Crowdsourced Smart Parking Changing the Outlook By 2026

Crowdsourced Smart Parking Market Overview:

The Crowdsourced Smart Parking Market Report released and promoted by CMI draw out historical, existing, and forecast valuation of the Crowdsourced Smart Parking industry till 2026. The report highlights the market essentials, opportunities, regional market, Emerging Growth Factors, market challenges, forecast and competitors joined with their market share. The fundamental purpose of Crowdsourced Smart Parking Market report is to provide an appropriate and strategic analysis of the Crowdsourced Smart Parking industry.

Market Dynamics:

Crowdsourced smart parking is a system that helps drivers to identify parking spots via smartphones or electronic street panels. This system provides data regarding unoccupied parking spaces available for parking, which is helpful for avoiding congestion on-street as well as off-street. This system can be installed in public places such as shopping malls, airports, hospitals, office buildings, and residential communities among others. The goal of the system is to automate and decrease time spent on manually searching for a parking spot.

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The Crowdsourced Smart Parking Market structure covers the value chain, player categories, product ranges, key players’ presence across products and end user segments of the market. The report also provides a snapshot of key competition, market trends with forecast over the next 5-8 years, anticipated growth rates and the principal factors driving and impacting growth market data and analytics are derived from a combination of primary and secondary sources.

The research process involved the study of various factors affecting the industry, including the government policy, market situation, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers, and challenges.

Top merchant analysis is one of the key component and is exceptionally helpful for each player to comprehend focused scene in the market. Major key companies present in Crowdsourced Smart Parking market report are: 3M, Amano Corporation, Cubic Corporation, Thales Group, Kapsch TrafficCom AG, Nortech Control Systems Limited, Siemens Swarco AG, Fujica, Imtech, and Xerox Corporation.

Crowdsourced Smart Parking Market report is the believable source for gaining the market research that will exponentially accelerate your business. Additionally, it Presents new task SWOT examination, speculation attainability investigation, and venture return investigation.

Market Factors Analysis:

Market driver:

  • Increasing market invasion of new technologies
  • For a full detailed, view our report

Market challenge:

  • Challenges in Crowdsourced Smart Parking applications
  • For a full detailed, view our report

Market trend:

  • Rising demand for Crowdsourced Smart Parking in the market
  • For a full detailed, view our report

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In the end, Crowdsourced Smart Parking Market Report delivers a conclusion which includes Research Findings, Market Size Estimation, Market Share, Consumer Needs/Customer Preference Change, Data Source. These factors will increase business overall.

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Crowdsourced Smart Parking Market: Healthcare and Treatment Methodology 2018 To 2026

Coherent Market Insights has recently updated its massive report catalogue by adding a fresh study titled “Global Crowdsourced Smart Parking Market – Industry Analysis, Size, Share, Growth, Trends, & Forecast 2018-2026”. This business intelligence study encapsulates vital details about the market current as well as future status during the mentioned forecast period of 2026. The report also targets important facets such as market drivers, challenges, latest trends, and opportunities associated with the growth of manufacturers in the global market for Crowdsourced Smart Parking. Along with these insights, the report provides the readers with crucial insights on the strategies implemented by leading companies to remain in the lead of this competitive market.

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This report on the Crowdsourced Smart Parking market studies the current as well as future prospects of the market globally. The stakeholders of this report include companies and intermediaries engaged in the wellness programs and services for corporate companies and new entrants planning to enter this market. This report comprises an elaborate executive summary along with a market snapshot providing overall information of various segments and sub-segments considered in the scope of the study. This section also provides overall information and data analysis of the global Crowdsourced Smart Parking market regarding leading market segments based on service type and regions.

Market Dynamics –Crowdsourced smart parking is a system that helps drivers to identify parking spots via smartphones or electronic street panels. This system provides data regarding unoccupied parking spaces available for parking, which is helpful for avoiding congestion on-street as well as off-street. This system can be installed in public places such as shopping malls, airports, hospitals, office buildings, and residential communities among others. The goal of the system is to automate and decrease time spent on manually searching for a parking spot.

Geographically, Crowdsourced Smart Parking market report 2018-2026 provides a detailed analysis of major regions such as North America, Europe, Asia Pacific, South America & the Middle East and Africa. Crowdsourced Smart Parking market analysis is provided for the international market including development history, competitive landscape analysis, and major regional development status, segmentations with product type and application.

Crowdsourced Smart Parking market report covers types, applications, Vendors, production, consumption, sales, revenue, market share, gross margin, cost, gross, market share, CAGR, imports & exports, and market influencing factors.

This research study covers Crowdsourced Smart Parking Market competition by top manufacturers, with production, price, and revenue (value) and market share. Major Participants Included in Crowdsourced Smart Parking Market are, 3M, Amano Corporation, Cubic Corporation, Thales Group, Kapsch TrafficCom AG, Nortech Control Systems Limited, Siemens Swarco AG, Fujica, Imtech, and Xerox Corporation.

In the end, the report makes some important proposals for a new project of Crowdsourced Smart Parking Industry before evaluating its feasibility. Overall, the report provides an in-depth insight of global market covering all important parameters.

  • Crowdsourced Smart Parking driver
  • Crowdsourced Smart Parking challenge
  • Crowdsourced Smart Parking trend

Market Taxonomy:

By Product Type

  • On-street Vehicles
  • Off-street Vehicles

By Applications

  • Commercial Use
  • Government Use
  • Residential Use

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East
  • Africa

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What Crowdsourced Smart Parking Market Research Offers:

  • Global Crowdsourced Smart Parking industry shares drivers, constraints, opportunities, threats, challenges, investment opportunities
  • Crowdsourced Smart Parking Industry gives assessments for the regional level analysis with Production, Sales, Consumption, Imports, and Exports
  • Crowdsourced Smart Parking market provides manufacturers with basic information, product category, sales revenue, price, and gross margin (2018-2026)
  • Crowdsourced Smart Parking market forecasts for a minimum of 6 to 8 years of all the mentioned segments
  • Supply chain trends mapping the latest technological advancements
  • Strategic for the new entrants in the Crowdsourced Smart Parking market
  • Manufacturing process, suppliers, price, production and consumption analysis, mode of transport and cost analysis, industry chain analysis
  • Company profiling with detailed strategies, financials, and recent developments

TOC of Crowdsourced Smart Parking Market Report Covered: Market research methodology, Opportunity in the market, Market landscape, Market segmentation by type, Geographical Segmentation, Market drivers, Market challenges, Market trends, Crowdsourced Smart Parking market Vendors landscape, List of Exhibits

Crowdsourced Smart Parking Market Size, Application, Share, Qualitative Research and Competitive Strategy Analysis till 2018-2026

Crowdsourced Smart Parking Market Market reports cover complete modest view with the market stake and company profiles of the important contestants working in the worldwide market. The Crowdsourced Smart Parking Market market offers a summary of product specification, production analysis, technology, product type, considering key features such as gross, gross margin, revenue, cost. The report enlists several important factors, starting from the basics to advanced Market intelligence which play a crucial part in strategizing.

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Crowdsourced smart parking is a system that helps drivers to identify parking spots via smartphones or electronic street panels. This system provides data regarding unoccupied parking spaces available for parking, which is helpful for avoiding congestion on-street as well as off-street. This system can be installed in public places such as shopping malls, airports, hospitals, office buildings, and residential communities among others. The goal of the system is to automate and decrease time spent on manually searching for a parking spot.

Crowdsourced Smart Parking Market Market research study provides key statistics on the Market status of the Crowdsourced Smart Parking Market manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the Crowdsourced Smart Parking Market industry. The report also presents the vendor landscape and a corresponding detailed analysis of the major vendors operating in the Market. Crowdsourced Smart Parking Market Market report analyses the Market potential for each geographical region based on the growth rate, macroeconomic parameters, consumer buying patterns, and Market demand and supply scenarios.

In the end, the report makes some important proposals for a new project of Crowdsourced Smart Parking Market Industry before evaluating its feasibility. Overall, the report provides an in-depth insight of global market covering all important parameters.
• Crowdsourced Smart Parking Market driver
• Crowdsourced Smart Parking Market challenge
• Crowdsourced Smart Parking Market trend

There are Multiple Chapter to display the Global Crowdsourced Smart Parking Market Market some of them As Follow:

Chapter 1, Definition, Specifications, Classification, Applications of Crowdsourced Smart Parking Market Market Segment by Regions;
Chapter 2, Manufacturing Cost Structure, Raw Material and Suppliers, Manufacturing Process, Industry Chain Structure;
Chapter 3, Technical Data and Manufacturing Plants Analysis of Crowdsourced Smart Parking Market, Capacity and Commercial Production Date, Manufacturing Plants Distribution, R&D Status and Technology Source, Raw Materials Sources Analysis;
Chapter 4, Overall Market Analysis, Capacity Analysis (Company Segment), Sales Analysis (Company Segment), Sales Price Analysis (Company Segment);
Chapter 5 and 6, Regional Market Analysis that includes United States, China, Europe, Japan, Korea & Taiwan, Crowdsourced Smart Parking Market Segment Market Analysis (by Type);
Chapter 7 and 8, The Crowdsourced Smart Parking Market Segment Market Analysis (by Application) Major Manufacturers Analysis
Chapter 9, Market Trend Analysis, Regional Market Trend, Market Trend by Product Type Natural preservative, Chemical preservative, Market Trend by Application;
Chapter 10, Regional Marketing Type Analysis, International Trade Type Analysis, Supply Chain Analysis;
Chapter 11, The Consumers Analysis of Global Crowdsourced Smart Parking Market;
Chapter 12, Crowdsourced Smart Parking Market Research Findings and Conclusion, Appendix, methodology and data source;
Chapter 13, 14 and 15, Crowdsourced Smart Parking Market sales channel, distributors, traders, dealers, Research Findings and Conclusion, appendix and data source.

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Major Key Players Involved In The Crowdsourced Smart Parking Market Market Report Are: 3M, Amano Corporation, Cubic Corporation, Thales Group, Kapsch TrafficCom AG, Nortech Control Systems Limited, Siemens Swarco AG, Fujica, Imtech, and Xerox Corporation.

Major Question Answered in Crowdsourced Smart Parking Market market report:
• What will the market size be in 2026 and what will the growth rate be?
• What are the key market trends and growth drivers?
• What are the new project investment feasibilities?
• How does the market relate to the overall economy, demography and other similar markets?
• What is the regional supply/demand, import/export, capacity, production, production value?
• What are the challenges faced by key players in this market?
• What forces will shape the market going forward?
• What Strategies are the market players adopting to ensure sustainability?
• How market is categorized and which are the leading segments? Which region or country is driving demand?

Crowdsourced Smart Parking Market to Experience Significant Growth during 2018 to 2023

The Crowdsourced Smart Parking market 2018 – 2023 report cover very impotent details” The Crowdsourced Smart Parking Market report categorizes the market-based Trends, future prospect, Market share, size depending on the total research. And also provide technology, product cost, gross margin, and revenue The report highlights the market size and the important segments, providing quick relevant information about the Crowdsourced Smart Parking market.

The Crowdsourced Smart Parking Market has described the present market scenario in a well-ordered way, highlight the Company development important players engaged in the current market, market identification, industry strategy that will assist our readers to aim regarding Crowdsourced Smart Parking outlook and promote strength and success.

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Overview of the Crowdsourced Smart Parking Market Report:-

Crowdsourced Smart Parking Market report 2018 to 2023 focus on the major key players, market growth analysis, revenue forecast and regions of the market. the market research report is a detail study on the current market industry.

Crowdsourced Smart Parking Market Report Purview:-

To analyze and research the Crowdsourced Smart Parking Market status and future forecast, involving capacity, production, value, consumption, growth rate, market share, historical and forecast.

1. To present the key manufacturers, capacity, production, revenue, market share, and recent development.

2. To cut the breakdown data by regions, type, manufacturers, and applications.

3. To analyze the key regions market potential and advantage, opportunity and challenge, restraints and risks.

4. To identify significant trends, drivers, influence factors in regions.

5. To analyze company developments such as expansions, agreements, new product launches

Crowdsourced Smart Parking Market report 2018 to 2023 focus on major drivers and key players. Crowdsourced Smart Parking market research provides analysis of the market demand, revenue forecasts of the market. The market research report is details study on the industry.

Major Regions covers:-

North America

Europe

Asia-Pacific

South America

The Middle East and Africa

Crowdsourced Smart Parking market will prove as a valuable source of guidance for professional clients like Tier 1, Tier 2, Tier 3 level managers, CEOs, CMOs, as well as the interested individual reader’s across the world. Vendor Landscape provide acts as a key development and focus of above professional with common aim to lead the way of Ceramic Sanitary Ware market Worldwide.

Crowdsourced Smart Parking Market Overview:

Later, the report focuses on regions operational coverage across the world mainly sales (K Units), revenue (Million USD), market share and growth rate variable within each region depending upon its capacity. This research also results to measure global Ceramic Sanitary Ware competitors according to specific regions for development and compound growth rate

Significant Market Features:

This report features mainly top to bottom approach to target key aspects of Ceramic Sanitary Ware market that includes, Gross Revenue, CAGR, Key Players, Cost Structure, Production Capacity, Sales Analysis, and Future Growth Trends projected on the basis of historical Ceramic Sanitary Ware research.

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Worldwide Market Reports is your one-stop repository of detailed and in-depth market research reports compiled by an extensive list of publishers from across the globe. We offer reports across virtually all domains and an exhaustive list of sub-domains under the sun. WMR well-researched inputs that encompass domains enable our prized clients to capitalize upon key growth opportunities and shield against credible threats prevalent in the market in the current scenario and those expected in the near future.

Crowdsourced Smart Parking Market – Efficient Solutions to Improve Profitability Driven Demands

The latest market intelligence study on global Crowdsourced Smart Parking market performs an extensive analysis of the competitive landscape and growing investment pocket of Crowdsourced Smart Parking market for the forecast period, 2019 – 2025. This report undertakes a comprehensive study of the Crowdsourced Smart Parking market to track its growth over the years to forecast its growth trajectory.

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Scope of the Report:

The specialist consulting approach adopted to study the Crowdsourced Smart Parking market by size, share and growth form an important part of this market intelligence report. Expertise research specialist not only weight upon the company profiles of the major vendors but also significant aspects such as import and export status, supply chain management, demand and supply and distribution channel. Vital statistics on product positioning, consumption volume, a dramatic shift in consumer preferences, spending power and other are explained through resources including charts, graphs, and infographics.

Following are the important types of Crowdsourced Smart Parking Market Report:

Type 1, Type 2, Type 3

Following are the most widely used downstream fields of Crowdsourced Smart Parking market covered in this report are:

Application 1, Application 2, Application 3

Major Regions play a vital role in Crowdsourced Smart Parking market are:

  • North America
  • Europe
  • China
  • Japan
  • Middle East & Africa
  • India
  • South America
  • Others

Key Reasons to Purchase

  • To gain insightful analyses of the market and have comprehensive understanding of the global market and its commercial landscape.
  • Assess the production processes, major issues, and solutions to mitigate the development risk.
  • To understand the most affecting driving and restraining forces in the market and its impact in the global market.
  • Learn about the market strategies that are being adopted by leading respective organizations.
  • To understand the future outlook and prospects for the market.
  • Besides the standard structure reports, we also provide custom research according to specific requirements.

Detailed TOC of Crowdsourced Smart Parking Market Research Report-

  • Crowdsourced Smart Parking Introduction and Market Overview
  • Crowdsourced Smart Parking Industry Chain Analysis
  • Crowdsourced Smart Parking Market, by Type
  • Crowdsourced Smart Parking Market, by Application
  • Crowdsourced Smart Parking Production, Value ($) by Region (2012-2018)
  • Crowdsourced Smart Parking Production, Consumption, Export, Import by Regions (2012-2018)
  • Crowdsourced Smart Parking Market Status and SWOT Analysis by Regions

In the End, the Crowdsourced Smart Parking Market reports provide meaningful data to those who are looking to enter into the Crowdsourced Smart Parking Industry by providing market competition, Size, and Trends of Crowdsourced Smart Parking Market.

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About Worldwide Market Reports:

Worldwide Market Reports is your one-stop repository of detailed and in-depth market research reports compiled by an extensive list of publishers from across the globe. We offer reports across virtually all domains and an exhaustive list of sub-domains under the sun. WMR well-researched inputs that encompass domains enable our prized clients to capitalise upon key growth opportunities and shield against credible threats prevalent in the market in the current scenario and those expected in the near future.

Technological Innovations to Boost the Crowdsourced Smart Parking Market

Crowdsourced smart parking is a system that helps drivers to identify parking spots via smartphones or electronic street panels. This system provides data regarding unoccupied parking spaces available for parking, which is helpful for avoiding congestion on-street as well as off-street. This system can be installed in public places such as shopping malls, airports, hospitals, office buildings, and residential communities among others. The goal of the system is to automate and decrease time spent on manually searching for a parking spot.

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Growing concern for parking along with increasing adoption of vehicles are factors driving growth of the market

Major factors driving growth of the crowdsourced smart parking market include increasing demand for vehicles, globally. For instance, according to International Organization of Motor Vehicle Manufacturers statistics (OICA), the total number of vehicles sold in 2016 was 94 million units, which increased to 96 million units in 2017, globally. Rising adoption of vehicles is resulting in high traffic congestion, which in turn, is increasing the demand for crowdsourced smart parking to ease traffic congestion, which further helps save the time, cost, and fuel. The adoption of crowdsourced smart parking systems helps users in determining the available parking spaces and reserving the spot in advance, reducing the time required to avail parking and reduces human error in parking.

Global Crowd sourced Smart Parking Market: Segment Trends

On the basis of applications, the commercial use segment accounted for the largest market share of the global crowdsourced smart parking market in 2017. This growth is attributed to the rising number of shopping malls, large commercial hubs, and sports entertainment hubs being constructed in the region. For instance, according to Coherent Market Insights’ analysis, in 2016, the number of shopping malls in Germany was 474, which increased to 482 in 2017. Public place require appropriate parking of a large number of vehicles to avoid congestion. In such situations, crowdsourced smart parking solutions provide directions and accuracy to the drivers for parking vehicles. This in turn, is expected to propel growth of the commercial use segment.

Global Crowdsourced Smart Parking Market: Regional Insights

The market for crowdsourced smart parking in North America accounted for largest share in the global market in 2017. The U.S. and Canada are the major growth engine in the market in North America, owing to the increasing sales of vehicles in these countries. For instance, according to the OICA (International Organization of Motor Vehicle Manufacturers), the total vehicle sales of passenger cars in the U.S. was 7.5 million in 2013, which increased to 7.6 million in 2014. Similarly, in Canada, the total sales of passenger cars was 755 thousand units in 2013, which increased to 760 thousand units in 2014. The increasing adoption of vehicles in turn, is expected to increase the demand for high-end automation solutions and software for managing parking payments and guidance.

Global Crowdsourced Smart Parking Market: Competitive Landscape

Major players operating in the global crowdsourced smart parking market include 3M, Amano Corporation, Cubic Corporation, Thales Group, Kapsch TrafficCom AG, Nortech Control Systems Limited, Siemens Swarco AG, Fujica, Imtech, and Xerox Corporation.

Key players in this market are adopting inorganic strategies such as mergers and acquisitions to strengthen their foothold in the global market. For instance, in December 2016, Kapsch TrafficCom AG acquired Schneider Electric transportation business to help Kapsch TrafficCom AG expand its portfolio of intelligent transportation management solutions, which in turn helps the company gain a competitive edge in the global market.

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Crowdsourced Smart Parking Market Key Drivers, On-going Trends and Future Forecast During 2018-2026

Crowdsourced smart parking is a system that helps drivers to identify parking spots via smartphones or electronic street panels. This system provides data regarding unoccupied parking spaces available for parking, which is helpful for avoiding congestion on-street as well as off-street. This system can be installed in public places such as shopping malls, airports, hospitals, office buildings, and residential communities among others. The goal of the system is to automate and decrease time spent on manually searching for a parking spot.

Download PDF Brochure @ https://www.coherentmarketinsights.com/insight/request-pdf/1863

Growing concern for parking along with increasing adoption of vehicles are factors driving growth of the market

Major factors driving growth of the crowdsourced smart parking market include increasing demand for vehicles, globally. For instance, according to International Organization of Motor Vehicle Manufacturers statistics (OICA), the total number of vehicles sold in 2016 was 94 million units, which increased to 96 million units in 2017, globally. Rising adoption of vehicles is resulting in high traffic congestion, which in turn, is increasing the demand for crowdsourced smart parking to ease traffic congestion, which further helps save the time, cost, and fuel. The adoption of crowdsourced smart parking systems helps users in determining the available parking spaces and reserving the spot in advance, reducing the time required to avail parking and reduces human error in parking.

Moreover, increasing number of smart city projects is further increasing the demand for crowdsourced smart parking market over the following few years. For instance, according to the Coherent Market Insights’ analysis, in 2016, the number of smart city projects in Europe accounted for 86, followed by Asia Pacific with 79, and North America with 49. This in turn, is expected to propel growth of the crowdsourced smear parking market during the forecasted period.

However, the major restraint for the market growth is the slow growth of infrastructure, especially in emerging economies such as India and China, among others, owing to high cost of installation. 

Global Crowd sourced Smart Parking Market: Segment Trends

On the basis of applications, the commercial use segment accounted for the largest market share of the global crowdsourced smart parking market in 2017. This growth is attributed to the rising number of shopping malls, large commercial hubs, and sports entertainment hubs being constructed in the region. For instance, according to Coherent Market Insights’ analysis, in 2016, the number of shopping malls in Germany was 474, which increased to 482 in 2017. Public place require appropriate parking of a large number of vehicles to avoid congestion. In such situations, crowdsourced smart parking solutions provide directions and accuracy to the drivers for parking vehicles. This in turn, is expected to propel growth of the commercial use segment.

Global Crowdsourced Smart Parking Market: Regional Insights

The market for crowdsourced smart parking in North America accounted for largest share in the global market in 2017. The U.S. and Canada are the major growth engine in the market in North America, owing to the increasing sales of vehicles in these countries. For instance, according to the OICA (International Organization of Motor Vehicle Manufacturers), the total vehicle sales of passenger cars in the U.S. was 7.5 million in 2013, which increased to 7.6 million in 2014. Similarly, in Canada, the total sales of passenger cars was 755 thousand units in 2013, which increased to 760 thousand units in 2014. The increasing adoption of vehicles in turn, is expected to increase the demand for high-end automation solutions and software for managing parking payments and guidance.

Moreover, increasing government initiative towards solving problems related to traffic congestion is further expected to boost the implementation of crowdsourced smart parking system across streets. For instance, the America’s Surface Transportation Act or “FAST Act” was implemented in 2015 to solve road traffic congestion issues, enhance transportation within the country, improve working efficiencies in transportation systems and commercial vehicles, and minimize vehicle emissions. This in turn, is expected to fuel growth of the crowdsourced smart parking market in North America.

Asia Pacific market is expected to exhibit highest CAGR over the forecast period due to increasing deployment of smart city and smart infrastructure projects in this region. China, Japan, India, and South Korea are the major growth engines in the region. For instance, in 2015, the Government of India announced plans to develop 100 smart cities by using smart technology to improve the efficiency of services and meet the needs pf citizens. This in turn, is expected to boost growth of the market in this region.

Global Crowdsourced Smart Parking Market: Competitive Landscape

Major players operating in the global crowdsourced smart parking market include 3M, Amano Corporation, Cubic Corporation, Thales Group, Kapsch TrafficCom AG, Nortech Control Systems Limited, Siemens Swarco AG, Fujica, Imtech, and Xerox Corporation.

Key players in this market are adopting inorganic strategies such as mergers and acquisitions to strengthen their foothold in the global market. For instance, in December 2016, Kapsch TrafficCom AG acquired Schneider Electric transportation business to help Kapsch TrafficCom AG expand its portfolio of intelligent transportation management solutions, which in turn helps the company gain a competitive edge in the global market.

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Crowdsourced Smart Parking Market Growth Opportunities by Regions, Scope, Key Players, Type and Application; Trend Forecast to 2026

Crowdsourced smart parking is a system that helps drivers to identify parking spots via smartphones or electronic street panels. This system provides data regarding unoccupied parking spaces available for parking, which is helpful for avoiding congestion on-street as well as off-street. This system can be installed in public places such as shopping malls, airports, hospitals, office buildings, and residential communities among others. The goal of the system is to automate and decrease time spent on manually searching for a parking spot.

Growing concern for parking along with increasing adoption of vehicles are factors driving growth of the market

Major factors driving growth of the crowdsourced smart parking market include increasing demand for vehicles, globally. For instance, according to International Organization of Motor Vehicle Manufacturers statistics (OICA), the total number of vehicles sold in 2016 was 94 million units, which increased to 96 million units in 2017, globally. Rising adoption of vehicles is resulting in high traffic congestion, which in turn, is increasing the demand for crowdsourced smart parking to ease traffic congestion, which further helps save the time, cost, and fuel. The adoption of crowdsourced smart parking systems helps users in determining the available parking spaces and reserving the spot in advance, reducing the time required to avail parking and reduces human error in parking.

Moreover, increasing number of smart city projects is further increasing the demand for crowdsourced smart parking market over the following few years. For instance, according to the Coherent Market Insights’ analysis, in 2016, the number of smart city projects in Europe accounted for 86, followed by Asia Pacific with 79, and North America with 49. This in turn, is expected to propel growth of the crowdsourced smear parking market during the forecasted period.

However, the major restraint for the market growth is the slow growth of infrastructure, especially in emerging economies such as India and China, among others, owing to high cost of installation.

Global Crowd sourced Smart Parking Market: Segment Trends

On the basis of applications, the commercial use segment accounted for the largest market share of the global crowdsourced smart parking market in 2017. This growth is attributed to the rising number of shopping malls, large commercial hubs, and sports entertainment hubs being constructed in the region. For instance, according to Coherent Market Insights’ analysis, in 2016, the number of shopping malls in Germany was 474, which increased to 482 in 2017. Public place require appropriate parking of a large number of vehicles to avoid congestion. In such situations, crowdsourced smart parking solutions provide directions and accuracy to the drivers for parking vehicles. This in turn, is expected to propel growth of the commercial use segment.

Global Crowdsourced Smart Parking Market: Regional Insights

The market for crowdsourced smart parking in North America accounted for largest share in the global market in 2017. The U.S. and Canada are the major growth engine in the market in North America, owing to the increasing sales of vehicles in these countries. For instance, according to the OICA (International Organization of Motor Vehicle Manufacturers), the total vehicle sales of passenger cars in the U.S. was 7.5 million in 2013, which increased to 7.6 million in 2014. Similarly, in Canada, the total sales of passenger cars was 755 thousand units in 2013, which increased to 760 thousand units in 2014. The increasing adoption of vehicles in turn, is expected to increase the demand for high-end automation solutions and software for managing parking payments and guidance.

Moreover, increasing government initiative towards solving problems related to traffic congestion is further expected to boost the implementation of crowdsourced smart parking system across streets. For instance, the America’s Surface Transportation Act or “FAST Act” was implemented in 2015 to solve road traffic congestion issues, enhance transportation within the country, improve working efficiencies in transportation systems and commercial vehicles, and minimize vehicle emissions. This in turn, is expected to fuel growth of the crowdsourced smart parking market in North America.

Asia Pacific market is expected to exhibit highest CAGR over the forecast period due to increasing deployment of smart city and smart infrastructure projects in this region. China, Japan, India, and South Korea are the major growth engines in the region. For instance, in 2015, the Government of India announced plans to develop 100 smart cities by using smart technology to improve the efficiency of services and meet the needs pf citizens. This in turn, is expected to boost growth of the market in this region.

Global Crowdsourced Smart Parking Market: Competitive Landscape

Major players operating in the global crowdsourced smart parking market include 3M, Amano Corporation, Cubic Corporation, Thales Group, Kapsch TrafficCom AG, Nortech Control Systems Limited, Siemens Swarco AG, Fujica, Imtech, and Xerox Corporation.

Key players in this market are adopting inorganic strategies such as mergers and acquisitions to strengthen their foothold in the global market. For instance, in December 2016, Kapsch TrafficCom AG acquired Schneider Electric transportation business to help Kapsch TrafficCom AG expand its portfolio of intelligent transportation management solutions, which in turn helps the company gain a competitive edge in the global market.

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