According to the new Market research study published by The Insight Partners, the global Smart Parking Systems Market was valued at US$ 66.16 Mn in 2015 and is estimated to reach US$ 415.25 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.
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Smart parking technology is emerging rapidly and is expected to be adopted by most of the major cities globally in order to increase the probability of sustainable development. Smart parking systems provide users with real-time information in order to allow them to find a parking space conveniently, thereby saving fuel, time and effort. IoT is a network of physical objects connected to each other through sensors, electronic devices and software that enables the collection and exchange of data. IoT has witnessed rapid growth across numerous end-user segments.
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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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 smart parking systems require a number of physical changes as compared to on-street smart parking system. This factor further hampers the market growth as a number of regions globally are lagging in the development of a robust telecom and overall infrastructure.
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.
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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. 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.
Some of the key points covered in the report:
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