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(Transportation-News.com, August 04, 2016 ) Rising implementation of smart city programs coupled with rising vehicular pollution and limited availability of parking spaces are key factors bolstering the smart parking systems market worldwide. The proliferation of IoT and the need for scalable, flexible, space efficient, and easy parking systems are factors expected to boost the market, especially in the developing economies of the world.
According to the new Market research study published by The Insight Partners, the global Smart Parking Systems Market was valued at US$ 66.16 Mn in 2015 and is estimated to reach US$ 415.25 Mn by 2025. The report highlights the trends prevalent in the global market and the factors driving the market along with those that act as deterrents to its growth.
Browse market data tables and in-depth TOC of the Global Smart Parking System Market (2015–2025) @ http://www.theinsightpartners.com/reports/smart-parking-systems-market
In addition, smart parking technology is emerging rapidly and is expected to be adopted by most of the major cities globally in order to increase the probability of sustainable development. Smart parking systems provide users with real-time information in order to allow them to find a parking space conveniently, thereby saving fuel, time and effort. IoT is a network of physical objects connected to each other through sensors, electronic devices and software that enables the collection and exchange of data. IoT has witnessed rapid growth across numerous end-user segments.
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Technological progressions such as use of mobile applications for parking coupled with enhanced payment and ticketing solutions are expected to propel the demand for off-street smart parking solutions. This type of parking proves beneficial to both short- and long-term parking users. During the last decade municipalities worldwide have been focusing on the parking management of urban areas so as to reduce traffic congestion and manage the ever-rising vehicle population efficiently. Initially municipalities had installed parking meters to ensure pay-and-park. However, this technology became obsolete owing to a number of glitches in the system. Thus, over time, the need for smart parking systems rose across municipalities owing to rapidly transforming cities and the introduction of more and more on-road vehicles, in turn leading to a shortage of parking spaces and highlighting the need for modern infrastructure and technology to cope up with the dynamically changing environment.
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The global smart parking systems market is segmented on the basis of parking site, components, end-user industry and regions. By parking site, the global smart parking systems is segmented as on-site parking and off-site parking. Hardware, software and services constitute the components segment of the global smart parking systems market. In terms of the end-user industry this market has been segmented into transport facilities, government and municipalities, commercial institutions and corporate institutions. Geographically, this market has been segmented into the following regions, North America Europe, APAC, Middle East and Africa and South America.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Media, and Telecommunication industries.
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The Insight Partners
Sameer Joshi
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sales@theinsightpartners.com
Source: EmailWire.Com 
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