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.
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