Fulfilling the requirements of on-street or off-street parking, enabling customers to find spaces quickly and easily and efficient management technology for space utilization with simple payment and compliance procedures are driving the global smart parking market.
Global smart parking reached USD 2.0 Billion in 2016. The ever increasing traffic and the need to develop efficient parking solutions is expected to drive the market to grow at a CAGR of 18% over the forecast period i.e. 2016-2024 and reach USD 7.5 Billion by 2024.
The demand for off street parking constitutes the majority for the demand of smart parking systems, amounting to over 65% of the global smart parking market. The segment for parking site providers accounts for majority of the market share in overall service provider market compared to other service providers.
Smart parking market in Asia-Pacific region is set to witness the highest growth during the forecast period. Strong presence of huge automotive manufacturers such as Toyota, Suzuki and others in Asia-Pacific region is one of the major factors which are increasing the supply of automobiles in the region that demands smart parking facilities in the region.
Moving Towards Automation
Smart Parking is expected to be influenced by the arrival of automated vehicles. Multiple cities around the world are initiating trials for self-parking vehicles, specialized AV parking lots, and robotic parking valets. For instance, Bunbury CBD shoppers in Western Australia will no longer have to trek to a parking ticket machine with smartphone technology now activated in the city. The introduction of app “PayStay” eliminates the need to collect a ticket from a parking machine and also pre-determining the time they require to be parked.
“Global Smart Parking Market Outlook 2024” contains detailed overview of the global smart parking market in terms of market segmentation by component, site, service provider, vertical and geography.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
This market report also includes competitive outlook of some of the major players of the global smart parking market which includes profiling of companies like 3M, Aeris Communications, Cisco, Deutsche Telekom, Gemalto, HCL, IBM, Jasper Technologies, MSR-Traffic, Nedap Mobility Solutions, Orange Business Services, PARX, ParkHelp, ParkMe, Parkmobile, Parkopedia, Q-Park, Serco, Siemens, Sierra Wireless, SKIDATA, Smart Parking, Streetline (acquired by Kapsch TrafficCom), SWARCO, Synapt, T2 Systems, Telensa, TeliaSonera, Urbiotica, Vodafone, WorldSensing, and Xerox. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents comprehensive synopsis on the global smart parking market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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