Smart Parking Systems Moving into Service-based Business Models

Tier 1 players in the global smart parking systems market are Nedap, N.V., Smart Parking Ltd., Amano McGann, and Streetline, Inc., according to a new publication by Transparency Market Research. These players currently hold the most coverage and service and distribution strength across the globe, complemented by a diverse portfolio of products, services and marketing strategies. The global market for smart parking systems is expected to expand at a CAGR of 20.2% within a forecast period from 2015 to 2022, in terms of revenue. The market, by revenue, is expected to reach US$59.7 mn by the end of 2016 and by the end of 2022, is expected to reach US$177.1 mn.

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On-street parking systems are expected to form the key parking site type from 2015 to 2022, showing a CAGR of 23.6%. However, the parking site system with the leading demand till 2022 is expected to remain off-street parking. By the end of 2022, it is expected to generate US$129.2 mn in revenue.

Smart Parking Systems Moving into Service-based Business Models

In terms of components, services are expected to progress at robust CAGR of 29.4% from 2015 to 2022. This is expected to put the segment in the lead by 2022, over sensors and network hardware, and is expected to generate US$73.0 mn in revenue by 2022.

The application of smart parking systems in airports is expected to be the most sought-after one. This application segment is projected to expand at a CAGR of 27.6% from 2015 to 2022.

According to the report, the focus shed by key smart parking systems providers is on the introduction and utilization of cashless payment solutions. This is a primary trend followed by a large number of players from all tiers.

Scalability and Flexibility of Smart Parking Systems Create High Demand in all Regions

“The need for a sustainable transportation policy is extremely high in today’s world,” states a TMR analyst. “The primary goal for most governments today is to improve the welfare of the people in the present while ensuring a better future for the upcoming generations. High traffic levels are one of the core issues that need to be resolve in order to achieve this, and citizens of all countries are demanding for the same,” she adds.

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The key cause of high levels of traffic congestion across the world is the lack of city planning in terms of road transport levels. Therefore, as the number of vehicles entering the system increase, the level of congestion increases even further.

Smart parking systems employ a solution that is not only flexible in terms of fitting in to different types of infrastructure, but also scales accordingly. This allows all economies to make the most of smart parking systems in order to reduce traffic congestion levels.

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations

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This release was published on openPR.