MRO Magazine

Smart Parking System Market Worth USD 368.7 Million by 2024 – Increasing Public Sector Funding – Research and Markets

June 28, 2016
By Business Wire News


Research and Markets has announced the addition of the “Smart Parking System Market Forecasts to 2024” report to their offering.

The global smart parking system market size is expected to reach USD 368.7 million by 2024 according to this report.

Favorable government initiatives and increasing public sector funding will favor the growth and adoption of smart parking system for the forecast period. The industry is anticipated to witness an upsurge in demand for smart parking systems in transport transit and commercial applications segment, and it is subsequently expected to impel the growth in the industry.

This technology effectively addresses traffic congestion issues and parking-related concerns. Such systems help in reducing fuel usage and subsequently minimize vehicular emissions. The industry is expected to gain momentum owing to inclusion of sophisticated features such as voice guidance, handicapped parking, and auto-payment options enabled through smartphone applications.

An increasing number of automotives and a lack of efficient parking management systems is affecting the availability of parking spaces, and is subsequently driving the demand for these technologies across the globe. Such parking systems offer several opportunities for reuse of commercial and municipal parking areas and garages. Hence, these systems help in making the cities greener, cleaner, and technologically advanced.

However, lack of awareness of smart parking advantages, especially among under-developed regions is anticipated to slowdown the industry growth opportunities. Lack of funding initiatives is further expected to hamper the industry growth.

Companies Profiled:

  • Altiux Innovations
  • Amano McGann, Inc.
  • Amco
  • Bosch
  • Cisco Systems, Inc.
  • Deteq Solutions
  • Kapsch (Streetline)
  • Libelium
  • Mindteck
  • Nedap NV
  • ParkHelp
  • ParkMe
  • Parkmobile, LLC
  • Siemens
  • SKIDATA Group
  • Smart Parking Limited
  • Swarco AG
  • Urbiotica
  • Worldsensing
  • Xerox Corp.

Key Topics Covered:

1. Methodology and Scope

2. Executive Summary

3. Industry Outlook

4. Smart Parking System Application Outlook

5. Smart Parking System Parking Site Outlook

6. Smart Parking System Component Outlook

7. Smart parking system Regional Outlook

8. Competitive Landscape

For more information visit

Research and Markets
Laura Wood, Senior Manager
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