The smart parking solutions are in the advanced requirement owing to the demand for dealing with the growing road traffic in the urban areas, less availability of the parking space, and congestive roads and various other challenges. Whereas, in the smart mobility arena, the Smart Parking Management Systems is one of the most trending systems being accepted at a higher rate around the countries aiming at the smart cities. Moreover, the smart-parking solutions offer timed parking, pre-defined parking periods, and the flexible payment options among the others. Not only has this, around the globe many of the smart cities are aiming at the self-sustainability in terms of city space management, which is an appointment the higher requirement for allowing the technology in parking solutions. Furthermore, the potential players of smart parking space management are developing the technologies for increasing the demand and facing the challenges more significantly which further increase the value of the market share and leading the fastest market growth during the forecasted period more effectively in the coming years.
According to the report analysis, ‘Worldwide Smart Parking Space Management Market - Drivers, Opportunities, Trends, and Forecasts, 2017-2023’ states that there are several key players which are recently functioning in this sector more actively for leading the fastest market growth and dominating the foremost market share throughout the forecasted period in the coming years while advancing the technologies for decreasing the maintenance costs and employing young workforce for facing the technological challenges and increasing demand for the fully autonomous vehicles includes Cubic Corporation, Siemens, Cisco, Xerox Corporation, Robert Bosch, QuaLiX Information System, Smart Parking Ltd., ParkiFi, ParkWhiz, RRParkon, and several others. Moreover, the players of this market are adopting effective strategies and policies for a speedy increase in passenger vehicle usage and generating a high amount of revenue around the globe throughout the forecasted period more significantly.
The smart parking management system market is anticipated to increase at a CAGR of 25.9% during the forecast period of 2017-2023. Moreover, the global market of smart parking, space management is sectored into different sectors which majorly involve components, end-users, parking types, smart parking categories, software, solutions and services, and technology. Moreover, based on the solutions and services segments the market is sub-divided into the parking reservation management, integrated payments, monitoring, and reporting, intelligent street lighting, vehicle detection technologies, and others. Whereas, the parking reservation management is anticipated to increase at a CAGR of 39.4% during the forecast period due to the growing ultimatum for parking integration and parking reservation at commercial places, airports, and tourist destinations among others. However, Intelligent street lighting is predicted to be accepted at a developed rate due to the growing ultimatum for the saving of electricity across users.
Additionally, on the basis of region, the market of smart parking space management is spread around the globe more efficiently which includes the Americas, Europe, Asia Pacific, and ROW. The Americas is anticipated to increase at a developed CAGR during the forecast period. The US, Canada, the UK, China, Spain, Israel, and Brazil is predicted to accept more smart parking technologies. Whereas Italy, France, Germany, Australia, Singapore, and South Korea are the evolving regions for the effective implementation of the smart parking technology due to government budgeting, growing road congestion, and demand to face quick urbanization among others. Therefore, in the near future, it is predicted that the market for smart parking space management will increase more positively across the globe over the recent few years.
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