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
Boiler Upgrade Scheme and certifications consultation
Summary of government consultation which closes 11 June 2025.
Deputy editor of AT, Tim Fraser, discusses the newly formed society with its current chair, Chris Halligan MCIAT.
Barratt Lo-E passivhaus standard homes planned enmasse
With an initial 728 Lo-E homes across two sites and many more planned for the future.
Government urged to uphold Warm Homes commitment
ECA and industry bodies write to Government concerning its 13.2 billion Warm Homes manifesto commitment.
From project managers to rising stars, sustainability pioneers and more.
Places of Worship in Britain and Ireland, 1929-1990. Book review.
The emancipation of women in art.
Call for independent National Grenfell oversight mechanism
MHCLG share findings of Building Safety Inquiry in letter to Secretary of State and Minister for Building Safety.
The Architectural Technology Awards
AT Awards now open for this the sixth decade of CIAT.
50th Golden anniversary ECA Edmundson awards
Deadline for submissions Friday 30 May 2025.
The benefits of precast, off-site foundation systems
Top ten benefits of this notable innovation.
Encouraging individuals to take action saving water at home, work, and in their communities.
Takes a community to support mental health and wellbeing
The why of becoming a Mental Health Instructor explained.
Mental health awareness week 13-18 May
The theme is communities, they can provide a sense of belonging, safety, support in hard times, and a sense purpose.
Mental health support on the rise but workers still struggling
CIOB Understanding Mental Health in the Built Environment 2025 shows.
Design and construction material libraries
Material, sample, product or detail libraries a key component of any architectural design practice.
Construction Products Reform Green Paper and Consultation
Still time to respond as consultation closes on 21 May 2025.
Resilient façade systems for smog reduction in Shanghai
A technical approach using computer simulation and analysis of solar radiation, wind patterns, and ventilation.