Tie-ups and partnerships are the leading business strategies adopted by numerous market players. For example, Amano McGann, Inc. entered into partnerships with several companies such as Metric Group, Inc., Umojo, Streetline, Inc., and ParkMe, Inc. A partnership with Apriva was also announced by this firm in June 2015. Several other companies such as Nedap N.V. have been focusing on product development and global penetration, apart from securing profitable partnerships.
ParkMe, Inc, Cisco Systems, Inc., Urbiotica, Nedap N.V., Amano McGann, Streetline, Inc., Swarco AG, Parkmobile, LLC, and Smart Parking Ltd. are some of the major companies operating in the global smart parking systems market.
Expanding at a CAGR of 20.2% between 2015 and 2022, the global smart parking systems market will witness tremendous growth. The market is expected to attain a revenue worth US$177.1mn by 2022, finds Transparency Market Research (TMR).
Off-street Parking Solutions to Prosper
The off- street parking segment is projected to expand at a promising CAGR of 25.1% between 2015 and 2022. By the end of 2022, the global smart parking systems market is likely to achieve an estimated value of US$129.2,mn states TMR. Private parking lots, garages, driveways, and multistory structures have been increasingly deploying off-street parking solutions. Smart off-street parking enables hassle-free, time-efficient, and convenient automation of parking facilities. The projected growth of this segment can be attributed to easy and independent parking management, better utilization of space, easy vehicle circulation and accurate knowledge of vehicle occupancy.
Based on geography, the global market for smart parking systems is segmented into Europe, Asia Pacific, Latin America, the Middle East and Africa (MEA), and North America. The excessive traffic issues faced by cities such as Los Angeles and New York have been leading to increasing demand for smart parking systems. North America dominated the regional scenario due to factors such as higher awareness about the use of modern solutions, growing inconvenience, technological advancements, and the execution of the SFpark program in San Francisco aiding the expansion of the market in this region.
Growing Traffic Congestions to Ensure Growth
Smart parking systems furnish efficient, flexible, and scalable solutions for parking and traffic concerns. The mounting number of vehicles worldwide has been creating parking problems as unavailability of parking space remains a major issue, necessitating the use of smart parking systems. Fuel wastage, high level of inconvenience, and increased emissions are some negative impacts of parking and traffic problems. Therefore, several developed and developing nations over the globe have been displaying a surge in demand for these solutions.
Moreover, sustainable transportation policy is the need of the time. Smart parking systems are not only environment-friendly, they are cost efficient, space-efficient, and possess relatively smaller footprints. Having smaller footprints allows for their setting up in small spaces and easy relocation. Increased systematic execution, better planning, and maximum utilization of space are some other benefits of these solutions. All these aforementioned advantages of the smart parking systems are slated to result in vast demand over the coming period.
Several municipal corporations have been deploying these systems, boosting the growth of the market further. The adoption of smart parking systems by municipalities can be attributed to fewer attendants, reduced emissions, higher throughput, and significant profit offered by these solutions. The emergence of technological advancements such as smartphone applications, navigation systems and sensing technologies are also contributing towards market expansion.
The information presented in this review is based on a Transparency Market Research report, titled, “Smart Parking Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2022”.
Key segments of the Global Smart Parking Systems Market
Global Smart Parking Systems Market, by Parking Site Type
- Off-street Parking
- On-street Parking
Global Smart Parking Systems Market, by Component
- Sensor and Network Hardware
Global Smart Parking Systems Market, by Application Areas
- Government and Municipalities
- Corporate and Commercial Institutions
Global Smart Parking Systems Market, by Region
- North America
- Asia Pacific
- Rest of the World
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