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(USGovernment-News.Com, July 30, 2016 ) 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.
Rising implementation of smart city programs coupled with rising vehicular pollution and limited availability of parking spaces are key factors bolstering the smart parking systems market worldwide. The proliferation of IoT and the need for scalable, flexible, space efficient, and easy parking systems are factors expected to boost the market, especially in the developing economies of the world.
The smart parking system market is broadly segmented into parking site, components and end-user industry. Furthermore, the parking site is bifurcated into on-street parking and off-street parking. Components segment is sub divided into hardware, software and services. The end-user segment comprises of transport facilities, commercial institution, government & municipalities and corporate institution. The commercial institutes are predicted to dominate the market in the coming years. The market region wise is segmented in North America, Europe, Middle East & Africa, South America and Asia Pacific.
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.
Some of the major players in the market are Amano McCann, Inc., Smart Parking Ltd., Urbiotica, Cisco Systems, Inc., Nedap NV, SKIDATA AG, Kapsch, Xerox Corp. and Parkmobile LLC among others.
About The Insight Partners: The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Media, and Telecommunication industries.
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