Market Research Report
Smart Parking System Market Size, Share & Trends Analysis Report By Hardware, By Software, By Service, By Type, By Application, By Region, And Segment Forecasts, 2019 - 2025
|Published by||Grand View Research, Inc.||Product code||361253|
|Published||Content info||170 Pages
Delivery time: 2-3 business days
|Smart Parking System Market Size, Share & Trends Analysis Report By Hardware, By Software, By Service, By Type, By Application, By Region, And Segment Forecasts, 2019 - 2025|
|Published: July 29, 2019||Content info: 170 Pages||
The global smart parking system market is expected to reach USD 10,380.9 million by 2025, according to a new report by Grand View Research, Inc. An anticipated upsurge in demand for parking management systems for transport transit and commercial applications is expected to drive the growth in the market.
Favorable government initiatives and increasing public sector funding to roll out solutions aimed at addressing traffic congestion issues are anticipated to drive the market growth. Furthermore, the inclusion of sophisticated features, such as voice guidance, handicapped parking, and auto-payment options enabled through smartphone apps, are also expected to contribute to the growth of the market.
Ensuring adequate parking space is turning out to be a challenge for civic administrations as the number of automobiles continues to increase. The demand for intelligent parking systems is rising across the globe as a result. These systems can effectively address traffic congestion issues and parking-related concerns. They can also open potential opportunities for reusing commercial and municipal areas and garages, thereby reducing fuel consumption, curtailing vehicular emissions, and subsequently making the cities cleaner and greener.
However, a looming lack of funding initiatives as well as organizational awareness about the advantages associated with smart parking, particularly in underdeveloped regions, is anticipated to restrain the growth of the market over the forecast period.
The key players in the market include: Amano McGann, Inc.; Cisco Systems, Inc.; Conduent, Inc.; SKIDATA AG.; Streetline, Inc.; Parkmobile LLC; ParkMe, Inc.; Robert Bosch GmbH; and Nedap N.V.; among others.