Smart Parking System Market to Reach USD 369 Mln by 2024, Says Grand View Research Available at MarketPublishers.com06 Jul 2016 • by Natalie Aster
LONDON – Favorable government initiatives and growing funding seen in the public sector are amid major forces encouraging adoption of smart parking systems from pole to pole and driving growth in this market. Advancements in technology, a growing number of projects in the smart city field and rising traffic congestion are some of the key market growth driving forces. The increasing number of vehicles and a lack of systems that can effectively manage parking will also ignite the growth. However, system integration represents a major restraint to this marketplace.
The global smart parking market is set to be worth approximately USD 369 million by 2024.
Smart parking systems are now widely used in such cities as San Francisco, Toronto and Los Angeles.
The industry was dominated by the government application segment as of 2015, and its market share stood at more than 60%.
Regional-wise, Europe is one of key markets, and it held a global revenue share of approximately 30% in the past year.
Streetline, Worldsensing, Deteq Solutions and Amano McGann are some of major companies in this space.
In-demand research report “Smart Parking System Market Analysis By Parking Site, By Application, By Component And Segment Forecasts To 2024” developed by Grand View Research, Inc. offers a comprehensive discussion of the world’s smart parking system market. The study provides an in-depth industry outlook. It uncovers market sizing and contains a value chain analysis.
It canvasses market dynamics and looks at key opps being prioritized. A competitor analysis and a PESTEL analysis are available in the report, too. The research study focuses on application fields and pay special attention to components of smart parking systems.
It also includes and insightful regional outlook and sheds light on key countries. The research report throws light on the competitive landscape and profiles such competitors as Amco, Cisco Systems, Bosch and Xeroc, to name a few. Future outlook for this marketplace through 2024 can be found in the study, as well.
More reports by Grand View Research, Inc. are available at its page.