Smart Parking Market Growth, Revenue, Size, Share, Status, Regional Forecast, 2027

[Ajit B]

Smart Parking Global industry – Overview

The world is facing increasing urbanization while technology has been incorporated by cities for many years. However, the pace at which this adoption takes place is increasing rapidly as disruptive digital technologies have the potential to solve major metropolitan challenges such as safe parking. Smart cities hold the promise to potentially make urban areas more efficient and more secure. Smart parking is the most adopted and fastest growing solution across the Airports, universities, shopping centers and city garages. The ability to connect, analyze and automate data gathered from devices, powered by and described as the Internet of Things, is what makes smart parking possible. It has the power to employ big number of small, cheap, and energy efficient sensors which collaboratively collect and process wide range of parameters such as temperature, sound, vibration, pressure, water quality, pollutants and many more in different industries.

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The smart parking acts as major change for increasing number struggle with traffic congestion and inadequate parking availability. With government planning policies aimed at curtailing growth in the number of new car parking spaces and no new multi-storey car parks being developed, demand is exceeding for the smart parking. During the last several years, the use of technology has accelerated in the parking and transportation industry. It made parking more efficient, more precise, and easier to manage. It also makes parking more customer-friendly than ever before. Increasing technological advancements, such as autonomous cars which is also called as self-driving cars and smart parking technologies with high investments for the development of smart cities by governments will offer potential growth opportunities for Smart Parking Global industry. Moreover, Mobile applications on smart phones for the information of location, opening hours, tariff and facilities as well as can allow the driver to record the GPS location of their car in a crowded car park, with additional notes and photos and other helps the driver to rely on smart parking.

The high growth rate in the registration of new cars worldwide, with major boom from regional economies such as Asia Pacific (APAC), will open the window of opportunities for parking management business. Smart city concept is a new approach to redesigning cities and conceiving solutions to recent urban challenges such as traffic congestion, rapid expansion of urban population, increased energy consumption and increased greenhouse gas emission. Smart city aims to solve these challenges based upon foundations of good urban planning, economic competitiveness and sustainable practices that use emerging information and communication technologies.

Key Players:
BMW Group (Germany), Robert Bosch GmbH (Germany), Valeo SA( France), Cubic Corporation (U.S.), Amco S.A.(Greece), Siemens AG, Xerox Corp.(U.S), Altiux Innovations(Bangalore), Continental AG (Germany ), CivicSmart, Inc.(U.S) and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Smart Parking Market.

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Global Smart Parking Market – Segmentation
The Global Smart Parking Market size is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Parking Site : Comprises On-street and Off-street
Segmentation by Solutions : Comprises Security & Surveillance, Valet & Parking Reservation, and others
Segmentation by Application : Comprises transport transit, government, and commercial
Segmentation by Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.

Global Smart Parking Market: Regional Analysis
North America is expected to dominate the market because the solution providers in U.S. are mainly focusing on providing the spot parking navigation. The spot parking navigation helps the driver to find the parking space in heavy traffic areas. North America has almost 800 million space for parking that includes garages and surface parking lot. The increased in the parking space will result in the growth of smart parking industry in future. Asia Pacific is expected to grow at highest growth rate due to the increase in the production of vehicles in emerging countries such as India and China.

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