The number of vehicles on roads across the world has been increasing exponentially in the last 10 years. However, parking space to keep up with this rapid increase of vehicles being produced and purchased has not been exactly in parallel. Traffic congestion and challenges due to lack or limited parking space continues to plague governments and municipalities of most developed and developing countries worldwide. These factors are resulting in increased air pollution and vehicle emissions, fuel wastage, as well as traffic snarls. Governments have been exploring other viable options to resolve these challenges and smart parking systems and solutions are gaining increasing focus and adoption in various countries across the world.
Smart parking systems provide a highly flexible, scalable, and efficient solution that can be implemented for buildings, malls, and commercial and residential sectors to resolve parking space challenges. In addition, municipalities, and public service departments are expected to be the largest target audience for such systems and solutions over the next 10 years.
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With on-road parking option rapidly becoming more of a challenge than a solution, demand for off-road parking sites has been growing at a substantial rate in the recent past. As a result, revenue from the off-site smart parking systems market in the global smart parking systems market has been witnessing a significant increase in parallel and is expected to register a CAGR of XX.X% over the forecast period. This is attributed to governments as well as private parties being able to own off-site parking facilities, while on-road parking facilities are solely municipality or government run or owned.
The global smart parking system market report has been segmented on the basis of parking site, component, end user, and region.
Revenue from the global smart parking systems market is expected to register significantly high CAGR of XX.X% between 2017 and 2026. North America market revenue is expected to reach US$ XXX.X Million by 2022. This is attributed to need for more efficient and convenient parking solutions in major US cities, as has been implemented in major cities such as Los Angeles, New York, and others. Demand for smart parking systems and solutions is expected to grow exponentially in the next 10 years owing to increasing population, rising per capita income, increasing infrastructure development and investments in commercial and residential projects, among others.
The key providers of smart parking systems on a global front include 3M, Amano Corporation, Cubic Corporation, Thales Group, Kapsch TrafficCom AG, Nortech Control Systems Limited, Siemens AG, Swarco AG, Fujica System Co. Ltd. Altiux Innovations, and Xerox Corporation.
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