The global smart parking system market is expected to reach USD 10,380.9 million by 2025
NEW YORK, Aug. 15, 2019 /PRNewswire/ -- Read the full report: https://www.reportlinker.com/p05807296/?utm_source=PRN
The global smart parking system market is expected to reach USD 10,380.9 million by 2025. An anticipated upsurge in demand for parking management systems for transport transit and commercial applications is expected to drive the growth in the market.
Favorable government initiatives and increasing public sector funding to roll out solutions aimed at addressing traffic congestion issues are anticipated to drive the market growth. Furthermore, the inclusion of sophisticated features, such as voice guidance, handicapped parking, and auto-payment options enabled through smartphone apps, are also expected to contribute to the growth of the market.
Ensuring adequate parking space is turning out to be a challenge for civic administrations as the number of automobiles continues to increase.The demand for intelligent parking systems is rising across the globe as a result.
These systems can effectively address traffic congestion issues and parking-related concerns. They can also open potential opportunities for reusing commercial and municipal areas and garages, thereby reducing fuel consumption, curtailing vehicular emissions, and subsequently making the cities cleaner and greener.
However, a looming lack of funding initiatives as well as organizational awareness about the advantages associated with smart parking, particularly in underdeveloped regions, is anticipated to restrain the growth of the market over the forecast period.
Further key findings from the report suggest:
-- The hardware segment dominated the market in 2018 owing to the decisive role various hardware components play in detecting the presence of the vehicles in parking slots.
-- The signage segment is expected to grow at a CAGR of 16.4% over the forecast period, as signages can help in preventing confusions and the resultant mishaps by guiding drivers in appropriate directions.
-- The consulting services segment is expected to witness significant growth over the forecast period. Consulting services envisage providing an analysis of the volume of traffic that needs to be managed and recommending potential solutions according to the need.
-- Off-street parking segment dominated the smart parking system market as off-street parking offers easy and swift pay-and-park solutions, which can distribute tickets automatically, thereby reducing congestions at entrances.
-- The government segment is estimated to reach USD 4,187.6 million by 2025 in line with the increasing need for managing on-road vehicles and minimizing fuel emissions, which would, in turn, lead to large-scale adoption of intelligent parking management systems in the government sector.
-- The European region accounted for over 30.0% of the global revenue share in 2018. The continued interest of automobile manufacturers in the region in developing intelligent parking systems is anticipated to drive the growth of the regional market.
-- On-demand valet parking coupled with the increasing demand for parking management systems at public venues, including shopping malls and sports complexes, in countries, such as Japan and China, is expected to fuel the demand for parking management systems in the Asia Pacific regional market.
-- The key players in the market include Amano McGann, Inc.; Cisco Systems, Inc.; Conduent, Inc.; SKIDATA AG.; Streetline, Inc.; Parkmobile LLC; ParkMe, Inc.; Robert Bosch GmbH; and Nedap N.V.; among others.
Read the full report: https://www.reportlinker.com/p05807296/?utm_source=PRN
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