The global smart parking system market is expected to reach USD 10,380.9 million by 2025, according to a new report by Grand View Research, Inc. An anticipated upsurge in demand for parking management systems for transport transit and commercial applications is expected to drive the growth in the market.
Favorable government initiatives and increasing public sector funding to roll out solutions aimed at addressing traffic congestion issues are anticipated to drive the market growth. Furthermore, the inclusion of sophisticated features, such as voice guidance, handicapped parking, and auto-payment options enabled through smartphone apps, are also expected to contribute to the growth of the market.
Ensuring adequate parking space is turning out to be a challenge for civic administrations as the number of automobiles continues to increase. The demand for intelligent parking systems is rising across the globe as a result. These systems can effectively address traffic congestion issues and parking-related concerns. They can also open potential opportunities for reusing commercial and municipal areas and garages, thereby reducing fuel consumption, curtailing vehicular emissions, and subsequently making the cities cleaner and greener.
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However, a looming lack of funding initiatives as well as organizational awareness about the advantages associated with smart parking, particularly in underdeveloped regions, is anticipated to restrain the growth of the market over the forecast period.
Further key findings from the report suggest:
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Key Topics Covered
Chapter 1 Methodology and Scope 1.1 Research Methodology 1.2 Research Scope and Assumptions 1.3 List of Data Sources Chapter 2 Executive Summary 2.1 Smart Parking System Market – Industry Snapshot & Key Buying Criteria, 2014 – 2025 2.2 Smart Parking System Market, 2014 – 2025 2.2.1 Smart parking system market, by region, 2014 – 2025 2.2.2 Smart parking system market, by component, 2014 – 2025 2.2.2.1 Smart parking system market, by hardware, 2014 – 2025 2.2.2.2 Smart parking system market, by software, 2014 – 2025 2.2.2.3 Smart parking system market, by service, 2014 – 2025 2.2.3 Smart parking system market, by type, 2014 – 2025 2.2.3.1 Smart parking system market, off-street parking, 2014 – 2025 2.2.4 Smart parking system market, by application, 2014 – 2025 Chapter 3 Smart Parking System Industry Outlook 3.1 Market Segmentation and Scope 3.2 Market Size and Growth Prospects 3.3 Smart Parking System Market – Value Chain Analysis 3.3.1 Vendor landscape 3.4 Smart Parking System Market – Workflow Analysis 3.5 Smart Parking System Market Dynamics 3.5.1 Market driver analysis 3.5.1.1 Increasing traffic congestion propelling the demand for improved smart parking solutions 3.5.1.2 Advancements in technologies 3.5.1.3 Increasing investments in smart city projects 3.5.2 Market challenge analysis 3.5.2.1 Reduced precision in vehicle detection 3.6 Smart Parking System Market – Company Market Share Analysis, 2018 3.7 Penetration and Growth Prospect Mapping 3.8 Parking Spaces in the U.S. 3.9 Smart Parking System – Porter’s Five Forces Analysis 3.10 Smart Parking System – PESTEL Analysis Chapter 4 Smart Parking System Hardware Outlook 4.1 Smart Parking System Market Share by Hardware, 2018 4.2 Pucks (wireless sensors) 4.2.1 Smart parking pucks (wireless sensors) market, 2014 – 2025 4.3 Cameras and LPRs 4.3.1 Smart parking cameras and LPRs market, 2014 – 2025 4.4 Smart Meters 4.4.1 Smart parking meters market, 2014 – 2025 4.5 Signage 4.5.1 Smart parking signage market, 2014 – 2025 4.6 Parking Gates 4.6.1 Smart parking gates market, 2014 – 2025
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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