According to a new market research study titled ‘Smart Parking Systems Market to 2025 – Global Analysis and Forecast by Parking Site, Components and End-user Industry’, the global smart parking systems market was valued at US$ 70.34 Mn in 2015 and is estimated to reach US$ 430.38 Mn by 2025. The report highlights the trends prevalent in the global market and the factors driving the market along with those that act as deterrents to its growth. Key companies to play a major role in the growth of Smart Parking Market are Amano McGann, Inc., Cisco Systems, Inc., Urbiotica, Smart Parking Ltd., SKIDATA AG, SWARCO AG, Nedap N.V., Kapsch, Xerox Corp., and Parkmobile LLC.
Technological advancements such as use of mobile applications for parking guidance systems and enhanced ticketing and payment solutions are the factors expected to boost the demand for off-street parking management system market. This type of parking is beneficial to both short as well as long term parking users. However, high initial deployment cost of off-street parking systems is expected to restrict the growth of the market. The off-street parking segment leads the global smart parking systems market currently and is expected to continue its dominance during the forecast period by accounting for 71.94% of the total market revenue share in 2025.
The implementation costs of smart parking technology are expensive compared with other non-technical parking methods; therefore, it is currently being primarily adopted by developed countries. In addition, off-street parking systems require more physical changes compared to on-street parking systems. This factor further hampers the market growth as a number of regions worldwide are lagging behind in the development of telecom and overall infrastructure.
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The global smart parking systems market has been segmented on the basis of components into hardware, software and services. The global smart parking systems market is further segmented on the basis of parking site by on-street parking and off-street parking. Geographically, the global smart parking system market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA) and South America (SAM).
Currently, smart parking systems have seen significant adoption in the North American and European countries. Furthermore, with advancements in technology and infrastructure, various developing economies in APAC and MEA are expected to witness significant adoption of smart parking solutions. Thus, North America and Europe dominate the global smart parking systems market, however, they are expected to lose market share to APAC during the forecast period. The APAC region is expected to register a growth rate of 32.9% during 2015 to 2025.
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In 2015, Brazil led the smart parking systems market in South America (SAM), and is expected to continue its dominance by expanding at a CAGR of 17.7% during the forecast period from 2015 to 2025. Brazil is expected to witness rising adoption of smart parking systems owing to the decreased availability of parking spaces and a rapidly growing telecommunication infrastructure.
Table of Contents:
1 Table of Contents
3 Key Takeaways
4 Global Smart Parking Systems Market Landscape
5 Global Smart Parking Systems Market – Key Industry Dynamics
6 Smart Parking Systems Market – Five Forces Analysis
7 Smart Parking Systems Market – Competitive Landscape
8 Global Smart Parking Systems Market Analysis – Parking Site
9 Global Smart Parking Systems Market Analysis – Components
10 Global Smart Parking Systems Market Analysis – End-user Industry
11 Global Smart Parking Systems Market – Geographical Analysis
12 Smart Parking Systems Market, Key Company Profiles
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