$9.1 Billion Smart Parking Systems Market Outlook to 2024 - Rapid Automation in the Industry Gives Rise to Lucrative Growth Opportunities
DUBLIN, Jan. 30, 2020 /PRNewswire/ -- The "Smart Parking Systems Market Research Report: By Parking Site, Technology, End User - Industry Opportunity Analysis and Growth Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The smart parking systems market generated revenue of $3.4 billion in 2018, and it is projected to value $9.1 billion in 2024.
Off-street parking was the larger category in 2018, based on parking site, as it makes the parking and payment process easy, with improved payment and ticketing options. Further, such solutions allow for the parking of vehicles for shorter as well as longer durations. With the development of smart cities, governments are promoting such systems, to make parking in cities more organized.
A major driver for the smart parking systems market is the rapid smart city development. Extensive research and development (R&D) activities are being undertaken to integrate managed operations with connected solutions. Due to this, smart parking systems have witnessed widespread adoption, aimed at making real-time information about the parking slots available to drivers, before they even begin the journey. Additionally, government initiatives aimed at making cities smart are also supporting the usage of smart parking systems.
Lucrative opportunities for smart parking systems market are being offered by the rapid automation in the sector. Robot valets and automated parking technologies are already being tested in several cities across the world, for instance, in Boulder, Colorado, where a completely automated parking garage was recently installed by Park Plus Inc. The systems can park four times the vehicles accommodated by a conventional garage of almost equal space. Additionally, using it, a car can be retrieved within five minutes of placing a request.
In 2018, North America held the largest revenue share in the smart parking systems market. The continent is projected to see an even higher adoption of such systems, during the forecast period, with governments working to reduce traffic congestion, which has become a grave problem as a result of the increasing number of vehicles on the roads. During the forecast period, Asia-Pacific (APAC) would witness industry growth at the highest CAGR, on account of the increasing adoption of such solutions in China.
Key Topics Covered
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Parking Site
4.1.1.1 Off-street
4.1.1.2 On-street
4.1.2 By Technology
4.1.2.1 Hardware
4.1.2.2 Software
4.1.2.3 Service
4.1.3 By End-user
4.1.3.1 Commercial
4.1.3.2 Government
4.1.3.3 Others
4.2 Market Dynamics
4.2.1 Trends
4.2.1.1 Rising Focus on Crowdsourced Mobility Data
4.2.2 Drivers
4.2.2.1 Increasing Parking Concerns
4.2.2.2 Development of Smart Cities
4.2.2.3 Growing Urbanization and Vehicle Parc
4.2.2.4 Impact Analysis of Drivers on Market Forecast
4.2.3 Restraints
4.2.3.1 High Capital Requirement
4.2.3.2 Impact Analysis of Restraints on Market Forecast
4.2.4 Opportunities
4.2.4.1 Growing Adoption of Automated Parking Technology
4.2.4.2 Development of Autonomous Vehicles
4.3 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Parking Site
5.2 By Technology
5.3 By End-user
5.4 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. RoW Market Size and Forecast
Chapter 10. Competitive Landscape
10.1 Market Players and Their Offerings
10.2 Competitive Benchmarking of Key Players
10.3 Strategic Developments of Key Players
10.3.1 Mergers and Acquisitions
10.3.2 Partnerships
10.3.3 Client Wins
10.3.4 Other Developments
Chapter 11. Company Profiles
11.1 Robert Bosch GmbH
11.1.1 Business Overview
11.1.2 Product and Service Offerings
11.1.3 Key Financial Summary
11.2 Amano Corporation
11.3 Smart Parking Ltd.
11.4 Urbiotica S.L.
11.5 Kapsch TrafficCom AG
11.6 ParkMobile LLC
11.7 IPS Group Inc.
11.8 Nedap N.V.
11.9 Cisco Systems Inc.
11.10 WORLDSENSING S.L.
11.11 Siemens AG
11.12 Valeo SA
11.13 Continental AG
11.14 Delphi Technologies PLC
11.15 Xerox Corporation
For more information about this report visit https://www.researchandmarkets.com/r/yphnbs
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