The market size of global Smart Parking Market systems accounted at USD 4.1 billion in 2019 and is estimated to record a CAGR of 18.5% over the forecast period from 2020 to 2027.
Smart parking is termed as latest technological innovations that proffer ease for motorists and car parking operators by way of fully integrated and end-to-end solutions for the modification of parking experiences. Smart parking systems comprises of a network of sensors, feature displays, and live gateways, which is fuelled by an automatic web-based platform. Essential parts of smart parking systems are SmartCloud services, SmartParking app, SmartMap, SmartSensors, SmartSigns, and Smart car counters, that enhance convenience, dodge congestion, and provide efficient urban mobility. The remarkable quick advancements in smart-parking systems is due to rising acceptability of the Internet of Things (IoT), hence, lowering the development time, reducing maintenance costs, and facilitating flexible integration of multiple technologies to offer smart parking solutions.
The primary cause of vehicle overcrowding and resultant congestion is the inadequate traffic management, which further cause noise pollution and air pollution that can probably oppress economic activities. Development in technology can be very relevant at this juncture in boosting these systems due to their capability to offer collection of real-time data as well as to regulate the availability of parking lots, hence favouring the users in respect of time and fuel costs. Economical sensors and smartphone-based automated payment systems are attributed by smart parking systems that can enable drivers to locate the available spaces and reserve their spot beforehand. Reduction in vehicular emissions is possible through these systems as drivers do not have to circle the city blocks pointlessly to look for parking spaces.
The Smart Parking Market are globally achieving popularity. Many countries among various private and public places including universities, airports, public parking spaces, shopping centres, etc. are adopting smart parking systems. Additionally, smart parking system technology contributes in sorting the long-standing problem related with parking which further cause the generation of air pollution. Real-time data interference, economical sensors, and mobile applications that provide consumers to track free parking spots are the various elements of the technology.
In 2019, the Smart Parking Market was influenced by North America. With the rising number of vehicles in North America, it is estimated to record hike in the market. For diminishing the traffic congestion, which has been assimilating more intense, the civic authorities in U.S. and Canada are working intrusively. In the region, the smart parking systems aid in facilitating legal and safe parking for commercial vehicles. Moreover, it is anticipated that several factors like development in the automotive sector and rising demand for vehicle guidance systems would drive the growth of the regional market.
The key players operating in the Smart Parking Market are Cisco Systems, Inc.; Altiux Innovations; Robert Bosch GmbH; Siemens AG; SKIDATA AG.; Amano McGann, Inc.; Parkmobile LLC; and ParkMe, Inc. These companies are providing several solutions and hardware equipment that can be utilized in smart parking systems. The players are enlarging their collaboration with parking lot management firms in response to the growingly varied requirements of lot management. Additionally, the players are focusing on offering varied services to small and medium-sized firms.
Segmentation in Smart Parking Market:
Hardware Outlook (Revenue, USD Million, 2019 - 2027)
• Pucks (wireless sensors)
• Cameras & LPRs
• Smart Meters
• Parking Gates
Smart Parking Market Software Outlook (Revenue, USD Million, 2019 - 2027)
• Parking Guidance System
• Analytics Solutions
Service Outlook (Revenue, USD Million, 2019 - 2027)
• Consulting Services
• Engineering Services
• Mobile App Parking Services
Smart Parking Market Type Outlook (Revenue, USD Million, 2019 - 2027)
o Garage Parking
o Lot Parking
Application Outlook (Revenue, USD Million, 2019 - 2027)
• Transport Transit
Smart Parking Market Regional Outlook (Revenue, USD Million, 2019 - 2027)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)
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