Smart Parking Systems Market is projected to grow at a CAGR of 19.9% till 2025

A combination of various approaches to zero down on the market size, market shares and growth rates of the global smart parking market were used. The segment revenues, differences in growth rates and the driving and restraining factors were found out by conducting drilling secondary research. Few estimates based on the analysis of the researcher were also validated through primary interviews. Few experts in the domain of smart parking systems were approached to conduct primaries and based on their views and analysis of the researcher, the entire report was jotted down.
 
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The global Smart Parking Systems Market is expected to grow at a CAGR of 19.9% during the forecast period 2015 – 2025 and accounts for US$ 430.38 Mn in the year 2025.The global smart parking systems market is segmented on the basis of parking site, components, end-user industry and regions. By parking site, the global smart parking systems is segmented as on-site parking and off-site parking. Hardware, software and services constitute the components segment of the global smart parking systems market. In terms of the end-user industry this market has been segmented into transport facilities, government and municipalities, commercial institutions and corporate institutions.
 
Geographically, this market has been segmented into the following regions, North America Europe, APAC, Middle East and Africa and South America. Geographically, North America leads the Smart Parking systems market but it is expected to lose its dominance to APAC during the forecast period. High growth rate in the APAC countries especially India and China are propelling the growth of this market. The APAC market with the highest growth rate is expected to grow at a CAGR of 32.9% during the forecast period.
 
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The key drivers for this market include development of IoT in industrial things, switching of municipalities, rise in the urban populations and the need for scalable and efficient parking system that saves a lot of time of the customers. Along with the above mentioned drivers, bundled services are also fuelling the growth of this industry.
 
Smart parking systems is propelled significantly by the off-street parking segment. Research shows there would be significant adoptions in this segment as this type would be beneficial for consumers a lot. However, high initial costs is the point that is expected to restrict the growth of this market.
 
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A detailed analysis on the growth trends, market shares on various dimensions, driving and restraining factors for smart parking systems, opportunities in the future for these systems is provided in the report. A few leading players in the Smart Parking domain have also been profiled in the report. The profiling of the market players acquaints the reader with their financial information about revenues as well as segment revenues, a competitive SWOT analysis for each player and the recent developments by the player in the Smart Parking domain. The key developments are related to the mergers and acquisitions by the players in the recent past.
 
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