New York, Dec. 19, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners “Smart Parking Market Size, Share, Growth and Trends to 2025 - Global Analysis and Forecasts By Parking Sites (Off-Street and On-Street), Components, End-user Industries (Transport Facilities, Government & Municipalities, Commercial Institutions, and Corporate Institutions)”; The global smart parking market size to grow from USD 0.398 billion in 2016 to USS 1.46 billion by 2025 at a CAGR of 15.7% between 2017 and 2025.
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Global Smart Parking Market Study, Size, Share, Segmentations and Regional Scope:
| Market Size Value in | USD 0.398 Billion in 2016 |
| Market Size Value by | US$ 1.46 Billion by 2025 |
| Growth rate | CAGR of 15.7% from 2017-2025 |
| Forecast Period | 2017-2025 |
| Base Year | 2017 |
| No. of Pages | 164 |
| No. of Tables | 19 |
| No. of Charts & Figures | 63 |
| Historical data available | Yes |
| Segments covered | Parking Sites , Components, End-user Industries |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Smart Parking Market: Competitive Landscape and Key Developments
SWARCO AG., Parkmobile, LLC, Xerox Corp., Kapsch, Nedap NV, SKIDATA AG., Urbiotica, Smart Parking Ltd., Cisco Systems, Inc. and Amano Mcgann, Inc. among others are some of the leading smart parking market players.
2017: Amano Mcgann extended its partnership with one of its oldest dealers PSX to Colorado.
2017: Valeo and Cisco announced a cooperation agreement to develop strategic innovations in smart mobility services.
2017: Smart Parking announced that it won a new contract in New Zealand, chosen by Wilson Parking New Zealand as the preferred supplier of sensor and bay-finding technology at nine new sites.
2017: Smart Parking launched its newly designed SmartSpot IoT Gateway, with new and improved features adapted to meet the needs of smart city
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The global smart parking systems market for the end-user industries is fragmented into transport facilities, government & municipalities, corporate institutes and commercial institutes. The segmentation is based upon need for smart parking systems to improve parking facility management. Transportation facility in the smart parking systems market have acquired the biggest share in 2016, followed by commercial institutions, and government & municipalities. The transportation facility around the globe charge premium parking fares from its customers and therefore account for higher revenue share in the market, therefore, transportation facilities are capturing most of the market. However, the government & municipalities are also initiating the adoption of smart parking systems for multiple parking sites across the cities.
In order to support sustainable development and safety of the drivers all major car manufacturing brands such as Audi, Mercedes, BMW, Ford and PSA Peugeot Citroën are coming up with hi-tech auto-parking technologies. For instance, BMW has pioneered in understanding the importance of connectivity between the cars and its surroundings, and has partnered with INRIX to introduce an application that would help BMW drivers to shorten the time consumed while searching for a vacant parking space. Furthermore, Ford is planning to design a smart car, integrated with sensors to detect empty parking spaces and to provide the correct information to the MIS; it was also capable of informing if the parking space is valid or not. Other automobile firms are also reframing there strategies to include smart parking as an important component in their upcoming car models.
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The smart parking based online/mobile applications over the years have become more customer oriented. Presently, the mobile applications that are developed are programmed in such a way that all categories of user are able to use with an ease. Almost every person on this globe is in need of a parking space at some point of its life, thus, the companies are also racing in terms of developing user friendly and accurate applications. Huge amounts of databases is required in this process, these databases are then managed by various analytical solutions. This adds cost to the service, but on a large scale this cost can be reduced, thus providing better services at a cheaper rate. Moreover, the hardware components market would soon foresee a steady growth in its demand and need for software application would subsequently increase, demanding highly efficient and user-friendly software solutions.
Furthermore, the awareness regarding IoT and advancement in wireless sensor based technology is empowering the growth of Smart Parking systems market. The WSN (Wireless Sensor based Network) are gradually gaining popularity in the commercial parking garages and parking lots. The off-street parking garages cover up to 70-80 percent of entire parking site available globally. The commercial infrastructures are anticipated to have massive demand growth regarding the installation of parking sensor in facades that would optimize the parking space demand and supply management. Although the market for these WSN in smart parking is predicted to increase owing to advancements in sensor technologies eliminating the complications and glitches in current technology.
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