Global Smart Parking Systems Market Investigation & Industry Evolution till 2024

Posted on 2018-05-01 by Mark Hub in Technology // 0 Comments

Albany, USA, 2018-May-01 — /EPR Network/ —In order to study the various trends and patterns prevailing in the overall market for Smart Parking Systems, Market Research Reports Search Engine (MRRSE) has included a new report titled “Smart Parking Systems Market” to its wide online database. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future. Readers can access the regional as well as segment-wise analysis for acquiring precise information about the global market structure.

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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 MRRSE. 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.

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 MRRSE 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.

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.

System Integration Remains a Major Challenge

A key hindrance to the growth in demand for smart parking systems is the lack of integration solutions between various system types. There is a large amount of software and hardware present at the disposal of smart parking systems solutions providers, and it is the high level of non-interoperability that is creating integration issues.

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“Smart parking systems such as permit and reinforcement, and PARC require the use of a vast array of hardware and software ranging from application interfaces to hardware sensors. These devices and software come from separate vendors and therefore possess a much lower scope of integration and smooth implementation,” states the TMR analyst. “Another trend followed especially by key players is attempting to the use of the Internet for booking parking spaces in advance.”

This research report provides in-depth analysis of the global smart parking systems market based on parking site types, components, application areas, and geography. In terms of geographical regions, the report segments the global smart parking systems market into North America, Europe, Asia Pacific, the Middle East and Africa (MEA), and Latin America; these are analyzed in terms of revenue generation. North America is further segmented into the U.S. and Rest of North America, while Europe is divided into EU7, CIS, and Rest of Europe. Moreover, the analysis for Asia Pacific is subdivided into Japan, China, South Asia, Australasia, and Rest of Asia Pacific. Likewise, MEA is further segmented into GCC countries, South Africa, and Rest of MEA, while Latin America is subdivided into Brazil and Rest of Latin America.

The report analyzes the factors that drive and restrain the growth of the smart parking systems market. The report also identifies prospective growth opportunities, prevailing market trends, and major strategies enhancing the popularity of smart parking systems. It also provides market estimates and forecasts for all the segments in terms of revenue. The global smart parking systems market is categorized based on parking site types as on-street parking and off-street parking. The market is also segmented on the basis of components that include sensor and network hardware, software, and services. The report further subdivides the smart parking services market into system integration and installation, parking management, and maintenance. This research report provides complete insight into different application areas of the smart parking systems market including airports, government and municipalities, and corporate and commercial institutions. The report also includes profiles of major players engaged in providing these smart parking systems. Key business strategies adopted by the major players, their market positioning, and various recent developments have also been identified in the research report. Besides, market positioning of key players in the smart parking systems market has also been provided. The major players in the smart parking systems market include Streetline, Inc., Cisco Systems, Inc., ParkMe, Inc., Urbiotica, Skidata AG, Amano McGann, Inc., Swarco AG, Smart Parking Ltd, Nedap N.V., and Parkmobile, LLC.

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The global smart parking systems market is segmented as below:

Smart Parking Systems Market

By Parking Site Type

On-Street Parking
On-Street Parking

By Component

Sensor and Network Hardware
Software (Management and Analytics Software and Mobile Applications)
Services
- System Integration and Installation
- Parking Management
- Maintenance

By End-use Industry

Airports
Government and Municipalities
Corporate and Commercial Institutions

By Geography

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

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