Smart Parking Market Growing at 31% CAGR to 2019

Aug 04, 2015, 14:20 ET from ReportsnReports

CHICAGO, August 4, 2015 /PRNewswire/ -- adds Global Smart Parking Market 2015-2019 research report that says increased use of data analytics to optimize parking is one of the key trends being witnessed in this market, across the globe.

Complete report on smart parking market spread across 63 pages, analyzing 5 major companies and supported with 14 data exhibits is now available at .

This smart parking market research discusses trends, forecasts and growth prospects segmented by geography along with information on leading players of the worldwide industry. Data analytics software is predominantly used these days to provide better parking facilities to consumers. Data analytics provide an appropriate solution for parking-related issues and also changes the driver's behaviour. Moreover, analytics providers forge partnerships with smart parking solution providers to provide better insights into parking spaces.

According to the report, one of the main drivers is the increased installation of smart parking meters. In most parking lots in the US, simple parking meters are being replaced with smart parking meters. Smart meters are more reliable than the older meters. In the case of any maintenance issues, smart meters wirelessly alert parking providers to address the problem. Further, the smart parking market report states that one of the major challenges in this industry is the lowered accuracy of sensors. Sensors installed in parking spaces are affected by electromagnetic interference from overhead trolley lines that reduce the accuracy of vehicle detection sensing to 90%. The malfunctioning of these sensors also leads to inadequacy in automatically issuing parking tickets.

Amano McGann (Amano Corp.), Deteq Solutions Ltd., IPS Group Inc., Libelium Comunicaciones Distribuidas SL, SP Plus Corp. and TransCore LP are the major companies discussed in this smart parking market report. Other vendors simply mentioned in this research include 3M, APARC, Cisco Systems, Cubic Corporation, Fabr, Haystack, HCL, IBM, Kapsch, MSR-Traffic, ParkHelp, ParkMe, Parkmobile, Parkopedia, Q-Park, Serco, Siemens, Skidata, Smart Parking, Streetline, Swarco, T2 Systems, Urbiotica, Wilson Parking, Worldsensing and Xerox. Order a copy of Global Smart Parking Market 2015-2019 research report at .

This research helps answer key questions on the smart parking market like what will market size be in 2019 and what will the growth rate be? What are the key market trends? What is driving this market? What are the challenges to market growth? Who are the key vendors in this market space? What are the market opportunities and threats faced by the key vendors? What are the strengths and weaknesses of the key vendors?

On a related note, another research titled Global Parking Reservation Systems Market by Type (On-street, Off-street), by Solution (Web-based, Mobile Application-based, Voice Call-based), by Vertical, by Geography (North America, Europe, Asia-Pacific, Middle-East & Africa, Latin America) - Analysis and Forecast to 2019 says some of the main drivers of the market are rise in the number of vehicles, availability of real-time information with guidance to park, and the awareness regarding smart parking projects. This system has been integrated into several sectors such as transportation transits, retail, government & municipalities, healthcare and education, shopping centers, and hotels.

In 2014, North America dominated the parking reservation systems market with revenue of $196.2 million in 2014 and is expected to reach $491.2 million by 2019 at a CAGR of 20.1%. The major market players are Vinci Park, Q-Park, Streetline, and National Car Parks (NCP). The parking reservation system report covers web-based, mobile application-based, and voice call-based solutions. The type includes on-street parking and off-street parking. The regions include North America, Asia-Pacific, Europe, Middle East Africa, and Latin America. This report includes market share, value chain analyses, and market metrics such as drivers and restraints. In addition, it presents a competitive landscape and company profile of the key players in this market.

Today, several parking problems are faced, considering the rise in vehicles and the difficulty to find empty spaces. This has also led to unruly traffic management. However, parking reservation systems streamline the entire parking process, comprising parking payments that is buying tickets or using prepaid cards to park the vehicles within the timeline, maintaining a comprehensive record of vehicles parked on a monthly basis or providing receipts on a daily basis with the use of self-operating machine, and ensuring round the clock security for parked vehicles. These integrated solutions, which are used by parking operators, facilitate the traffic flow and help manage vehicle parking effectively.

Companies profiled in this parking reservation systems market report include Vinci Park, Standard Parking Corporation, Streetline, Q-Park, National Car Parks, Justpark, Parkme, Apcoa, Laz Parking and Ace Parking. Comprehensive table of contents and more on this research is available at .

For the automotive market as well as IT and Telecommunications industry ( ), has multiple newly published and relevant research titles:

Parking Lots & Garages World Report: This database covers data and information on NAICS code: 81293. Products/Services are classified by 5-digit US commerce department code and then defined by each 6 to 10-digit product codes. Data and information is provided for historic time period of 1997- 2015, short and current time series of 2016- 2023 as well as for a long term projection for 2023-2028. Consumption information is provided at industry / distribution channel / service or product line level. The report is produced on a DVD containing the entire report web and databases, and it is available online. Readers can access & reproduce the information for their own documents or reports. Tables & databases are provided as access & excel formats on the DVD to enable readers to produce their own spreadsheet calculations and modeling. This database is updated monthly. 12 months full after-sales services & updates available from the publishers. All NAICS products covered for over 200 countries across 2129 pages, in 9748 spreadsheets, 9776 database tables as well as 548 diagrams and maps. Complete report is available at .

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