Smart Parking Systems Market is to Rise at an Impressive Growth Rate of 20.2% CAGR Due to Rising Number of Vehicles

The staggering amount of vehicles that are coming on to roads around the world calls for better and advanced methods for parking. There has been a rise in the traffic and parking problems and people are finding lesser space for either of them. This is creating high levels of emissions, fuel wastage, and high level of discomfort. Urban and city parking has therefore become a major issue for both emerging and developed nations, thereby forming the primary driver that has been leading most entities towards seeking a better and smarter parking system solutions.

Eminent market players in the world smart parking systems market are Streetline, Inc., Nedap, N.V., Amano McGann, and Smart Parking Ltd., in accordance with a new publication by Transparency Market Research. These market players presently account for the most coverage and service and distribution strength across the globe, and it is complemented by a diverse portfolio of services, products, and marketing strategies.

In accordance with a recent market research report that has been published by Transparency Market Research, the world market for Smart Parking Systems is forecasted to rise at a exceptional CAGR of 20.2% over the period between 2015 and 2022. The report also projects the international market for smart parking systems to reach a market valuation of around US$ 177.1 mn by the year 2022. The overall market was worth around US$ 59.7 mn in the year 2016.

North America to Continue with its Regional Supremacy over the Period of Forecast

The world market for smart parking systems has been regionally segmented into the geographies of Latin America, North America, Asia Pacific, Middle East and Africa, and Europe. So far as geography is concerned, North America is expected to generate a revenue of around US$34.6 mn for the world market for smart parking systems by the year 2022, owing to the presence of dense traffic in various cities such as Los Angeles, New York, and many others. These cities are also exhibiting a higher level of awareness towards modern solutions for parking and traffic control, thereby fast becoming an optimized region for the large-scale adoption of smart parking systems. 

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As observed by the TMR analyst, there is a need for a sustainable transportation policy is extremely high in today’s world. The main goal for most governments today is to make an improvement of the welfare of the people in the present while at the same time ensuring a better future for the generations to come. High traffic levels are one of the core issues that need to be paid attention to and resolved with priority in a bid to achieve this, and citizens of all countries are demanding for the same.

The key reason for high levels of traffic congestion across the globe is the absence of city planning in terms of road transport levels. As such, with the increase in the number of vehicles that has been entering the system, the level of congestion increases even further. Smart parking systems make an employment of a solution that is not only flexible when it comes to fitting in to different types of infrastructure, but it also scales accordingly. This enables all the economies to make the most of smart parking systems in a bid to lessen traffic congestion levels.