Global Smart Parking System Market valued US $ 5.001 Bn in 2017 and is estimated to reach US $ 11.60 Bn by 2026 at a CAGR of 11.2%.The report Global Smart Parking System Market based on solution type, parking sites, application, and region. In terms of solution type, the Global Smart Parking System Market is classified as hardware, software, and services. Based onparking system, the smart parking system is divided into off-street, and on-street. On the basis application, the Global Smart Parking System Market is categorized into transportation, government facilities, and commercial area. WISE into North America, Europe, Asia Pacific, Middle East & Africaand Latin America.
The adoption of smart parking systems involves the use of low-cost sensors and mobile-enabled automated payment systems. With the growing number of hospitals, shopping complexesandcorporate hubs, the demand for smart parking systems is rising. Another prominent factor driving the market iseasyaccessibility of smart parking systems, its economic nature and its ability to reduce carbon footprints in the atmosphere. The major challenge associated with smart parking systems ispaint the growth of the smart parking systems market.
More over, paintthe adoption of smart parking systems. Additionally,increase smart cities across the globe are anticipated to create tremendous opportunities for the growth of the market.
In terms of parking sites, most off-street parking areas are made of commercial parking lots and garages. Facilities search for ticketing and advanced payment solutions coupled with the launch of several mobile applications for parking guidance systemsfavorablyimpacting the growth for off-street parking systems. This type of parking uses both users, long as well as short-term parking users. On-street parking in these countries is still unsystematic and does not imply strict fines as in North America and Europe.
Based on application, the commercial application segment have high growth potential and is expected to gain traction over the forecast period as these places are majorattraction of tourist as well as local citizens. High convenience and flexibility along with mobile payment options are expected to grow in the commercial segment. Asia Pacific is expected to witness the highest CAGR in the Global Smart Parking System market during the forecast period. This is mainly due to large-scale industrialization in Asian countries such as China, India, and Japan.
This information is given by market research company (maximize market research)