Albany, NY -- (SBWIRE) -- 12/21/2015 -- The global smart parking systems market is a rather complex one, with the major restraint of a lack of space created by the same factor that has boosted the market, growth in vehicle ownership. The smart parking systems market is, however, not showing any signs of relenting and is growing at a CAGR of 20.2% from 2014 to 2020. The market is predicted to reach an overall worth of US$177.10 million by 2020.

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Growing Number of Vehicles Fuels Global Smart Parking Systems Market

As mentioned earlier, the number of vehicles is steadily growing around the world. This can only boost the global smart parking systems market, as it necessitates wider application of smart parking systems. Top companies and government bodies are trying to create adequate infrastructure in tandem with aid from the global smart parking systems market to create supply that meets the demand.

Within the global smart parking systems market, 78% was held by the off-street parking segment in 2014. Smart parking systems allow for a smoother parking experience while the owner does not have to drive significant distances to find a parking spot.

In terms of components, smart parking services exhibit the fastest CAGR in the global smart parking systems market, 29.4% from 2015 to 2022. This segment is witnessing a strong growth rate due to the need for consistent and efficient performance of smart parking systems in service markets as well as organizations.

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North America Leads Global Smart Parking Systems Market

In 2014, nearly 37% of the global market was occupied by North America. The key reason for the North American dominance in the global smart parking systems market is the heavy adoption rate of smart parking systems in all major cities in the region. This includes large-scale smart parking systems employed in the cities of Los Angeles, New York, and San Francisco. The fastest rate of growth in the global smart parking systems market, however, is expected to be exhibited by the regional segment of Asia Pacific. The region is set to grow at a CAGR of 32.7% from 2015 to 2022.

Municipalities Lead Global Smart Parking Systems Market Application Segmentation

Almost 63% of the global smart parking systems market was occupied by the application segment of governments and municipalities in 2014. There was a quicker rate of adoption of global smart parking systems in government buildings and locations in order for executives and government officials to efficiently find parking areas.

At the same time, the fastest growing segment of the global smart parking systems market is set to be corporate and commercial institutions, an application segment that is witnessing a CAGR of 21.4% from 2015 to 2022. Major commercial services such as hospitality, retail, and private educational institutes have begun to adopt the global smart parking systems market to create a simpler experience for its patrons/students.

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Multiple companies dominate the global smart parking systems market, including Swarco AG, Skidata AG, ParkMe, Inc., Parkmobile LLC, Urbiotica, Cisco System, Inc., Nedap N.V., Amano McGann, Smart Parking Limited, and Streetline, Inc.

Although the global smart parking systems market is eventually set to be applied in all industries for a smoother parking experience, the few restraints faced by the market today include the lack of technical expertise that has to be employed at every smart parking service facility.

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