Smart Parking Systems Market 2018 latest innovations drivers dynamics and strategic analysis challenges by 2024

Global Smart Parking Systems Market report 2024 focuses on the major Types and Applications for the key players. The market forecast report also provides analysis of the market share, segmentation, revenue forecasts and geographic regions of the market. The research report is a professional and in-depth study on the current state of global Industry.

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On basis of sites, the smart parking systems market can be segregated into on-street and off-street vehicle spaces. In 2015, off-street accounted for more than 60% of smart parking systems industry share. Facilities, such as advanced payment solutions using RFID cards and ticketing, have facilitated the off-street solutions growth. Off-street solutions provide better utilization of space availability and accuracy of information.

The smart parking systems market share will grow substantially owing to benefits, such as real-time information about the availability of spaces in desired locations, thus saving time, energy, and fuel. It eliminates the drivers’ need to search for a parking spot by going around the desired areas. It efficiently manages empty and filled spaces and limits illegal parking issues, which in turn favors the smart parking systems industry size from 2016 to 2024.

Increasing technological advancements, such as autonomous cars (self-driving cars) and smart parking technologies, along with high investments for the development of smart cities by governments will offer potential growth opportunities for smart parking systems market share over the forecast timeline. For instance, Audi is developing self-parking cars that will drop passengers at their destinations and position themselves in accordance with the space availability, thus reducing the time, fuel, and cost of drivers to keep encircling an area in search of available vehicle spaces.

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The commercial sector is expected to grow at a significant rate during the forecast timeframe owing to increasing tourist attractions such as shopping malls, amusement parks, museums, theaters, sports complexes, and IT hubs, where there is a dire need for efficient parking systems. Nominal charges along with the convenience of mobile payments are expected to surge smart parking systems market demand from 2016 to 2024.

Increasing traffic congestion in North America has led to the adoption of this technology in countries such as U.S. and Canada. The region accounts for about 40% of the smart parking systems industry share. Asia Pacific is expected to grow at a significant rate owing to increasing automobile sales in countries such as China and India. Various government initiatives by the EU to reduce environmental pollution will lead the smart parking systems industry demand in Europe.

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Industry players for the smart parking systems market include 3M, Cubic Corporation, Amano Corporation, Thales, Nortek Control Systems Ltd., Swarco AG, Kapsch TrafficCom AG, Xerox Corporation, Siemens, Fujica, and Imtech. Other players include Altiux Innovations, BMW Group, Amco, Bosch, Cisco, ParkHelp, ParkMe, and Parkmobile LLC.