fine-tuned. Additionally, they can be privately owned, while almost all on-street parking spaces are owned by the government. Therefore, while the need for smart parking systems is extremely high in both sites, it is being implemented on a larger scale in off-street sites. Most off-street parking areas are made of commercial parking lots and garages. On the other hand, on-street smart parking systems have to prepare for permit timers, passenger zones, loading zones, bus and truck zones, and street cleaning vehicles. 

Off-street parking spots are the easier place to implement effective smart parking systems in tandem with robot-assisted or automated parking services. These systems help increase the comfort and safety of all passengers. On the other hand, on-street smart parking systems are gathering steam. This parking site segment is expected to progress at a CAGR of 23.6% from 2015 to 2022. 

The key providers of smart parking systems on a global front include Streetline, Inc., Cisco Systems, Inc., ParkMe, Inc., Urbiotica, Skidata AG, Amano McGann, Inc., Swarco AG, Smart Parking Ltd, Nedap N.V., and Parkmobile, LLC.

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