Sarasota, FL -- (SBWIRE) -- 06/28/2018 -- 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.

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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.

Issues such as land utilization and improper parking management are the major concerns of overcrowded cities, which are expected to drive the global smart parking system market growth. Enforcement of stringent policies related to efficient parking is further expected to drive the smart parking system market growth in Asian countries. On-street parking in these countries is still unsystematic and does not imply strict fines as in North America and Europe. However, implementation of strict parking policies is anticipated to improve the parking management along with high traffic density in Japan and India. Furthermore, increasing use of advanced analytics in development of smart sensors for smart parking system boosted the demand for smart parking system across the globe. These smart parking sensors are buried in parking spaces which communicate with their gateway via radios to provide precise information about available parking space. Moreover, growing adoption of smartphones and mobile applications that assist in paying, reserving, and searching the availability of parking slots is propelling the growth of smart parking system market globally. However, the high installation cost is still a major factor that restraining the growth of global smart parking system market.

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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. Parking site segment includes off-street and on-street. Application segment includes commercial, personal, transport & aviation, government, and others. 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.

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.

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The report segments the smart parking system market into:
Global Smart Parking System Market: Component Segment Analysis

Hardware
Software

Global Smart Parking System Market: Parking Site Segment Analysis

Off-Street
On-Street