North America Smart Parking System Market Worth USD 4,110.8 Million By 2025
The North America smart parking system market is expected to reach USD 4,110.8 million by 2025, according to a new report by Grand View Research, Inc. developing better solutions to avoid congestions and systematic positioning of vehicles across the cities are the key factors driving the market growth in the North America.
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.
Numerous benefits offered by smart parking systems such as reduced congestion and reduced pollution are expected to drive the adoption of smart parking systems in North America. These systems involve usage of real-time data collection, low-cost sensors, and smartphone-enabled automated payment systems, which allow drivers to reserve parking in advance.
In places, such as shopping malls, large commercial hubs, and sports and entertainment hubs, there are a large number of vehicles that need to be positioned appropriately to avoid congestions. In such situations, a smart parking system provides directions and accuracy in terms of parking the vehicles to the drivers. In North America, smart parking systems play a vital role in generating better urban environment by minimizing the carbon emission.
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Further key findings from the report suggest:
- The hardware segment dominated the market in 2018 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 16.7% over the forecast period, 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 2019 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
- 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 north america smart parking system market are Amano McGann.; Conduent, Inc.; Cisco Systems, Inc.; SKIDATA AG.; Streetline, Inc.; ParkMe, Inc.; and Parkmobile LLC, among others.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.