Smart Parking System Market To Report Impressive Growth, Revenue To Surge To US$9.96 Billion By 2024

With the presence of a large pool of participants, the global smart parking system market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). 3M, Cubic Corporation, Amano Corporation, Nortek Control Systems Ltd., Swarco AG, Kapsch TrafficCom AG, Xerox Corporation, Siemens, BMW Group, and Bosch are some of the key vendors of smart parking system across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development states the smart parking system market study.

Citing an instance, in July 2017, Parkplu—an automatic parking systems and car lift company—deployed automated car parking system at the Palms hotel and spa in Kuwait. Reportedly, the smart parking system was constructed in partnership with ACICO- a Kuwait-based construction firm.

This review is based on a report by Zion Market Research, titled “Smart Parking System Market by Component (Hardware and Software), by Parking Site (Off-Street and On-Street), for Applications (Commercial, Personal, Transport & Aviation, Government, and Others) - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024.”- https://www.zionmarketresearch.com/report/smart-parking-systems-market

As estimated in this report, the global smart parking system market stood at US$ 3 Billion in 2017. Witnessing a tremendous rise during the period from 2018 to 2024, the revenue in this smart parking system market is expected to reach US$ 9.96 billion by the end of the forecast period. The main products available in this smart parking system market are hardware and software products.

Rising Concerns Regarding Improper Parking System To Boost Market Size

“Growing concerns such as land utilization as well as improper parking management facilities in the populated cities are likely to be the key growth drivers of smart parking system market in the coming years,” says the author of this study. Apart from this, massive use of advanced analytics tools in smart sensors development along with escalating acceptance of smartphones and mobile applications for payment, reservation, and searching parking slot availability will spur smart parking system market size in the near future.

Tremendous costs of deploying smart parking systems, however, is likely to act as a growth constraint for smart parking system market over the next few years.  Nevertheless, large-scale application of smart parking systems in commercial, government, and transport & aviation sectors is forecast to generate a profitable roadmap for smart parking system market in the upcoming period. This, in turn, is anticipated to nullify the impact of barriers on the market, reports the study.

Mammoth Need For Improving Parking Management To Thrust Regional Growth

Regionally, North America has been leading the worldwide smart parking system market and is anticipated to continue on the dominant position in the years to come, states the smart parking system market study. Adoption of new technologies in traffic & parking systems along with wide acceptance of smart parking system by myriad industries in the region for enhancing parking management is the main factor behind the dominance of the North America smart parking system market. The rise in the use of smart sensors and advanced analytics for smart parking system in North America is another significant factor that is supporting the expansion of this regional smart parking system market.

The global smart parking system market is segmented as follows:

By Component

• Hardware
• Software

 By Parking Site

• Off-Street
• On-Street

By Application

• Commercial
• Personal
• Transport & Aviation
• Government
• Others

 By Region

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

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