Smart Parking Systems Emerge as Ideal Solution to Several Environmental and Economic Issues
Global Smart Parking Systems Market is expected to reach a value of US$ 177.10 Mn by 2022. The market is estimated to grow at a CAGR of 20.2% during the forecast period from 2015 to 2022
Poorly supplied and poorly managed parking systems have resulted in severe traffic congestion across the globe, further resulting in wastage of fuel, air and noise pollution, increase in carbon emissions, and stifled economies. For decades now, cities have tackled this issue by primarily expanding off-street parking. However, with surging construction costs, the dwindling availability of land, and limited municipal budgets, cities have been compelled to make efficient use of already existing parking infrastructure. The introduction of new and transformational technologies such as smart parking systems has enabled cities to address the alarming levels of congestion.
Q. How has the implementation of smart parking systems impacted traffic congestion in large cities?
A. An increasing number of cities have been supporting trials of smart parking systems that combine wireless communications, sensors, and mobile apps. These systems provide drivers real-time parking availability information at not just commercial parking spaces but even at airports, universities, and corporate campuses. This has not just enabled the optimization of parking availability but also helped companies realize the benefits of revenue generation on their properties. Governments and private organizations in some of the most dynamic cities in the world, including Nice, Madrid, Moscow, San Francisco, Los Angeles, Sao Paolo, Copenhagen, and London, have been working toward making the most of the potential that smart parking systems present in the form of increased productivity and economic growth.
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Q. Is the outlook of the global smart parking systems market positive?
A. With a growing interest in smart parking systems from larger cities around the world, the market for smart parking systems is poised to expand at a significant pace over the next seven years, so the market’s outlook can be termed as positive. In a report published by Transparency Market Research, analysts have found that expanding at an impressive 20.2% CAGR from 2015 to 2022, the smart parking systems market will increase from a value of US$39.4 mn in 2014 to US$177.1 mn by the end of 2022. Considering the progress that this market is most likely to make in the coming years, an increasing number of players are hopping onto the bandwagon. Streetline, Inc., ParkMe, Inc., Urbiotica, Amano McGann, Skidata AG, Smart Parking Limited, Parkmobile LLC, Nedap N.V., Cisco System, Inc., and Swarco AG are some of the leading companies presently dominant in this space.
Q. What are the hiccups in the adoption and implementation of smart parking systems across cities?
A. Even despite the host of benefits that smart parking systems present, the speed of adoption across several smaller and presently underdeveloped or developing cities is much lower than expected. For most large cities, strong funding from national governments has been instrumental in the large scale deployment of smart parking systems. As a result, the lack of financing is a major roadblock for the smart parking systems market. Apart from this, private and public resistance, combined with low consumer as well as organizational awareness of the benefits of smart parking, has impeded the growth of the smart parking systems market. In addition, several system integration and interoperability issues continue to play havoc with the market trajectory.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.