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Smart parking refers to new advancements in technology that provide comfort for motorists and car park operators through fully integrated and end-to-end parking experience transformation solutions. Smart parking systems consist of a sensor network, screen displays, and live gateways, operated by an interactive framework built on the Internet. SmartCloud services, SmartParking app, SmartMap, SmartSensors, SmartSigns, and smart car counters, among others, are integral parts of smart parking systems that enhance accessibility, escape the congestion, and deliver efficient urban mobility. Internet of Things (IoT) adoption has resulted in dramatically rapid developments in smart parking systems by reducing development time, reducing maintenance costs, and providing versatile integration of various technologies to deliver smart parking solutions.
The increase in parking concerns worldwide, the increase in demand for technology based on the Internet of Things (IoT), and the high rate of adoption in the number of vehicles are driving the growth of the market.
Increased Parking Concern across the Globe
The ever-increasing production of automobiles has increased traffic congestion, especially in urban areas, posing a difficult task for government and municipal authorities to control and manage traffic. It is very difficult for many drivers to find vacant parking spaces during peak hours in areas such as hospitals, hotels & shopping centers, airports, universities, and exhibition & convention centers. In addition, the increase in the number of vehicles worldwide has led to problems related to parking spaces in both residential and commercial areas. The problem is solved by using improved features such as notification of free space available on smart devices & live space reservation updates using smart parking technology. This technology reduces the amount of time spent by the user to find the vacant parking space and automates the process of finding the optimum parking space, thus creating a huge demand for the smart parking market.
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Increase in the Number of Vehicles
Rising disposable income in many developed or developing countries results in a rapid increase in vehicle sales. The increase in the number of vehicles will lead to problems such as limited car parking facilities and traffic, along with inadequate management of parking space. Governments from different countries take the initiative by raising funds for new infrastructure that helps solve such crisis-related parking. As a result, increasing numbers of vehicles leading to vehicle parking management system demand further boost market demand for a smart parking system. Due to fast and accurate parking availability data, its area of application in commercial infrastructures has been widened.
In addition, advances in autonomous cars and smart park technology will create several opportunities over the coming years for key players on the smart parking system market. Also allowing for more adaptable systems including cameras, wireless communications, data analytics, induction loops, smart parking meters, and advanced algorithms is a wide variety of other technology innovations. This in turn has opened several doors of opportunities in the years to come for the smart parking system market.
The growth of the global smart parking system market is hampered by major factors such as high installation costs, lack of awareness of the benefits of smart parking systems, especially in underdeveloped regions. However, the high initial investments in multimodal, fully integrated smart parking development are likely to curb market growth.
• Internet of Things (IoT)
• Ultrasonic Sensor
• Radar Sensor
• Security & Surveillance
• Smart Payment System
• License Plate Recognition
• Parking Sensors
• Steering Angle Sensors
• Electronic Control Unit (ECU)
• Display Unit
• North America (U.S. & Canada)
• Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
• Latin America (Brazil, Mexico and Rest of Latin America)
• Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa and Rest of the Middle East & Africa)
In terms of revenue, North America dominated the market for smart parking systems. Growth in the North American region is due to growing traffic management needs. Moreover, in terms of smart sensors and advanced analytics, North America is also considered the most progressive region.
Moreover, due to increasing inclination towards the development of smart cities, South America and Asia-Pacific are projected to witness the fastest growing market. Increasing automobile sales in the Asia-Pacific region are expected to boost growth in the region's smart parking system. Furthermore, due to the adoption of smart mobile applications such as smart payments in the parking area, Europe is witnessing moderate growth.
The report also covers detailed competitive analysis of major market players of the global smart parking system market such as Altiux Innovations, Amano McGann Inc., BMW AG (ParkNow GmbH), CIVICSMART INC., Conduent Incorporated, Cisco Systems, Kapsch TrafficCom, Meter Feeder Inc., Municipal Parking Services Inc, WorldSensing S.L.N.E and other major & niche players. The global market for smart parking system is witnessing a wide range of industry activities such as product launch, innovation, acquisition, partnership, research & development, and expansion across the globe.
Competitive landscape analysis provides a detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development, and other market activities). The study also provides the company’s positioning and market share of the overall market.
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Timeline Considered for Analysis:
- 2019: Base Year
- 2020: Estimated Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges, and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyses the global femtocells market by the following segments:
Customization: We also offer customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Smart Parking System Industry Report
• What is the overall market size in 2019? What will be the market growth during the forecast period i.e. 2020-2025?
• Which region would have a high demand for products in the upcoming years?
• What are the factors driving the growth of the market?
• Which sub-market will make the most significant contribution to the market?
• What are the market opportunities for existing and entry-level players?
• What are the various long-term and short-term strategies adopted by the market players?
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