Global Statistics Representing Smart Parking Market Scenario
Smart parking is an intelligent parking system that assists drivers with safe parking. Parking a car is a routine activity, but according to ITS America, nearly 30% of urban congestion is created by drivers looking for parking space, which also amounts to fuel wastage. Growing traffic congestion and uncertainty in parking availability together drive demand for smart parking solutions as the technology optimizes parking space usage and improves the efficiency of the parking operation, thereby facilitating smoother traffic flow.
Smart parking enables parking operators to remotely and automatically monitor parking occupancy rate on a real-time basis. Problems related to land utilization are increasing, and proper parking locations are a major issue in overcrowded cities. For instance, in 2015, according to the Reinventing Parking Organization in San Francisco city (U.S.), 30% of all congestion in the city is caused by frustrated drivers circling the block for that elusive parking space.
Smart cities hold the promise to make urban areas more efficient and secure. The demand for smart cities has been growing, and thus, government initiatives aimed at developing smart cities have also been increasing around the globe. For instance, according to the National League of Cities (NLC), 66% of U.S. cities are reportedly investing in smart city technology. Smart cities must be equipped with smart infrastructure at airports, hospitals, offices, railways and malls and this increasing demand for smart infrastructure is spurring the growth of the smart parking technology market. However, it should be noted that configuration complexity may hinder market growth to an extent.
Increasing investments in autonomous vehicle technology are also expected to present tremendous opportunities for market growth during the forecast period.
The global smart parking market accounted for over USD 2.8 billion in 2017 and is expected to grow at a CAGR of 10.1% during the forecast period, 2019–2026.
The global smart parking market has been segmented on the basis of parking site, 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 smart parking technology segment is pegged to register the strongest market growth. Off street parking is gaining popularity in areas such as offices, malls, universities, airports, train stations.
On the basis of technology, the market has been segmented into IoT, Ultrasonic and RFID. Using IoT for smart parking provides improved visibility and effectiveness for both drivers and parking enforcement officers. According to GSM Association, successful mobile IoT deployment for smart parking provides,
Additionally, network coverage is crucial for both on-street and off-street parking locations. Mobile IoT offers wide area coverage as it is based on existing mobile networks. It is designed to penetrate deeper indoors and underground than existing networks so it can be used in a wide variety of car parks. Therefore, the IoT segment holds the largest share in the market.
On the basis of solution, the market has been segmented into security & surveillance, smart payment system, e-parking, and licence 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.
In the global smart parking market, Europe holds the largest share of the pie, followed by North America. The increasing use of cameras and ultrasonic sensors in passenger cars drives the demand for smart parking solutions in countries across Europe. Rapid urbanization has been necessitating infrastructure and transportation development, which in turn has been creating demand for parking assistance and smart parking systems.
Governments in North America have been making substantial investments in the development of smart cities, and these projects entail optimization of existing infrastructure, which in part can be ensured with optimal land use. Thus, the North America smart parking market is expected to register strong growth throughout the forecast period.
Congested parking space is a key concern in Asia Pacific, and thus, the region is slated to witness strong growth in the global market with the fastest growth rate. Developing economies in the region including Japan, China and India have been recording a high rate of new car registrations, which in turn has been creating an opportunity for market growth. On the other hand, the LAMEA region is pegged to account for the smallest share in the global smart parking market.
Some of the prominent players in the global smart parking market are AMCO, Cisco Systems, Inc., CivicSmart, Inc., Continental AG, Huawei Technologies Co., IEM SA, IPS Group, Inc., Nedap, NEXPA, ParkMobile, LLC., Robert Bosch GmbH, Siemens, Smart Parking Systems – (A division of Intercomp S.p.A.), Streetline, Urbiotica, others.
Smart Parking Market Segmentation
By Parking Site
Why Buy This Report?
The smart parking market has been witnessing prominent acquisition activities with larger players such as Adobe and Salesforce acquiring smaller firms in the marketplace. As a result, the market is fragmented, and market participants face fierce competition for low prices.