Industry Technology

Global Smart Parking Market Size Share Worldwide Industry Growth, Size, Statistics, Opportunities & Forecast up to 2025

Press Release

Smart parking is an intelligent parking system that assists driver for safe parking. Available space in parking slot is indicted by sign or symbol with the help of embedded software and sensors. The vacant space is notified to the driver correctly due to the proper management of vehicle. Smart Parking Market was valued at $5,001.1 million in 2017, and is projected to reach $11,553.6 million by 2025, registering a CAGR of 11.2% from 2018 to 2025. Smart parking is an intelligent parking system that assists driver for safe parking. Available space in parking slot is indicted by sign or symbol with the help of embedded software and sensors. The vacant space is notified to the driver correctly due to the proper management of vehicle.

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In addition, smart parking is adopted by many countries and hence it is becoming one of the most trending smart solutions across various public and private places including airports, universities, shopping centers, and city garages, globally. The features such as ability to easily connect with the parking lots, analyze, and automate data gathered from devices, and make it more fruitful for the market. The off-street parking method that is widely used worldwide is generally categorized into the vehicles that are not parked on the roads.

For the operation of the smart parking, they involve low-cost sensors, real-time data collection, and smart phone enabled automated payment systems. This combination allows people to reserve parking in advance and predicts the location for parking.

This system is linked with the mobile applications that notifies the user about current available parking space that further helps to reduce the time needed for searching the available free parking space. This smart parking system implies M2M technologies to properly manage parking supply and also helps one of the biggest problems on driving in urban areas‐finding empty parking spaces and controlling illegal parking.

Increase in parking concern across the globe, growth in demand for Internet of Things (IoT) based technology, and high adoption rate in number of vehicles drive the market. However, high employment cost & configuration complexity restrain the market growth. Moreover, rise in investment on building driverless vehicles and increase in government initiative in building smart cities across the globe are expected to create tremendous opportunities for the market growth.

The global smart parking market is segmented based on type, component, technology, application, end user, and regions. Based on type, it is bifurcated into off-street and on-street. Based on technology, it is classified into IoT, ultrasonic, and RFID. Based on application, it is divided as security & surveillance, smart payment system, E-parking, and license plate recognition. Based on end user, it is studied across commercial and government. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

KEY BENEFITS FOR STAKEHOLDERS

This study comprises of analytical depiction of the global smart parking market with current trends and future estimations to depict the imminent investment pockets.

The overall market potential is determined to understand the profitable trends to gain a stronger coverage in the market.

The report presents information related to key drivers, restraints, and opportunities with a detailed impact analyses.

The current market is quantitatively analyzed from 2018 to 2025 to highlight the financial competency of the market.

Porter’s Five Forces analysis illustrates the potency of the buyers and suppliers

KEY MARKET SEGMENTS:

By Type: On-street, Off-street,,

By Technology:,IoT, Ultrasonic, RFID,,

By Application: Security & Surveillance, Smart Payment System, E-parking, License Plate Recognition,,

By End User:,Commercial, Government

By Geography: U.S., Canada, Mexico, Italy, Germany, Spain, Romania, China, Japan, India, Lamea, Latin America, Middle East, Africa.

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Table of content:

CHAPTER 1: INTRODUCTION

CHAPTER 2: EXECUTIVE SUMMARY

CHAPTER 3: MARKET OVERVIEW

CHAPTER 4: SMART PARKING MARKET, BY FILTER TYPE

CHAPTER 5: SMART PARKINGMARKET, BY APPLICATION

CHAPTER 6: SMART PARKINGMARKET, BY DISTRIBUTION CHANNEL

CHAPTER 7: SMART PARKING MARKET, BY REGION

CHAPTER 8: COMPANY PROFILES

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