Portland, OR, Oct. 28, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global smart parking market was accounted for $5.00 billion in 2017 and is projected to reach $11.55 billion by 2025, registering a CAGR of 11.2% from 2018 to 2025. The report provides a detailed analysis of the market size & estimations, top investment pockets, top winning strategies, drivers & opportunities, competitive scenario, and changing market trends.
Rise in parking concern across the world, surge in demand for Internet of Things (IoT)-based technology, and increase in number of vehicles are the major drivers for the global smart parking market. However, high implementation cost & configuration complexity hampers the market growth. On the contrary, increase in investments on building driverless vehicles and government initiatives for smart cities across the globe are expected to create lucrative opportunities in the near future.
The global smart parking market is divided on the basis of type, technology, application, end user, and geography. Based on type, the market is segmented into on-street and off-street. The off-street segment held the largest share in 2017, contributing nearly two-thirds of the market. Moreover, the segment is projected to register the fastest CAGR of 11.6% during the forecast period.
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Based on technology, the market is categorized into IoT, ultrasonic, and RFID. The IoT segment is expected to manifest the fastest CAGR of 12.7% during the forecast period. However, the ultrasonic segment dominated the market in 2017, accounting for more than half of the market.
The global smart parking market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2017, contributing nearly two-fifths of the market. However, the market across the Asia-Pacific region is projected to portray the fastest CAGR of 12.8% during the forecast period.
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The market report includes an in-depth analysis of the market players such as PArklayer, Omnitec group, Klaus Multiparking Systems, Amano Mcgann, Inc., Dongyang Menics Co. Ltd, Urbiotica, Smart Parking Ltd., IEM SA, IPS Group Inc., Mindteck, and Swarco AG.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.