Industry Outlook and Trend Analysis
The Smart Parking Solutions Market has encountered significant development in the past few years and is anticipated to witness considerable growth in the upcoming years. An expanding number of vehicles over the globe are instrumental in strengthening the parking troubles. The disturbing issue of blockage is rising exponentially on a worldwide scale. The expanding need to counter and address parking related issues is huge in making an appeal for significant parking solutions. Smart parking solutions give adaptability and versatility to successfully address the parking issues. Overcrowding of vehicles has brought about traffic issues which are to a great extent caused because of poor stopping administration. This thus prompts air and noise pollution smothering the monetary movement. Innovative expansion essentially IoT and M2M communication and smart cities activities is expected to fortify the business development all things considered parking solutions assist in gathering information on real time basis to decide the accessibility of parking spot. It benefits the clients in sparing time, cost, and fuel.
Parking site Outlook and Trend Analysis
In terms of parking site the market can be characterized into two sorts; on-street and off-street parking. The off-street stopping site portion represented more than 73 percent of the general share of the overall industry in 2015 and is anticipated to proceed with its strength throughout the following years. Facilities, for example, ticketing and advanced payment solutions combined with the introduction of a few versatile applications for stopping direction systems are positively affecting the development for off-street parking solutions. This kind of parking encourages both long and in addition users who need short-term parking. The on-street parking site portion represented more than 26 percent of the general share of the overall industry in 2015 and is anticipated to become throughout the following years.
Application Outlook and Trend Analysis
In terms of application the market is segmented into transport transit, government, and commercial. The government application fragment represented more than 62 percent of the general share of the market in 2015 and is anticipated to proceed with its control available development throughout the following years because of government activities in developing and developed countries. The commercial application section has a high development potential and is anticipated to gin prominence over the estimate time frame as these spots are significant attraction of tourist as well as localities. Such systems are progressively implemented at theaters, corporate avenues, sports complexes, and shopping malls, among others where a productive administration of stopping is on high need. High comfort and flexibility alongside options of mobile payment are anticipated to prompt development in the business section. Sellers are emphasizing on giving accommodation to clients and are constantly conveying new applications with inventive highlights. The transport transit application section represented more than 9 percent of the general share of the overall industry in 2015 and is anticipated to become throughout the following years.
Regional Outlook and Trend Analysis
The North American Smart Parking Solutions market accounted for over 39 percent of the worldwide share in 2015. The requirement for diminishing parking issues, attributable to the expanding number of vehicles in the United States and Canada, is foreseen to trigger demand for proficient parking solutions. The business is anticipated to boost in the Asia Pacific and Latin American locale, inferable from the developing regions in the rising economies. The development is moderately higher in regions, for example, South Korea, China, India, and Brazil. The European locale is anticipated to display huge opportunities for industry extension, attributable to ideal government activities by the European Union in advancing the usage of smart parking solutions to limit contamination and to make a sustainable atmosphere.
The leading players in the market are Amco, Altiux Innovations, Bosch, Cisco Systems, Inc., CivicSmart, ParkHelp, ParkMe, Worldsensing, ParkmobileLLC, Siemens, Swarco AG, Xerox Corp and BMW Group. These leading industry players are engaged in offering enhanced products and integrating applications with enhanced features supplementing the fundamental utility of determining the accessibility of Internet of Things (IoT).
The Smart Parking Solutions Market is segmented as follows-
By Parking Site:
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?