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Smart Parking Systems Market Expected to Reach US$ 177.10 Mn by 2022 Globally: Transparency Market Research

Albany - NY, Aug. 25, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Smart Parking Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2022", the global smart parking systems market is expected to reach a value of US$ 177.10 Mn by 2022. The market is estimated to grow at a CAGR of 20.2% during the forecast period from 2015 to 2022. The increasing number of vehicles all over the world, the need for scalable, flexible and easy to use parking systems, and growing adoption in municipalities are the key factors driving the growth of smart parking systems market, globally.

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North America was the largest market for smart parking systems in the year 2014 with a market share of around 37%. The adoption of smart parking systems in the parking facilities of North America have improved the parking experience as well as helped in balancing the parking demand and supply across its major cities. Large smart parking projects in the cities of San Francisco, New York and Los Angeles have made North America a key market for smart parking systems. The Asia Pacific region is expected to be the fastest growing market for smart parking systems with an estimated CAGR of 32.7% during the forecast period (2015 - 2022). Rising income level due to favorable economic condition has increased the vehicle ownership in Asia Pacific region. The consumer awareness regarding various worldwide technological developments has led to increased infrastructure investments which is expected to aid the growth of smart parking systems market in this region.

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Off-street parking occupied approximately 78% share of smart parking systems market in the year 2014. The smart parking systems enable easy parking without any unnecessary vehicle circulation around the parking area. These systems also help in better parking space utilization by using automated multistoried parking facilities. The smart parking systems provide hassle-free and time and cost efficient parking for patrons which has significantly increased its adoption in off-street parking areas. On the basis of component types, the smart parking services is the fastest growing with a CAGR of 29.4% in 2014. The complex initial deployment and the need for optimal performance of smart parking systems has increased the demand for the services market among the organizations.

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Government and municipalities was the largest application area of the smart parking systems market, accounting for approximately 63% of the total market in 2014. In order to efficiency of parking areas, government and municipalities are significantly adopting smart parking systems. The corporate and commercial institutions is the fastest growing application area of smart parking systems market with a projected CAGR of 21.4% during the forecast period. During the recent years, there has been significant growth in corporate and commercial infrastructure such as the retail, hospitality, private educational institutions. However, due to lack of in-house IT expertise, such sectors face difficulties in effectively managing their parking facilities. Thus, this is leading to growth of smart parking systems market in corporate and commercial applications.

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During the recent years, the leading smart parking system vendors are looking forward to offer advanced smart parking systems as per the specific needs of parking operators and patrons. The leading smart parking systems providers in the year 2014 included Streetline, Inc., Smart Parking Limited, Amano McGann, Nedap N.V., Cisco System, Inc., Urbiotica, Parkmobile LLC, ParkMe, Inc., Skidata AG and Swarco AG.

The global smart parking systems market is segmented as below:

Smart Parking Systems Market

By Parking Site Type

  • On-Street Parking
  • On-Street Parking

By Component

  • Sensor and Network Hardware
  • Software (Management and Analytics Software and Mobile Applications)
  • Services
  • System Integration and Installation
  • Parking Management
  • Maintenance

By End-use Industry

  • Airports
  • Government and Municipalities
  • Corporate and Commercial Institutions

By Geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

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Source:Transparency Market Research