Major cities in the world such as New York, San Francisco, Berlin, and London have commenced deployment of smart parking technology solutions since the last 5 years. While the penetration of this technology is quite low, it has been gaining prominence in major cities. Increasing investments in smart cities by governments across the world and rising investments in autonomous vehicles are presenting tremendous opportunities for smart parking market growth, globally.
The global smart parking market has been segmented on the basis of parking site, application, technology, solution, and region.
On the basis of parking site, the market has been segmented into on-street and off-street wherein the off-street parking segment accounts for the larger market share, driven by the increasing demand for off-street smart parking.
On the basis of technology, the market has been segmented into IoT, Ultrasonic and RFID wherein the IoT segment account for the largest market share. Growing demand for Internet of Things (IoT)-based technology and the high adoption rate in vehicles have collectively been driving the growth of the segment.
On the basis of solution, the market has been segmented into security & surveillance, smart payment system, e-parking, and license plate recognition.
On the basis of region, the global smart parking market has been segmented into North America, Europe, Asia Pacific, and Latin America and Middle East & Africa. Europe holds the largest share in the global smart parking market, followed by North America. Rapid urbanization in the region has been fueling infrastructure and transportation development, which in turn has been surging the demand for smart parking.
North America is expected to record strong growth in the smart parking market, driven by increasing government investments towards the development of smart cities. Asia Pacific is pegged to register the fastest growth in the smart parking market, owing to congested parking issues in the region. Among all regions, LAMEA is expected to account for the least share in the smart parking market.
Some of the prominent players in the global smart parking market are Act-On Software Inc. (U.S.), Adobe Systems Inc. (U.S.), Cognizant (U.S.), Hubspot, Inc. (U.S.), IBM Corporation (U.S.), Marketo, Inc. (U.S.), Oracle Corporation (U.S.), Salesforce.com, Inc. (U.S.), Teradata Corporation (U.S.), Infusion Software Inc. (U.S.) and SAS (U.S.), among others.
By Parking Site