The North America smart parking market is expected to reach USD 4.11 billion 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.
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.
Pucks (Wireless sensors) have been increasingly used in smart parking systems and thus, the segment is expected to grow at a faster pace with a CAGR of 18.4%. These wireless sensors aid in tracking vehicles that enter and exit garages, constantly. Implementation of these sensors has increased security and safety of vehicles as well as people accessing the vehicles at underground garages and sites.
The Parking Guidance System (PGS) segment held the largest market share in 2016 and is anticipated to reach USD 859.3 million by 2025. In places, such as shopping malls, large commercial hubs, and sports and entertainment hubs, there are large number of vehicles that need to be positioned appropriately to avoid congestions. In such situations, a PGS provides directions and accuracy in terms of parking the vehicles to the drivers.
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Further key findings from the report suggest:
The hardware segment dominated the market in 2016 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 16.6 %, 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 2017 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 and was valued at USD 672.6 million in 2016
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 market are Amano McGann.; Conduent, Inc.; Cisco Systems, Inc.; SKIDATA AG.; Streetline, Inc.; ParkMe, Inc.; and Parkmobile LLC, among others.
Grand View Research has segmented the North America smart parking market based on hardware, software, services, types, and countries:
Hardware Outlook (Revenue, USD Million, 2014 - 2025)
Pucks (wireless sensors)
Cameras and LPRs
Software Outlook (Revenue, USD Million; 2014 - 2025)
Parking Guidance Systems
Service Outlook (Revenue, USD Million; 2014 - 2025)
Mobile App Parking Services
Type Outlook (Revenue, USD Million; 2014 - 2025)
Application Outlook (Revenue, USD Million; 2014 - 2025)
Country Outlook (Revenue, USD Million; 2014 - 2025)
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