Parking is a challenging issue, especially in urban areas where over one-third of all traffic congestion is result of deficiency in management of demand-supply of the parking spaces. In addition, limited availability of data to guide the driver to nearest vacant parking space further increases the parking woes in urban landscape. Also, time consumed while searching for a parking space leads to environmental damage owing to increase in CO2 emissions, sound pollution and excess consumption of fuel.
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With novel technologies being introduced at an exceptional rate, there are numerous opportunities for the industry leaders competing in this market. 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.Futhermore, the market is segmented on the basis of parking site, components, end-user industry and regions. By parking site, the market is further bifurcated into, on-site parking and off-site parking. The off-street parking sites capture the majority of market, owing to the increasing commercial and corporate infrastructure. Hardware, software and services constitute the components segment, where hardware components are estimated to dominate the market during the forecast period. In terms of the end-user industry this market has been segmented into transport facilities, government and municipalities, commercial institutions and corporate institutions.
Geographically, this market has been segmented into the following regions, North America Europe, APAC, Middle East and Africa and South America. Geographically, North America leads the Smart Parking systems market but it is expected to lose its dominance to APAC during the forecast period. High growth rate in the APAC countries especially India and China are propelling the growth of this market. The APAC market with the highest growth rate is expected to grow at a CAGR of 16.4% during the forecast period.
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The key drivers for this market include rise in the urban populations and the need for scalable and efficient parking system that saves a lot of time of the customers and development of IoT based smart cities encouraging the government and municipality corporations to invest into smart developments. Smart parking systems is propelled significantly by the off-street parking segment. Research shows there would be significant adoptions in this segment as this type would be beneficial for consumers a lot. However, high initial costs is the point that is expected to restrict the growth of this market.
A detailed analysis on the growth trends, market shares on various dimensions, driving and restraining factors for smart parking systems, opportunities in the future for these systems is provided in the report. A few leading players in the Smart Parking domain have also been profiled in the report. The profiling of the market players acquaints the reader with their financial information about revenues as well as segment revenues, a competitive SWOT analysis for each player and the recent developments by the player in the Smart Parking domain. The key developments are related to the mergers and acquisitions by the players in the recent past.
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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
Global Smart Parking Systems Market – By End-User Industries
- Transport Facilities
- Government & Municipalities
- Commercial Institutions
- Corporate Institutions
Global Smart Parking Systems Market – By Geography
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
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