“Increasing government based initiatives, encouraging adoption of smart parking is one of the major driving factor for growth in the smart parking systems market between 2016 and 2025”.
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The Smart parking systems market is US$ 398.6 million in 2016 and is estimated to reach US$ 1462.3 million by 2025. Rapidly urbanizing cities and long hours of gridlocks have become a major concern for the State management committees of various developing countries.
The root cause for endless traffic congestions is highly populated urban cities, leading to large number of vehicles on road, resulting in misbalanced demand and supply ratio of the parking spaces.
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Global smart parking market has been categorized by parking sites majorly into two categories; on – street and off – street parking. On-street parking refers to parking of vehicles on the road side itself, and is majorly controlled by government agencies.
On the other hand, in off-street parking vehicles are parked in garages or specific parking areas, being controlled by commercial agencies.
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Smart Parking systems market by end-user vertical is segmented into transport facilities, governments and municipalities, commercial institutions, and corporate institutions. The segmentation is based upon need for parking management systems in particular area to avoid the traffic clutter during the peak hours.
Almost all the industry verticals are increasingly deploying smart parking systems that improve the parking facilities and reduces the excess time consumed by the commuters to search for appropriate parking spaces.
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Some of the major players in the market are Amano McCann, Inc., Smart Parking Ltd., Urbiotica, Cisco Systems, Inc., Nedap NV, SKIDATA AG, Kapsch, Xerox Corp. and Parkmobile LLC among others.
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