The extreme rivalry between Amano McGann, Smart Parking Ltd., Streetline Inc., and Nedap N.V. defines the competitive landscape of the global smart parking systems market. The emergence of new players, such as ParkAide and Parko is deepening the competition further within the market. Currently, the leading players are increasingly focusing on expanding their reach to various geographies through mergers, acquisitions, and partnerships in order to increase their visibility. Going forward, they will need to shift their focus on upgrading technologies to strengthen their positions in the market.
As per the report, the global smart parking systems market is likely to rise from US$48.7 mn in 2015 to US$177.1 mn by 2022 at an exponential CAGR of 20.20% between 2015 and 2022. The demand for off-street parking is likely to remain high over the forecast period. The segment is estimated to generate a revenue of US$129.2 mn by 2022.
North America to Remain Dominant in Global Smart Parking Systems Market
Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa are the key regional markets for smart parking systems across the world. North America has emerged as the key contributor to this market. The region generated a revenue of US$16.7 mn in 2015. The growing awareness regarding smart parking among patrons, thanks to several smart parking pilot programs in prime cities in the United States, such as Los Angeles and New York, is boosting the market’s growth significantly. As a result, the region is likely to maintain its dominance in the in the coming years.
Asia Pacific is also projected to witness a steady rise in the usage of smart parking systems over the next few years. The increasing number of vehicles can be attributed for this growth in Asia Pacific smart parking systems market, states the report.
Growing Awareness Regarding Benefits of Smart Parking Systems to Fuel Demand
“The need for sustainable policies in transportation is currently extremely high across the world,” says an analyst at TMR. High traffic levels are one of the main issues in many countries that need to be addressed immediately. The main reason behind the high levels of traffic congestion in many parts of the world is inappropriate city planning in view of road transportation. With each addition to the count of vehicles, the level of congestion increases even more.
Smart parking systems offer an efficient solution to this congestion, which is highly flexible in terms of adjusting to various kinds of infrastructures. The growing awareness pertaining to this and other benefits of smart parking systems is likely to boost their demand remarkably in the coming years. The technological advancements in the field of smart parking systems are also expected to drive this market considerably over the next few years, states the report.
Issues Related to System Integration to Hamper Market’s Growth
While the global smart parking systems market faces a bright future, the lack of integration between various types of systems may hinder the demand for these systems to some extent in the near future. The lack of funding for the deployment of smart parking systems in various countries is also expected to hamper the growth of this market in the long run.
The research study presented here is based on a report by Transparency Market Research (TMR) 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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