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.
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.
Access full research report on global smart parking system market: www.grandviewresearch.com/industry-analysis/smart-parking-system-market
The new Smart Parking System Market report offers a comprehensive study of the present scenario of the market coupled with major market dynamic.
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The key players in the smart parking system market include 3M, Amano Corporation, BMW Group, Bosch, Cubic Corporation, KapschTrafficCom AG, Nortek Control Systems Ltd., Siemens, Swarco AG, and Xerox Corporation.
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Owing to quick and accurate data regarding parking availability has widened its application area in commercial infrastructures.
What is Smart Parking?Smart Parking is a parking strategy that combines technology and human innovation in an effort to use as few resources as possible, such as fuel, time and space—to achieve faster, easier and denser parking of vehicles for the majority of time they remain idle.
Smart Parking and its sister approach, Intelligent Transportation, are based on the fundamental ecological principle that we are all connected.
Smart Parking System Market Trends The smart parking is a system which guides the driver in finding a vacant spot for vehicle parking.
This type of parking system helps in detecting the parking space through the sensors along with directing the driver about the empty space.
The factors which are influencing the smart parking market include the higher demand for the smart cities solution.
Also, growing urbanization is another reason for the growth of the smart parking market.
The key contributing factors of smart parking management system market are fast increasing Sales Strategy, Revenue Generation, Valuable Growth Prospects, and Cost Structure Analysis.
Top-Vendor landscape of smart parking management system market report, which focuses on the major industry growth drivers, threats, opportunities and constraint for the top key players.
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The study includes competitive analysis, production information analysis, applications and regional analysis, competitor analysis, consumption and revenue analysis, cost structure analysis, price estimation and revenue analysis 2029.Get Sample with Latest Trends and Future Advancements (Use Company eMail ID to Get Higher Priority) at: https://market.us/report/smart-parking-management-system-market/request-sample/The following section focuses on market size, region-wise changing trends opening up new prospects for market production value ($) and growth rate estimation from 2019-2029.
The report forecasts the innovative applications of smart parking management system market on the basis of this evaluation.The Growth in Smart parking management system Market Description:The report begins from an overview of the business chain structure and describes the industry environment, then analyses market size and forecast of Steady by product, region and application, in addition, this report introduces market competition situation among the vendors and company profile, besides, market price analysis and value chain features are covered in this report.
The scope of the report includes a detailed study of global and regional markets on smart parking management system market with the sense given for discrepancy in the growth of the industry in certain regions.There are four key segments covered in this Smart parking management system Market report: 1.
