North America Smart Parking System Market is Set for Lucrative Growth During 2019-2025 | Industry Size, Share, Growth, Trends, Revenue Analysis, Forecast | Grand View Research, Inc.

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North America Smart Parking System Market is Set for Lucrative Growth During 2019-2025 | Industry Size, Share, Growth, Trends, Revenue Analysis, Forecast | Grand View Research, Inc.

September 13
19:26 2021
North America Smart Parking System Market is Set for Lucrative Growth During 2019-2025 | Industry Size, Share, Growth, Trends, Revenue Analysis, Forecast | Grand View Research, Inc.
“Grand View Research, Inc. – Market Research And Consulting.”
According to a new report published by Grand View Research, the increasing urbanization across the globe and accelerated use of automobiles is expected to propel the market growth over the forecast period, as they lead to congestion in cities.

The North America smart parking system market is expected to reach USD 4,110.8 million 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 in the North America.

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.

Numerous benefits offered by smart parking systems such as reduced congestion and reduced pollution are expected to drive the adoption of smart parking systems in North America. These systems involve usage of real-time data collection, low-cost sensors, and smartphone-enabled automated payment systems, which allow drivers to reserve parking in advance.

In places, such as shopping malls, large commercial hubs, and sports and entertainment hubs, there are a large number of vehicles that need to be positioned appropriately to avoid congestions. In such situations, a smart parking system provides directions and accuracy in terms of parking the vehicles to the drivers. In North America, smart parking systems play a vital role in generating better urban environment by minimizing the carbon emission.

Browse full report with Table of Content @ https://www.grandviewresearch.com/industry-analysis/north-america-smart-parking-market

North America Smart Parking System Market Report Highlights

• The hardware segment dominated the market in 2018 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 16.7% over the forecast period, 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 2019 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

• 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 north america smart parking system market are Amano McGann.; Conduent, Inc.; Cisco Systems, Inc.; SKIDATA AG.; Streetline, Inc.; ParkMe, Inc.; and Parkmobile LLC, among others.

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North America Smart Parking System Market Segmentation

Grand View Research has segmented the North America smart parking system market based on hardware, software, services, types, and countries:

North America Smart Parking System Hardware Outlook (Revenue, USD Million, 2014 – 2025)      

    • Pucks (wireless sensors)                         

    • Cameras and LPRs

    • Smart Meters

    • Signage                      

    • Parking Gates

North America Smart Parking System Software Outlook (Revenue, USD Million; 2014 – 2025)        

    • Parking Guidance Systems

    • Analytics Solutions

North America Smart Parking System Service Outlook (Revenue, USD Million; 2014 – 2025)

    • Consulting Services

    • Engineering Services

    • Mobile App Parking Services

            • Enforcement Apps        

            • Reservation Apps

            • Way-Finding Apps

            • Payment Apps

North America Smart Parking System Type Outlook (Revenue, USD Million; 2014 – 2025)

    • On-Street

    • Off-Street

            • Garage Parking

            • Lot Parking

North America Smart Parking System Application Outlook (Revenue, USD Million; 2014 – 2025)

    • Commercial

    • Government

    • Transport Transit

North America Smart Parking System Country Outlook (Revenue, USD Million; 2014 – 2025)

     • U.S.       

     • Canada

Inquire more or share questions if any before the purchase on this report @ https://www.grandviewresearch.com/inquiry/4850/ibb

Browse More Related Report:

Smart Parking Systems Market Size, Share & Trends Analysis Report By Hardware (Smart Meters, Cameras & LPRs, Parking Gate), By Software, By Service, By Type, By Application, By Region, And Segment Forecasts, 2021 – 2028

About Grand View Research

Grand View Research is a market research and consulting company based in the State of California with headquarters in San Francisco. The company offers consulting services tailored for business organizations to assist them with understanding and exploring their potential on a large scale. At the same time, Grand View Research caters to the individual research needs to provide a customized research service.

Grand View Research is fully committed to offer the best research services in the Industry. Our dedicated team of experienced analysts offer full capability and potential to precisely understand your research needs.

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