Upcoming IoT Technology to Boost the Growth Smart Parking Market at a CAGR of 19.9%

Upcoming IoT Technology to Boost the Growth Smart Parking Market at a CAGR of 19.9%

According to a new market research study titled ‘Smart Parking System Market to 2025 – Global Analysis and Forecast by parking site (On-street & Off-street, components (Hardware, Software & Services) and end-user industry (Commercial Institute, Industrial Institute, Government & Municipality and Corporate Institutes)’, the global smart parking systems market was valued at US$ 66.56 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)

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. The IoT trend has been transforming various traditional processes by making them smart, parking being one of them. Smart parking is an emerging IoT based technology 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 its users with real-time information to help them find a parking space conveniently, thereby saving fuel, time and effort.

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The smart parking system market is broadly segmented into parking site, components and end-user industry. Furthermore, the parking site is bifurcated into on-street parking and off-street parking. Components segment is sub divided into hardware, software and services. The end-user segment comprises of transport facilities, commercial institution, government & municipalities and corporate institution. The commercial institutes are predicted to dominate the market in the coming years. The market region wise is...

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