Global Smart Parking System Market Trends, Applications, Analysis, Growth, and Forecast to 2027

MarketResearch.biz, in its upcoming report titled, “Global Smart Parking System Market Trends, Applications, Analysis, Growth, and Forecast to 2027”, offers in-depth insights, revenue details, and other vital information regarding the global smart parking system market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report also offers insightful and detailed information regarding the various key players operating in the global smart parking system market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. The global smart parking system market report has been segmented on the basis of parking site, component, end user, and region. The global smart parking system market was valued at US$ XXX.X million in 2016, and is expected to reach US$ X.X billion over the forecast period at a high double-digit CAGR of XX.X%.

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A smart parking system helps a driver find a vacant spot, and the system collects real-time data through sensors installed in each parking space, which enables detection of presence or absence of a vehicle. The system then directs drivers to available locations. Implementation of smart parking systems helps in the systematic allocation and maximum utilization of parking space. Other benefits include time and fuel saving, reduced pollution, along with hassle-free, time-efficient, and convenient automation of parking facilities.

Increasing number of vehicles worldwide and shrinking availability of on-street parking space are factors driving demand and adoption of smart parking systems globally. Rising adoption of smart parking systems in parking garages, multistoried parking facilities, and commercial and residential sites are also factors driving the growth of the global smart parking system market. In addition, options such as prior determination of availability of parking space, advance parking reservation, and mobile payment option are further fueling the growth of the global smart parking system market.

Major factors such as high installation cost, lack of awareness regarding advantages of smart parking systems especially in underdeveloped regions are hampering the growth of the global smart parking system market. In addition, lack of funding for the deployment of smart parking systems in various countries is also expected to hamper the growth of the global smart parking system market.

The smart parking system market in North America is expected to witness relatively fast growth over the next five years owing to increasing need for parking solutions and shrinking availability of on-road parking capacity. Among other regions, the market in Asia Pacific is expected to register rapid and high growth during the forecast period owing to increasing number of vehicle on-road and growing infrastructure development.

Global Smart Parking System Market Segmentation:

Global smart parking system market segmentation by parking site:

• On-street
• Off-street

Global smart parking system market segmentation by component:

• Hardware
• Software
• Service

Global smart parking system market segmentation by end user:

• Residential
• Government
• Commercial

Global smart parking system market segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa