Smart Parking Systems Market to Reach US$ 1099.4 Mn by 2025 |The Insi Smart Parking Systems Market | Page 4

Smart Parking Systems Market to 2025
On the basis of geographies the regional market is distributed into Europe, North America, South America, Middle
East & Africa and Asia Pacific. Here, North America dominates the Smart Parking systems regional market share but
in coming years APAC is expected witness fastest YoY growth rate of 16.4% during the forecast period. Rising
demand rate in the Asian countries, specifically India and China are impelling the growth of this market.
The rising demand for efficient and scalable parking systems resulting in conservation of time and money consumed
while looking for an appropriate parking space incorporated with rising advancements in IoT based home
automation and smart cities that are encouraging city municipalities to capitalize into smart developments are some
of the factors driving the smart parking systems market.
Propelling growth in demand for management of off-street parking garages and lots are anticipated to boost the
growth of smart parking systems in coming years. The study shows that, significant numbers of deployment projects
are foreseen in this segment facilitating the end-users with the added benefit of high revenue generation. However,
cost of installation can hinder the growth of market. Although price may not remain to be a major issue in coming
years.

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