Smart parking market is expected to grow US$ 1462.3 million by 2025 from 398.6 million 2016. Off street parking is anticipated to continue its dominance over the forecast period. Presently, almost 68% of the smart parking systems are off street parking. Off-street smart parking solutions are majorly utilized by governments and municipalities, corporate institutions, commercial institutions and transport facilities. Globally off-street parking is considered as a cost-effective and convenient parking solution.
Key trend which will predominantly effect the market in coming year is rapid evolution of technologies supporting the growth of smart parking systems across the globe. Smart parking market is anticipated to witness several technological improvisations in terms of expansion of bandwidth and connectivity. Growth in smart parking systems market is fueled by the surging demand for flexible, scalable and efficient parking systems to manage the on-street and off-street parking spaces, in order to reduce the gridlocks taking place because of large number of commuters circling on road searching for parking spaces.
Smart parking market by end-user industry is segmented into transport facilities, government & municipalities, commercial institutions and corporate institutions. Increasing number of vehicles running on road, surging sizes of vehicles in the luxurious segment, and decrease in the available parking space are influencing the traffic congestion, making it an alarming issue globally.
The overall market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, primary interview were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the smart parking industry.