Smart Parking Systems Market to grow at a CAGR of 12.9% and accounts for US$ 1099.4 Mn in the year 2025

Worldwide Smart Parking Systems Market Analysis to 2025 is a specialized and in-depth study of the Smart Parking Systems industry with a focus on the global market trend. The report aims to provide an overview of global Smart Parking Systems Market with detailed market segmentation by product/application and geography. The global Smart Parking Systems Market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the Smart Parking Systems players and offers key trends and opportunities in the market.

In the present scenario, world is facing critical issues of traffic cramming with a significant rise in the vehicle population and congestion in cities, and this has become an ongoing challenge for municipal councils and the traffic authorities to track and manage vehicular traffic. Numerous efforts have been made to improve country’s parking and traffic management systems. A number of private-public joint initiatives such as ParkIndy, SFpark and LA Express Park have adopted and implemented smart parking in order to effectively utilize unused parking spaces. These make use of real-time, smart, sensor-based parking information. Smart parking solutions such as online parking reservations, and mobile parking payment are expected to boost the smart parking systems market worldwide during the forecast period. In the coming years, P2P parking might generate new opportunities globally for myriad commercial parking lots, garages and residents to rent out their parking spaces with the aid of online marketplaces like ParkingPanda, JustPark, ParkMe and the social media.

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The global Smart Parking Systems Market is anticipated to grow at a CAGR of 12.9% during the forecast period 2015 – 2025 and accounts for US$ 1099.4 Mn in the year 2025. Furthermore, the market is categorized into parking site, components, end-user industry and regions. The parking site segment comprises of off-site parking and on-site parking, where the off-street parking sites are predicted to capture the majority of market, due to increasing adoption of smart parking systems in commercial and corporate infrastructure. Smart parking systems comprises of three main components which are; Hardware, software and services the hardware components are anticipated to lead the components market during the forecast period. The end-user industry is fragmented into transport facilities, government and municipalities, commercial institutions and corporate institutions. The government and municipalities sectors is predicted to generate massive opportunities for the smart parking systems market.

On the basis of geographies the regional market is distributed into Europe, North America, South America, Middle East & Africa and Asia Pacific. Here, North America dominates the Smart Parking systems regional market share but in coming years APAC is expected witness fastest YoY growth rate of 16.4% during the forecast period. Rising demand rate in the Asian countries, specifically India and China are impelling the growth of this market.

Smart Parking Systems Market Players:
- Cisco Systems, Inc.
- Amano McGann, Inc.
- Smart Parking Ltd.
- Urbiotica
- Skidata AG
- Swarco AG
- Parkmobile, LLC
- Nedap N.V
- Kapsch
- Xerox Corp.
- Parkmobile, LLC
- SWARCO AG

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The report segments the global smart parking systems market as follows:

Global Smart Parking Systems Market - By Parking Sites

On - Street Parking

Off - Street Parking

Global Smart Parking Systems Market - By Components

Hardware

Software

Services

Global Smart Parking Systems Market - By End-user Industry

Transportation Facilities

Government & Municipalities

Corporate Institutions

Commercial Institutions

Global Smart Parking Systems Market - By Geography

North America

U.S.

Canada

Mexico

Europe

France

Germany

Italy

Spain

U.K.

Rest of Europe

Asia Pacific (APAC)

Japan

China

India

Australia

Rest of APAC

Middle East & Africa (MEA)

Saudi Arabia

U.A.E.

South Africa

Rest of MEA

South America (SA)

Brazil

Rest of SA

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global Smart Parking Systems Market based on product and application. It also provides market size and forecast till 2025 for overall Smart Parking Systems Market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America (SAM), which is later sub-segmented by respective countries and segments. The report evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend and provides exhaustive PEST analysis for all five regions.

Also, key Smart Parking Systems Market players influencing the market are profiled in the study along with their SWOT analysis and market strategies. The report also focuses on leading industry players with information such as company profiles, products and services offered, financial information of last 3 years, key development in past five years.

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