Smart parking systems market
Smart parking systems allow for a smoother parking experience, meaning that the vehicle owner does not have to drive significant distances to find a parking place.
The global smart parking systems market is a complex one, with the major restraint of a lack of space created by the same driver that has boosted the market, ie the growth in vehicle ownership. The smart parking systems market is, however, not showing any signs of slowing, growing at a CAGR of 20.2% from 2014 to 2020. The market is predicted to reach an overall worth of US$177.10 million by 2020.
The number of vehicles is steadily growing around the world. This can only boost the global smart parking systems market, as it necessitates wider application of smart parking systems. Companies and government bodies are trying to create adequate infrastructure in tandem with smart parking systems to create supply that meets the demand.
Within the global smart parking systems market, 78% was held by the off-street parking in 2014.
In 2014, nearly 37% of the global market was in North America. The key reason for this North American dominance is the adoption rate of smart parking systems in all major cities. This includes large-scale smart parking systems in Los Angeles, New York, and San Francisco. The fastest rate of growth in the global smart parking systems market, however, is expected to be exhibited by the regional segment of Asia Pacific region which is set to grow at a CAGR of 32.7% from 2015 to 2022.
Almost 63% of the market was taken by governments and municipalities in 2014. At the same time, the fastest growing segment of the global smart parking systems market is set to be corporate and commercial institutions, an application segment that is witnessing a CAGR of 21.4% from 2015 to 2022. Major commercial services such as hospitality, retail, and private educational institutes have begun to adopt the smart parking systems market to create a simpler experience for patrons.
Multiple companies dominate the global smart parking systems market, including Swarco AG, Skidata AG, ParkMe, Inc., Parkmobile LLC, Urbiotica, Cisco System, Inc., Nedap N.V., Amano McGann, Smart Parking Limited, and Streetline, Inc.
Although the global smart parking systems market is eventually set to be applied in all industries for a smoother parking experience, the restraints faced by the market today include the lack of technical expertise that has to be employed at every smart parking service facility.
[edit] Find out more
[edit] Related articles on Designing Buildings Wiki
Featured articles and news
New President of ECA announced
Ruth Devine MBE becomes the 112th President of the Electrical Contractors Association.
New CIAT Professional Standards Competency Framework
Supercedes the 2019 Professional Standards Framework from 1 May 2025.
Difficult Sites: Architecture Against the Odds
Free exhibition at the RIBA Architecture Gallery until 31 May.
PPN 021: Payment Spot Checks in Public Sub-Contracts
Published following consultation and influence from ECA.
Designing Buildings reaches 20,000 articles
We take a look back at some of the stranger contributions.
Lessons learned from other industries.
The Buildings of the Malting Industry. Book review.
Conserving places with climate resilience in mind.
Combating burnout.
The 5 elements of seiri, seiton, seiso, seiketsu and shitsuke.
Shading for housing, a design guide
A look back at embedding a new culture of shading.
The Architectural Technology Awards
The AT Awards 2025 are open for entries!
ECA Blueprint for Electrification
The 'mosaic of interconnected challenges' and how to deliver the UK’s Transition to Clean Power.
Grenfell Tower Principal Contractor Award notice
Tower repair and maintenance contractor announced as demolition contractor.
Passivhaus social homes benefit from heat pump service
Sixteen new homes designed and built to achieve Passivhaus constructed in Dumfries & Galloway.
CABE Publishes Results of 2025 Building Control Survey
Concern over lack of understanding of how roles have changed since the introduction of the BSA 2022.