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(USGovernment-News.Com, August 02, 2016 ) A combination of various approaches to zero down on the market size, market shares and growth rates of the global smart parking market were used. The segment revenues, differences in growth rates and the driving and restraining factors were found out by conducting drilling secondary research. Few estimates based on the analysis of the researcher were also validated through primary interviews. Few experts in the domain of smart parking systems were approached to conduct primaries and based on their views and analysis of the researcher, the entire report was jotted down.
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.
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.
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.
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.
Smart parking systems is propelled significantly by the off-street parking segment. Research shows there would be significant adoptions in this segment as this type would be beneficial for consumers a lot. However, high initial costs is the point that is expected to restrict the growth of this market.
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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