ReportsnReports.com’s latest research report, Global Smart Parking Market 2015-2019 says increased use of data analytics to optimise parking is one of the key trends being witnessed in this market across the globe.
The research discusses trends, forecasts and growth prospects segmented by geography along with information on leading players of the worldwide industry. Data analytics software is predominantly used these days to provide better parking facilities to consumers. Data analytics provide an appropriate solution for parking-related issues and also changes the driver's behaviour. Moreover, analytics providers forge partnerships with smart parking solution providers to provide better insights into parking spaces.
According to the report, one of the main drivers is the increased installation of smart parking meters. In most parking lots in the US, simple parking meters are being replaced with smart parking meters. Smart meters are more reliable than the older meters. In the case of any maintenance issues, smart meters wirelessly alert parking providers to address the problem. Further, the smart parking market report states that one of the major challenges in this industry is the lowered accuracy of sensors. Sensors installed in parking spaces are affected by electromagnetic interference from overhead trolley lines that reduce the accuracy of vehicle detection sensing to 90 per cent. The malfunctioning of these sensors also leads to inadequacy in automatically issuing parking tickets.
This research helps answer key questions on the smart parking market, such as the size of the market in 2019, its growth rate, key market trends, market drivers, the challenges to market growth, key vendors, market opportunities and threats faced and the strengths and weaknesses of the key vendors.
A related research report, Global Parking Reservation Systems Market by Type (On-street, Off-street), by Solution (Web-based, Mobile Application-based, Voice Call-based), by Vertical, by Geography (North America, Europe, Asia-Pacific, Middle-East & Africa, Latin America) - Analysis and Forecast to 2019 says some of the main drivers of the market are rise in the number of vehicles, availability of real-time information with guidance to park, and the awareness regarding smart parking projects. This system has been integrated into several sectors such as transportation transits, retail, government & municipalities, healthcare and education, shopping centres, and hotels.
In 2014, North America dominated the parking reservation systems market with revenue of US$196.2 million in 2014 and is expected to reach US$491.2 million by 2019 at a CAGR of 20.1 per cent. The report covers web-based, mobile application-based, and voice call-based solutions. The type includes on-street parking and off-street parking. The regions include North America, Asia-Pacific, Europe, Middle East Africa, and Latin America. This report includes market share, value chain analyses, and market metrics such as drivers and restraints. In addition, it presents a competitive landscape and company profile of the key players in this market.
Today, several parking problems are faced, considering the rise in vehicles and the difficulty to find empty spaces. This has also led to unruly traffic management. However, parking reservation systems streamline the entire parking process, comprising parking payments that is buying tickets or using prepaid cards to park the vehicles within the timeline, maintaining a comprehensive record of vehicles parked on a monthly basis or providing receipts on a daily basis with the use of self-operating machine, and ensuring round the clock security for parked vehicles. These integrated solutions, which are used by parking operators, facilitate the traffic flow and help manage vehicle parking effectively.
The research discusses trends, forecasts and growth prospects segmented by geography along with information on leading players of the worldwide industry. Data analytics software is predominantly used these days to provide better parking facilities to consumers. Data analytics provide an appropriate solution for parking-related issues and also changes the driver's behaviour. Moreover, analytics providers forge partnerships with smart parking solution providers to provide better insights into parking spaces.
According to the report, one of the main drivers is the increased installation of smart parking meters. In most parking lots in the US, simple parking meters are being replaced with smart parking meters. Smart meters are more reliable than the older meters. In the case of any maintenance issues, smart meters wirelessly alert parking providers to address the problem. Further, the smart parking market report states that one of the major challenges in this industry is the lowered accuracy of sensors. Sensors installed in parking spaces are affected by electromagnetic interference from overhead trolley lines that reduce the accuracy of vehicle detection sensing to 90 per cent. The malfunctioning of these sensors also leads to inadequacy in automatically issuing parking tickets.
This research helps answer key questions on the smart parking market, such as the size of the market in 2019, its growth rate, key market trends, market drivers, the challenges to market growth, key vendors, market opportunities and threats faced and the strengths and weaknesses of the key vendors.
A related research report, Global Parking Reservation Systems Market by Type (On-street, Off-street), by Solution (Web-based, Mobile Application-based, Voice Call-based), by Vertical, by Geography (North America, Europe, Asia-Pacific, Middle-East & Africa, Latin America) - Analysis and Forecast to 2019 says some of the main drivers of the market are rise in the number of vehicles, availability of real-time information with guidance to park, and the awareness regarding smart parking projects. This system has been integrated into several sectors such as transportation transits, retail, government & municipalities, healthcare and education, shopping centres, and hotels.
In 2014, North America dominated the parking reservation systems market with revenue of US$196.2 million in 2014 and is expected to reach US$491.2 million by 2019 at a CAGR of 20.1 per cent. The report covers web-based, mobile application-based, and voice call-based solutions. The type includes on-street parking and off-street parking. The regions include North America, Asia-Pacific, Europe, Middle East Africa, and Latin America. This report includes market share, value chain analyses, and market metrics such as drivers and restraints. In addition, it presents a competitive landscape and company profile of the key players in this market.
Today, several parking problems are faced, considering the rise in vehicles and the difficulty to find empty spaces. This has also led to unruly traffic management. However, parking reservation systems streamline the entire parking process, comprising parking payments that is buying tickets or using prepaid cards to park the vehicles within the timeline, maintaining a comprehensive record of vehicles parked on a monthly basis or providing receipts on a daily basis with the use of self-operating machine, and ensuring round the clock security for parked vehicles. These integrated solutions, which are used by parking operators, facilitate the traffic flow and help manage vehicle parking effectively.
