IoT to pave the path for adoption of Smart Parking Systems Market and further driving the growth of this market
Smart Parking Market Overview:
Global smart parking systems market is expected to grow from US$ 398.6 million in 2016 to US$ 1,462.3 million by 2025 at a CAGR of 15.7% between 2017 and 2025.
The smart parking technology has taken the entire process of simple parking to a new level. Increasing number of vehicles on road have led to congestion on road, because of lack of parking space management in the city.
Smart Parking systems deliver a solution which helps to reduce traffic congestion and improve city livability. Parking being a perplexing issue, predominantly in urban areas where most of the traffic congestion is significantly triggered by customers struggling to find a parking space. Also, limited data availability in order to guide driver’s decision making is leading to more time consumption and subsequently consumption of petrol too. Also, it leads to formation of damaging environmental effects, like the increase in CO2 emissions and sound pollution. The local businesses and shops income is also significantly affected by non-availability of proper parking for customers.
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Government in several countries is looking forward for the implementation of smart parking system. For instance, Chile has been planning to come up with new parking law that would make Chileans pay a certain amount for parking in the glitzier malls of Santiago on hourly basis. At the same time in Chicago, city officials have leased the town’s metered parking spaces to private investors for a term of Seventy Five years to attract investments to update the existing parking system and in San Francisco, local agencies are working to build a system using real-time parking data to manage congested streets and relieve a parking shortage.
Smart Parking Market Key Players:
Cisco Systems, Inc., Amano McGann, Inc., Smart Parking Ltd., Urbiotica, Skidata AG, Swarco AG, Parkmobile, LLC, Nedap N.V, Kapsch, Xerox Corp., Parkmobile, LLC, SWARCO AG and Others.
Smart Parking Systems Market is propelled by the Off-street Parking Segment
Technological advancements such as use of mobile applications for parking guidance systems, enhanced ticketing and payment solutions and significant growth in adoption of smart parking systems by commercial and corporate institutions 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.
The awareness about IoT and growth of the technology is enabling the growth of Smart Parking systems market. With the problem of parking consuming a lot of time of the daily commuters and an observed increase in the pollution levels due to inefficient parking systems there was a need for effective parking system. Smart Parking systems were a solution to these problems to a great extent. Smart Parking systems have been possible with the proliferation of the IoT market. IoT that is a subset of Machine-to-Machine communication enables devices to communicate with each other and update the status to its user. Sensors are connected and status updates are sent on any access device.
Smart Parking Systems Market Segmentation:
The global smart parking systems market is segmented on the basis of parking site, components, end-user industry and regions. By parking site, the global smart parking systems is segmented as on-site parking and off-site parking. Hardware, software and services constitute the components segment of the global smart parking systems market. 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 key drivers for this market include development of IoT in industrial things, switching of municipalities, rise in the urban populations and the need for scalable and efficient parking system that saves a lot of time of the customers. Along with the above mentioned drivers, bundled services are also fuelling the growth of this industry.
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