Dublin, Jan. 25, 2018 (GLOBE NEWSWIRE) -- The "North America Smart Parking Market Analysis By Hardware (Pucks, Cameras & LPRs, Smart Meters, Signage, Parking Gates), By Software, By Service, By Type, By Country, And Segment Forecasts, 2014 - 2025" report has been added to ResearchAndMarkets.com's offering.
The North America smart parking market is expected to reach USD 4.11 billion by 2025
Developing better solutions to avoid congestions and systematic positioning of vehicles across the cities are the key factors driving the market growth.
The increased use of automobiles and the trend of urbanization are leading to paucity in parking spaces. Technological advancements such as online payments and development of mobile apps for reserving parking slots are instrumental in driving the implementation of smart parking systems.
Pucks (Wireless sensors) have been increasingly used in smart parking systems and thus, the segment is expected to grow at a faster pace with a CAGR of 18.4%. These wireless sensors aid in tracking vehicles that enter and exit garages, constantly. Implementation of these sensors has increased security and safety of vehicles as well as people accessing the vehicles at underground garages and sites.
The Parking Guidance System (PGS) segment held the largest market share in 2016 and is anticipated to reach USD 859.3 million by 2025. In places, such as shopping malls, large commercial hubs, and sports and entertainment hubs, there are large number of vehicles that need to be positioned appropriately to avoid congestions. In such situations, a PGS provides directions and accuracy in terms of parking the vehicles to the drivers.
Further Key Findings From the Report Suggest:
- The hardware segment dominated the market in 2016 and is estimated to generate a revenue of over USD 2,185.3 million by 2025, as these components are largely deployed in various systems that provide guidance while parking vehicles
- The signage segment is expected to grow at a CAGR of 16.6 %, as signages guide vehicles with proper directions and help avoid confusions, thereby, improving accuracy and reducing mishaps
- The consulting services segment is expected to grow at a CAGR of 20.1% from 2017 to 2025, as companies outsource the parking planning tasks to consultancy services that provide solutions depending on the requirements
- Several organizations face the issues regarding parking spaces in urban areas. In order to cater to those problems, companies outsource these tasks to the consultancy services that provide solutions as per their requirements
- Off-street systems are anticipated to gain traction due to the increasing congestions on streets. The segment is expected to witness considerable growth over the forecast period and was valued at USD 672.6 million in 2016
- The government application segment for the market is estimated to reach USD 1,651.4 million by 2025 owing to its vast applications in smart city development projects initiated by government
- The key players in the market are Amano McGann, Conduent, Inc, Cisco Systems, Inc, SKIDATA AG, Streetline, Inc, ParkMe, Inc. and Parkmobile LLC, among others.
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 North America Smart Parking System Market- Industry Snapshot & Key Buying Criteria, 2014 - 2025
2.2 North America Smart Parking System Market, 2014 - 2025
Chapter 3 North America Smart Parking System Industry Outlook
3.1 Market Segmentation
3.2 Market Size and Growth Prospects
3.3 North America Smart Parking System Market - Value Chain Analysis
3.3.1 Vendor landscape
3.4 North America Smart Parking System Market - Workflow Analysis
3.5 North America 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 North America Smart Parking System Market - Company Ranking, 2016
3.7 Penetration and Growth Prospect Mapping
3.8 Parking Spaces in the U.S.
3.9 North America Smart Parking System - Porter's Five Forces Analysis
3.10 North America Smart Parking System - PESTEL Analysis
Chapter 4 North America Smart Parking System Market Hardware Outlook
4.1 North America Smart Parking System Market Share By Hardware, 2016 & 2025
4.2 Pucks (wireless sensors)
4.3 Cameras and LPRs
4.4 Smart Meters
4.5 Signage
4.6 Parking Gates
Chapter 5 North America Smart Parking System Market Software Outlook
5.1 North America smart parking system market share by software, 2016 & 2025
5.2 Parking Guidance System
5.3 Analytics Solutions
Chapter 6 North America Smart Parking System Service Outlook
6.1 North America Smart Parking System Market Share By Service, 2016 & 2025
6.2 Consulting Services
6.3 Engineering Services
6.4 Mobile App Parking Services
Chapter 7 North America Smart Parking System Type Outlook
7.1 North America Smart Parking System Share By Type, 2016 & 2025
7.2 On-street
7.3 Off-street
7.3.2 Garage Parking
7.3.3 Lot Parking
Chapter 8 North America Smart Parking System Application Outlook
8.1 North America Smart Parking System Market Share By Application, 2016 & 2025
8.2 Commercial
8.3 Government
8.4 Transport Transit
Chapter 9 North America Smart Parking System Country Outlook
Chapter 10 Competitive Landscape
- Altiux Innovations
- Amano McGann Inc.
- Amco S.A.
- BMW AG (ParkNow GmbH)
- Cisco Systems Inc.
- CivicSmart Inc.
- Conduent Incorporated
- Deteq Solutions Limited
- Group Techna Inc.
- Kapsch TrafficCom
- Libelium Comunicaciones Distribuidas S.L.
- Meter Feeder Inc.
- Mindteck
- Municipal Parking Services Inc.
- Nedap N.V.
- Parkeon
- ParkHelp
- ParkiFi LLC
- ParkJockey
- ParkMe Inc.
- Parkmobile LLC
- Robert Bosch GmbH
- Siemens AG
- SKIDATA AG
- Smart Parking Ltd.
- SpotHero Inc.
- Streetline Inc.
- Swarco AG
- Urbiotica S.L.
- WorldSensing S.L.N.E
- Xerox Corporation
For more information about this report visit https://www.researchandmarkets.com/research/67xf35/north_america?w=12
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Related Topics: Software, Internet of Things and M2M
