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The global smart parking solutions market size is estimated to register a compound annual growth rate (CAGR) of 9.7% during the forecast period i.e., 2020-2025. Moreover, global smart parking solutions market is anticipated to capture a market opportunity of USD 8.9 Billion between 2020 & 2025.
Increase in Smart City Projects
The market for smart parking solutions is growing on the back of rise in smart city projects across various countries. The smart city projects provide advantages such as transport & traffic management, better security, waste management, helps in improving the lifestyle of the population and also contribute to the welfare of the environment. Thus, with the ongoing enhancement & advancement in smart parking solutions, the market is expected to grow at a considerable rate over the upcoming years. Moreover, the government initiatives regarding the smart city projects are providing immense growth opportunity for the market to grow in the near future.
With the rising penetration of Internet of Things (IoT), cloud-based and wireless networking services, the smart parking solutions market is augmented to grow with a noteworthy rate. Thus, increasing usage of smartphones are providing accessibility to GPS, cloud software, and smart sensors, which is resulting in the improvement of systems that will assist drivers in detection of nearest empty parking spot. Further, these technological advancements are opening gateways to new opportunities for the market to grow over the forecast period.
The global market for smart parking solutions is segmented by system component & services, solutions and end-use vertical. On the basis of system component & services, the market is segmented into parking software, system devices, and professional services, out of which, system devices segment is expected to grow at a considerable CAGR over the forecast period, i.e., 2020-2025. Further, the system devices are sub-segmented into entry/exit terminals, card readers, validation solution, pay-on-foot station, LPR system and others. Furthermore, it was followed by parking software segment in terms of market share in 2019.
By solutions, the market is divided into access control, parking reservation management, valet parking management, parking guidance & slot management and others, out of which, parking reservation management segment is envisioned to register a higher revenue share in the global market over the forecast period. Apart from this, the access control segment is projected to attain a noteworthy CAGR over the upcoming years.
Based on end-use vertical, the market is segregated into airports, government & municipalities, corporate & commercial parks, commercial institutions, healthcare, and others, out of which, corporate & commercial parks segment is anticipated to attain the highest market share in the overall market over the upcoming years. In addition, airports segment is expected to thrive at a significant CAGR over the forecast period i.e. 2020-2025.
In terms of geography, the report offers an analysis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In the smart parking solutions market, Asia Pacific is predicted to capture a considerable market share over the forecast period. Further, factor such as increasing number of vehicles on the road and heavy investments in smart technologies across the region are anticipated to drive the growth of Asia Pacific market. Further, the North America market is driven on the back of developments in artificial intelligence (AI) and machine learning in the region and is anticipated to grow at a notable compound annual growth rate (CAGR) from 2020 to 2025.
The report also covers detailed competitive analysis of major market players of global smart parking solutions market, such as Amano McGann Inc., Scheidt & Bachmann GmbH, Cubic Corporation, HUB Parking Technology, SKIDATA AG, FlowBird Group, ABM Industries Incorporated, Kapsch TrafficCom AG, TIBA Parking LLC, Kudelski SA and other major & niche players. The global smart parking solutions market is witnessing a wide range of industry activities such as launch, innovation, merger, partnership, acquisition, research & development, and expansion across the globe.
By System Component & Services:
- Access Control
- Parking Reservation Management
- Valet Parking Management
- Parking Guidance & Slot Management
By End-Use Vertical:
- Government & Municipalities
- Corporate & Commercial Parks
- Commercial Institutions
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa)
The report profiles various major market players such as
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (launch, acquisition, expansion, technology development, research & development and other market activities).
The study also provides company’s positioning and market share in smart parking solutions market.
Timeline Considered for Analysis:
- 2019: Base Year
- 2020: Estimated Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis
Industry report analyzes the global smart parking solutions market by the following segments:
- System Component & Services
- End-Use Vertical
Customization: We also offers customization in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Smart Parking Solutions Industry Report
The report offers a comprehensive insight on the Smart Parking Solutions Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
We offer customizations as per client’s specific needs.