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.
Parking being a challenging issue, especially in urban landscape where 30% - 40% of all traffic congestion is majorly caused by customers struggling to find a parking space. In addition, limited data availability to guide driver’s decision making leading to high amount of time being wasted further fuels to parking woes in urban areas. Also, it leads to damaging environmental effects such as increase in carbon dioxide emissions and sound pollution. Thus, smart parking systems address parking issues through the introduction of sensors and video-enabled parking management. Smart parking systems provide citizens with real-time information about available parking, thereby leading to reduced traffic congestion and a highly effective partnership between citizens, cities, local businesses and parking enforcement agencies. Thus, the smart parking solutions help to improve city livability.
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 cost of the smart parking technology is expensive as compared to other non-technical parking methods, thereby it is currently being primarily adopted by the developed countries. In addition, off-street parking systems require more physical changes as compared to on-street parking system. This factor further hampers the market growth as a number of regions worldwide are lagging in the development of telecom and overall infrastructure.
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, Middle East & Africa and South America.
Currently, smart parking systems have seen a significant adoption in the North American and European countries. Furthermore, with advancements in technology and infrastructure, various developing economies of 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 Asia Pacific during the forecast period. APAC is expected to register a growth rate of 32.9% during 2015 to 2025.
In 2015, Brazil led the smart parking systems market in South America (SAM) and is likely 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 decreased availability of parking spaces and rapidly growing telecommunication infrastructure. The report profiles key players such as Amano McGann, Inc., Cisco Systems, Inc., Urbiotica, Smart Parking Ltd., SKIDATA AG, SWARCO AG, Nedap N.V., Kapsch, Xerox Corp., and Parkmobile LLC.
The report segments the global smart parking systems market as follows:
o Global Smart Parking Systems Market - By Parking Site
o Off-Street Parking
o On-Street Parking
o Global Smart Parking Systems Market - By Components
o Global Smart Parking Systems Market - By End-user Industry
o Transport Facilities
o Government & Municipalities
o Commercial Institutions
o Corporate Institutions
o Global Smart Parking Systems Market - By Geography
o North America
§ Rest of Europe
o Asia Pacific (APAC)
§ Rest of APAC
o Middle East & Africa (MEA)
§ Saudi Arabia
§ South Africa
§ Rest of MEA
o South America (SAM)
§ Rest of SAM