Traffic congestion caused by vehicles is an alarming problem at global scale and it has been growing at a tremendous rate. Smart Parking System
provides solutions to these problems by using advanced technologies. These systems provide real-time parking information to make it easier to find parking spaces. Smart Parking System thus reduces the car emission by curtailing the need for people to needlessly travel for finding parking spots. Sensor networks are used for providing the information regarding empty parking spaces. Smart Parking Systems are mainly used in multi-level parking lots in commercial complex. They are also used for on-road/off-road parking.The report Smart Parking Systems Market
is segregated into three verticals, namely: By Type of Products /Services, By Application, By Geography. On the basis of products, market is categorized into Automatic Guided Vehicle Systems (AGV), Puzzle Systems, Rail Guided Cart Systems (RGC), Shuttle Systems, Silo Systems, Tower Systems and few others. The report is further segmented by services which include Automatic Payment/Ticketing, Prescriptive Services, Visual Analytics, Data Management, Parking Enforcements and others. On the basis of type of usage, the market is classified into Residential, Commercial, On-road Parking and Off-road Parking. The report has also been analyzed on the basis of geographic regions comprising North America, South America, Europe, Asia-Pacific and Rest of the World to offer complete knowledge about Smart Parking Systems Market.
In 2015, the major Market share of Smart Parking Systems was dominated by North America; and it is expected to grow even further. Europe followed closely. Asia-Pacific and South America are the fast growing markets for Smart Parking Systems. The growth rate is higher especially in countries like China, India, Brazil and South Korea. The factors which will drive the Smart Parking Systems Market are Sustainable Transportation Policy, New Business Models, Low prices and Efficient Parking. The rising awareness regarding smart parking systems will be a major factor in the growth of this market. Key Players of The Smart Parking Systems Market are:-
- Libelium Communicaciones Distribuidas S.L (Spain)
- Urbiotica S.L (Spain)
- Worldsensing S.L (Spain)
- Streetline, Inc. (The U.S.)
- Smart Parking Ltd. (Australia)
- Deteq Solutions Ltd. (U.K)
The methodology involved in estimating the market share of Smart Parking Systems is highly depended on the product type. The overall sales of the various products over the region are used for estimating the Smart Parking Systems Market. The companies involved in Smart Parking Systems are also studied in the perspective of their product portfolio, annual turnover and other factors. These data were validated with industry experts both at technical and market levels.