Smart Parking Market to Cross USD 1.46 billion by 2025, Predicts The Insight Partners in Its In-Demand Report Recently Added at MarketPublishers.com
28 Jul 2017 • by Natalie Aster
LONDON – In the past year, the value of the smart parking market stood at appr. 398.6 million; it is poised to grow in the coming years and exceed USD 1.46 billion by 2025.
Off street parking will likely continue dominating the overall smart parking market during 2017-2025. At present, nearly 68% of the smart parking systems are off street. This type of parking systems is majorly used by municipalities and governments, commercial and corporate institutions, and transport facilities. Today, off street parking is recognised as a cost-effective and also convenient parking solution.
The most prominent trend that is expected to influence the smart parking market development in the years ahead is robust evolution of technologies. The world’s smart parking market is forecast to see several technological improvisations in terms of expansion of connectivity and bandwidth. Another important market driver is the boosting demand for flexible, efficient and scalable parking systems to manage both the off-street and on-street parking spaces, thus, reducing the gridlocks taking place because of a great number of vehicles circling on road looking for parking spaces.
The in-demand report “Smart Parking Market (2016 - 2025) - Global Analysis and Forecasts by Parking Sites, Components, End-user Industries” prepared by The Insight Partners offers a close look at the current situation in the smart parking market, highlights the market dynamics and discusses the major market growth influencing forces. Moreover, this report reviews the main market segments, evaluates the market shares, gives data on the market size and shape, outlines the most lucrative growth areas and opportunities as well as identifies the major challenges and threats. Besides, this research study touches upon the competitive landscape, offers info on the prominent players, reviews the recent industry developments and canvasses the prevailing trends. Additionally, a comprehensive future outlook through 2025 is provided in this topical report.
Follow to The Insight Partners page to find a full collection of the publisher’s in-demand research studies.