Global Smart Parking System Market was valued US$5.001 Bn in 2017 and is estimated to reach US$11.60 Bn by 2026 at a CAGR of 11.2 %.
The report Global Smart Parking System Market based on solution type, parking sites, application, and region. In terms of solution type, the Global Smart Parking System Market is classified into hardware, software, and services. Based on the parking system, the smart parking system market is divided into off-street, and on- street. On the basis application, the Global Smart Parking System Market is categorized into transportation, government facilities, and commercial area. Region wise into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
The adoption of smart parking systems involves the use of low-cost sensors and mobile phone-enabled automated payment systems. With the growing number of hospitals, shopping complexes, and corporate hubs, the demand for smart parking systems is rising. Another prominent factor driving the market is easy accessibility of smart parking systems, its economic nature and ability to reduce carbon footprints in the atmosphere. The major challenge associated with smart parking systems is a lack of standardization and the high set up cost, which requires more investment and restricts the growth of the smart parking systems market. Moreover, a lack of coordination between software developers and hardware providers affects the adoption of smart parking systems. Additionally, an increase in investment on building driverless vehicles and rise in government’s initiative in building smart cities across the globe are anticipated to create tremendous opportunities for the growth of the market.
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Smart parking system market
In terms of parking sites, most off-street parking areas are made of commercial parking lots and garages. Facilities such as ticketing and advanced payment solutions coupled with the launch of several mobile applications for parking guidance systems are favorably impacting the growth for off-street parking systems. This type of parking facilitates use both user, long as well as short-term parking users. On-street parking in these countries is yet unsystematic and does not imply strict fines as in North America and Europe.
Based on application, the commercial application segment has high growth potential and is estimated to gain traction over the forecast period as these places are the major attraction of tourist as well as local citizens. High convenience and flexibility along with mobile payment options are expected to impel growth in the commercial segment.
In terms of region, the North America Global Smart Parking System Market accounted for over 40%of the global market share in 2017. Asia Pacific is anticipated to witness the highest CAGR in the global smart parking system market during the forecast period. This is mainly due to large-scale industrialization in Asian countries such as China, India, and Japan.
Some of the key players in the Global Smart Parking System Market are 3M, Swarco AG, Cubic Corporation, Amano Corporation, Nortek Control Systems Ltd., Kapsch TrafficCom AG, Xerox Corporation, Siemens, BMW Group, and Bosch.
Scope of Global Smart Parking System Market
Global Smart Parking System Market by Solution Type
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Global Smart Parking System Market By Parking Sites
• Off- Street
• On- Street
Global Smart Parking System Market By Application
• Government Facilities
• Commercial Area
Global Smart Parking System Market By Geography
• North America
• Middle East & Africa
• Latin America
Key Players operating in Global Smart Parking System Market
• Swarco AG
• Cubic Corporation
• Amano Corporation
• Nortek Control Systems Ltd.
• Kapsch TrafficCom AG
• Aisin Seiki Co., Ltd.
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• Streetline, Inc.
• Cisco Systems, Inc.
• ParkMe, Inc.
• Skidata AG
• Swarco AG
• Smart Parking Ltd
• Nedap N.V.
• Parkmobile, LLC
• Continental AG