The Smart Parking 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.
Globally it has been realized that drivers spend an average of nearly 20 minutes/trip in search of a parking space. The current parking infrastructure does not satiate the ever growing demand for efficient parking. Today, the available parking spaces worldwide can handle only one-third of the parking needed. The same is true for several highly populated regions worldwide. Combining both on-street as well as off-street parking as well prove to be insufficient to cater the rising parking demands.
The smart parking based online/mobile applications over the years have become more customer oriented. Presently, the mobile applications that are developed are programmed in such a way that all categories of user are able to use with an ease. Almost every person on this globe is in need of a parking space at some point of its life, thus, the companies are also racing in terms of developing user friendly and accurate applications. Huge amounts of databases is required in this process, these databases are then managed by various analytical solutions. This adds cost to the service, but on a large scale this cost can be reduced, thus providing better services at a cheaper rate. Moreover, the hardware components market would soon foresee a steady growth in its demand and need for software application would subsequently increase, demanding highly efficient and user-friendly software solutions.
Get Sample PDF:
https://www.theinsightpartners.com/sample/TIPTE100000553/
Furthermore, the awareness regarding IoT and advancement in wireless sensor based technology is empowering the growth of Smart Parking systems market. The WSN (Wireless Sensor based Network) are gradually gaining popularity in the commercial parking garages and parking lots. The off-street parking garages cover up to 70-80 percent of entire parking site available globally. The commercial infrastructures are anticipated to have massive demand growth regarding the installation of parking sensor in facades that would optimize the parking space demand and supply management. Although the market for these WSN in smart parking is predicted to increase owing to advancements in sensor technologies eliminating the complications and glitches in current technology.
Buy Now: https://www.theinsightpartners.com/buy/TIPTE100000553/
Key trend which will predominantly effect the market in coming year is rapid evolution of technologies supporting the growth of smart parking systems across the globe. Smart parking market is anticipated to witness several technological improvisations in terms of expansion of bandwidth and connectivity. Growth in smart parking systems market is fueled by the surging demand for flexible, scalable and efficient parking systems to manage the on-street and off-street parking spaces, in order to reduce the gridlocks taking place because of large number of commuters circling on road searching for parking spaces.
Smart Parking Systems Market, Key Company
- Amano McGann, Inc.
- Cisco
- Smart Parking Ltd.
- Urbiotica
- SKIDATA AG
- Nedap NV
- Kapsch
- Xerox Corp.
- Parkmobile, LLC
- SWARCO AG
About Us:
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 specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876
