North America Smart Parking System Market Growth Statics, Top Performing Players Profiles and Sales Data

Felton, Calif., USA, Jan. 18, 2021 — /EPR Network/ —

The North America Smart Parking System Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview:

The North America smart parking system market size is anticipated to reach USD 4,110.8 Million until 2025. This growth can be associated with the need for developing better parking solutions to avoid conflicts and mishaps. Moreover, the increasing usage of smartphones and tablets which support these mobile applications is expected to fuel up the market growth in the upcoming years.

Key Players:

• Altiux Innovations
• Amano McGann, Inc.
• Amco S.A.
• BMW AG (ParkNow GmbH)
• Cisco Systems, Inc.
• CivicSmart, Inc.
• Conduent Incorporated
• Group Techna, Inc.
• KapschTrafficCom
• Libelium Comunicaciones Distribuidas S.L.

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Growth Drivers:

Several technologies like analytical solutions are being used for application development that will further enhance the market growth of such systems across the globe.  Further, the surging usage of smartphones and tablets which support these mobile applications helps in checking, paying, and reserving the parking slots. This, in turn, is expected to fuel up the demand for parking systems thereby reducing the parking conflicts among the consumers.

These systems use the Internet of Things (IoT) technology module for their operation. This technology monitors and signalizes on the availability of free parking spaces across the parking lots. The mobile application then signalizes the user about space availability for reserving and parking of the vehicles.

Hardware Outlook:

• Pucks (wireless sensors)
• Cameras and LPRs
• Smart Meters
• Signage
• Parking Gates

Service Outlook:

• Consulting Services
• Engineering Services
• Mobile App Parking Services
  • Enforcement Apps
  • Reservation Apps
  • Way-Finding Apps
  • Payments Apps

Regional Outlook:

The U.S. held the largest share across the market in 2018.  This growth can be attributed to the rising issues regarding parking congestion across the whole U.S., especially urban cities. Also, the rising number of major key players is expected to fuel up the market growth in the upcoming years.

Canada is anticipated to register the fastest growth in the market of smart parking systems during the forecasted years. This growth can be a rising number of metropolitan cities and infrastructure across the country. The governments are also undertaking initiatives along with the service providers of parking for traffic management. These initiatives have paved the way for private and non-residential parking spaces.

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