Smart Parking Industry Growing at a CAGR of 15.7% to 2025 According to The Insight Partners

The Insight Partners says Implementation smart parking systems by municipalities will raise smart parking systems Market by 2025 with a CAGR of 15.7%.

Smart Parking systems Market to 2025 - Global Analysis and Forecast by Parking Sites, Components, and End-user Industry, smart parking systems market is expected to grow US$ 1462.3 million by 2025 from US$ 398.6 billion in 2016. Globally it has been realized that drivers spend an average of nearly 20 minutes/trip in search of a parking space. The current parking infrastructure does not satiate the ever growing demand for efficient parking. Today, the available parking spaces worldwide can handle only one-third of the parking needed. The same is true for several highly populated regions worldwide. Combining both on-street as well as off-street parking as well prove to be insufficient to cater the rising parking demands.

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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 global smart parking systems market by geography is segmented into six region including North America, Europe, Asia Pacific, Middle East & Africa and South America. North America is expected to account for the largest share of the global smart parking systems market in 2016, followed by Europe. Germany and UK being two key countries in Europe region which will lead smart parking systems market in this region and is also expected to continue its dominance throughout the forecast period from 2016 to 2025. The report profiles key players such SWARCO AG., Parkmobile, LLC, Xerox Corp., Kapsch, Nedap NV, SKIDATA AG., Urbiotica, Smart Parking Ltd., Cisco Systems, Inc. and Amano Mcgann, Inc. among others.

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The report segments the global smart parking systems market as follows:

Global Smart Parking Systems Market - By Parking Sites

On - Street Parking
Off - Street Parking

Global Smart Parking Systems Market - By Components


Global Smart Parking Systems Market - By End-user Industry

Transportation Facilities
Government & Municipalities
Corporate Institutions
Commercial Institutions

Global Smart Parking Systems Market - By Geography

North America
Rest of Europe
Asia Pacific (APAC)
Rest of APAC
Middle East & Africa (MEA)
Saudi Arabia
South Africa
Rest of MEA
South America (SA)
Rest of SA

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Name: Sameer Joshi
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Organization: The Insight Partners
Address: India
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Release ID: 217526