The global smart parking system market is expected to reach USD 10,380.9
million by 2025, according to a new report by Grand View Research, Inc. An
anticipated upsurge in demand for parking management systems for transport
transit and commercial applications is expected to drive the growth in the
market.
Favorable government initiatives and
increasing public sector funding to roll out solutions aimed at addressing
traffic congestion issues are anticipated to drive the market growth.
Furthermore, the inclusion of sophisticated features, such as voice guidance,
handicapped parking, and auto-payment options enabled through smartphone apps,
are also expected to contribute to the growth of the market.
Ensuring adequate parking space is turning
out to be a challenge for civic administrations as the number of automobiles
continues to increase. The demand for intelligent parking systems is rising
across the globe as a result. These systems can effectively address traffic
congestion issues and parking-related concerns. They can also open potential
opportunities for reusing commercial and municipal areas and garages, thereby
reducing fuel consumption, curtailing vehicular emissions, and subsequently
making the cities cleaner and greener.
However, a looming lack of funding
initiatives as well as organizational awareness about the advantages associated
with smart parking, particularly in underdeveloped regions, is anticipated to
restrain the growth of the market over the forecast period.
Access Research Report of Smart Parking
System Market @ https://www.grandviewresearch.com/industry-analysis/smart-parking-system-market
Further key findings from the report suggest:
· The hardware segment dominated the market
in 2018 owing to the decisive role various hardware components play in
detecting the presence of the vehicles in parking slots.
· The signage segment is expected to grow at
a CAGR of 16.4% over the forecast period, as signages can help in preventing
confusions and the resultant mishaps by guiding drivers in appropriate
directions.
· The consulting services segment is expected
to witness significant growth over the forecast period. Consulting services
envisage providing an analysis of the volume of traffic that needs to be
managed and recommending potential solutions according to the need.
· Off-street parking segment dominated the
smart parking system market as off-street parking offers easy and swift
pay-and-park solutions, which can distribute tickets automatically, thereby
reducing congestions at entrances.
· The government segment is estimated to
reach USD 4,187.6 million by 2025 in line with the increasing need for managing
on-road vehicles and minimizing fuel emissions, which would, in turn, lead to
large-scale adoption of intelligent parking management systems in the
government sector.
· The European region accounted for over
30.0% of the global revenue share in 2018. The continued interest of automobile
manufacturers in the region in developing intelligent parking systems is
anticipated to drive the growth of the regional market.
· On-demand valet parking coupled with the
increasing demand for parking management systems at public venues, including
shopping malls and sports complexes, in countries, such as Japan and China, is
expected to fuel the demand for parking management systems in the Asia Pacific
regional market.
· The key players in the market include Amano
McGann, Inc.; Cisco Systems, Inc.; Conduent, Inc.; SKIDATA AG.; Streetline,
Inc.; Parkmobile LLC; ParkMe, Inc.; Robert Bosch GmbH; and Nedap N.V.; among
others.
Grand View Research has segmented the
global smart parking system market on the basis of hardware, software, service,
type, application, and region:
Smart Parking System Hardware Outlook
(Revenue, USD Million, 2014 - 2025)
·
Pucks (wireless sensors)
·
Cameras and LPRs
·
Smart Meters
·
Signage
·
Parking Gates
Smart Parking System Software Outlook
(Revenue, USD Million; 2014 - 2025)
·
Parking Guidance System
·
Analytics Solutions
Smart Parking System Service Outlook
(Revenue, USD Million; 2014 - 2025)
·
Consulting Services
·
Engineering Services
·
Mobile App Parking Services
Smart Parking System Type Outlook (Revenue,
USD Million; 2014 - 2025)
·
On-Street
·
Off-Street
o
Garage Parking
o
Lot Parking
Smart Parking System Application Outlook
(Revenue, USD Million; 2014 - 2025)
·
Commercial
·
Government
·
Transport Transit
Smart Parking System Regional Outlook
(Revenue, USD Million; 2014 - 2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
Germany
o
U.K.
·
Asia Pacific
o
China
o
India
o
Japan
·
Latin America
o
Brazil
·
MEA
Access Press Release of Smart Parking System
Market@ https://www.grandviewresearch.com/press-release/global-smart-parking-system-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
