Smart Parking Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2022
Albany, NY -- (SBWIRE) -- 09/16/2016 -- On-street parking systems are expected to form the key parking site type from 2015 to 2022, showing a CAGR of 23.6%. However, the parking site system with the leading demand till 2022 is expected to remain off-street parking. By the end of 2022, it is expected to generate US$129.2 mn in revenue.
Smart Parking Systems Moving into Service-based Business Models
In terms of components, services are expected to progress at robust CAGR of 29.4% from 2015 to 2022. This is expected to put the segment in the lead by 2022, over sensors and network hardware, and is expected to generate US$73.0 mn in revenue by 2022.
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The application of smart parking systems in airports is expected to be the most sought-after one. This application segment is projected to expand at a CAGR of 27.6% from 2015 to 2022.
According to the report, the focus shed by key smart parking systems providers is on the introduction and utilization of cashless payment solutions. This is a primary trend followed by a large number of players from all tiers.
Scalability and Flexibility of Smart Parking Systems Create High Demand in all Regions
"The need for a sustainable transportation policy is extremely high in today's world," states a TMR analyst. "The primary goal for most governments today is to improve the welfare of the people in the present while ensuring a better future for the upcoming generations. High traffic levels are one of the core issues that need to be resolve in order to achieve this, and citizens of all countries are demanding for the same," she adds.
The key cause of high levels of traffic congestion across the world is the lack of city planning in terms of road transport levels. Therefore, as the number of vehicles entering the system increase, the level of congestion increases even further.
Smart parking systems employ a solution that is not only flexible in terms of fitting in to different types of infrastructure, but also scales accordingly. This allows all economies to make the most of smart parking systems in order to reduce traffic congestion levels.
System Integration Remains a Major Challenge
A key hindrance to the growth in demand for smart parking systems is the lack of integration solutions between various system types. There is a large amount of software and hardware present at the disposal of smart parking systems solutions providers, and it is the high level of non-interoperability that is creating integration issues.
"Smart parking systems such as permit and reinforcement, and PARC require the use of a vast array of hardware and software ranging from application interfaces to hardware sensors. These devices and software come from separate vendors and therefore possess a much lower scope of integration and smooth implementation," states the TMR analyst. "Another trend followed especially by key players is attempting to the use of the Internet for booking parking spaces in advance."
The information presented in this review is based on a Transparency Market Research report, titled, "Smart Parking Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2022."