Parking has been a challenging issue, especially in the urban landscape, where 30% – 40% of all traffic congestion is mainly caused by drivers struggling to find a parking space. Increasing number of vehicles running on road, surging sizes of vehicles in the luxurious segment, and decrease in the available parking space are influencing the traffic congestion, making it an alarming issue globally. Also, limited availability of data required to guide a driver’s decisions tend to waste lot of time, subsequently fuelling the parking woes in urban areas. This also causes environmental damages such as increase in carbon dioxide emissions, sound pollution, and land contamination. Somewhere, these parking related issues are also impacting the revenues of local businesses in urban areas. Due to unavailability of proper parking space, many local retail shops tend to lose huge business, significantly impacting their incomes directly.
Parking in itself is a huge industry comprising revenues of more than $100 billion globally, and smart parking systems market is emerging as an attractive potential market for flourished as well as new parking players.
Smart parking systems market currently is experiencing significantly high growth in several developed geographical regions, and is expected to foresee exponential growth in other areas globally in the coming years.
A smart city utilizes the power of technology to run processes efficiently and smoothly making smart parking system as a vital fragment of its framework. Smart technology possesses significant power to maximize the most critical assets of its customers and register responsible development by providing better efficiency, revenue growth, contributing to sustainable future. The graph below depicts the share of investment made in various critical aspects of smart cities, where smart transportation exhibits a significant growth in its investment. Parking being the major concern in modern transportation sector, is expected to gain high attention in coming years. One of the most helpful aspects of a smart city is using technology to ease traffic and parking woes.
Based on parking sites, the smart parking systems market is segmented into off-street and on-street. On-street parking refers to parking of vehicles on the road side itself, and is majorly controlled by government agencies. On the other hand, in off-street parking vehicles are parked in garages or specific parking areas, being controlled by commercial agencies.
Intelligent/smart parking systems comprises majorly of two elements, namely; hardware and software. To support smooth functioning of these two elements concerned services are provided. So, in this research study we have segmented the smart parking systems market into three components; hardware, software, and services. The total revenues in the global smart parking systems market comprises of accumulated revenues coming from these three components.
Based on end-user industries, the smart parking systems market is segmented into transport facilities, government & municipalities, commercial institutions, and corporate institutions. The airports in the transportation facilities are the major contributors to the smart parking systems market. As number of footfalls in such places is high and therefore management of parking spaces has become a priority making therefore transportation facilities capture the most of market. However, the government authorities are also initiating the adoption of smart parking for public parking spaces such as on-street parking and public garages.
The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
2017:Amano Mcgann extended its partnership with one of its oldest dealers PSX to Colorado.
2017:Valeo and Cisco announced a cooperation agreement to develop strategic innovations in smart mobility services.
2017:Smart Parking announced that it won a new contract in New Zealand, chosen by Wilson Parking New Zealand as the preferred supplier of sensor and bay-finding technology at nine new sites.
2017:Smart Parking launched its newly designed SmartSpot IoT Gateway, with new and improved features adapted to meet the needs of smart city.
The regional trends and factors influencing the Smart Parking Systems Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Smart Parking Systems Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2016 | US$ 398.6 Million |
| Market Size by 2025 | US$ 1,462.3 Million |
| Global CAGR (2016 - 2025) | 15.7% |
| Historical Data | 2014-2015 |
| Forecast period | 2017-2025 |
| Segments Covered |
By Parking Site, Method and End-user Industry |
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Smart Parking Systems Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Smart Parking Systems Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The List of Companies
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