Smart Parking System Market, 2016: Industry Will Reach 9.96 Billion by 2024

Sarasota, FL -- (SBWire) -- 08/02/2018 --Zion Market Research has published a new report 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". According to the report, global smart parking system market was valued at approximately USD 3 Billion in 2017 and is expected to reach approximately USD 9.96 Billion by 2024, growing at a CAGR of around 18.7% between 2018 and 2024.

Smart parking system helps drivers to find empty or available parking space. This system includes various sensors which detect the availability of vehicles and indicates the driver for the same. For instance, in the early 2000s, the authority of Baltimore-Washington International Airport has had installed smart parking system. Increasing number of vehicles that comes on roads across the globe needs advanced parking solutions. Parking and traffic problems are rising and people are searching for lesser space for either. These problems are creating high vehicle emission and more fuel wastages. Smart parking system reduces vehicle emissions in urban areas by decreasing the need for searching the available parking. Urban parking has become a major problem for both emerging as well as developed countries, thus the popularity of smart parking system has increased. Thus it allows cities to perfectly manage their parking lots.

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Finding an empty space for vehicle parking is a tedious job, especially in public places such as shopping malls, airports, or residential apartments. These factors enable the emergence to offer the development of smart solutions, which primarily drives the growth of smart parking system market across the globe. The global market for smart parking system is poised to flow exponentially in the near future owing to advantages such as real-time data availability about empty parking spaces in particular locations which save time, energy, and fuel. Smart parking system eliminates driver's efforts for searching available parking spaces by going around preferred areas. It also effectively manages filled as well as empty spaces and reduces issues like illegal parking, which further is expected to boost the smart parking system market globally.

Furthermore, growing the number of vehicles across the globe is increasing leading to the shortage of parking space, which is expected to steer the smart parking system market's growth over the next five years. Moreover, increasing technological enhancements and adoption of IoT have encouraged governments to introduce initiatives, such as smart cities, thus propelling the growth of smart parking systems market globally. Growing technological innovations such as self- driving cars along with high investments for smart city developments will provide a significant growth opportunity for smart parking system market. However, the high installation cost of smart parking systems may hamper the growth of smart parking system market across the globe.

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Smart parking system market is segmented based on component, parking site, application, and region. The component segment included in this market are hardware and software. Hardware component segment has the largest market share in smart parking system market. Increasing use of hardware components such as smart sensors, RFID, ultrasonic, and other technologies in smart parking system has boosted the demand for hardware components. Parking site segment includes off-street and on-street. The off-street segment is expected to grow at a higher CAGR as compared to the on-street segment in given forecasted period. Advanced facilities such as smart ticketing and RFID cards have facilitated the growth of the off-street segment. Application segment includes commercial, personal, transport & aviation, government, and others. Government segment is anticipated to have the highest share in smart parking system market in given forecasted period. This is due to the high government spending on smart city initiatives. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America and the Middle East and Africa with its further bifurcation into major countries including the U.S., France, UK, Germany, China, India, Japan, and Brazil.

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Key players profiled in the global smart parking system market include 3M, Cubic Corporation, Amano Corporation, Nortek Control Systems Ltd., Swarco AG, Kapsch TrafficCom AG, Xerox Corporation, Siemens, BMW Group, and Bosch.