Smart Parking Solutions Market- Latest Innovations, Drivers and Industry Key Events 2018? 2028

Posted by vakhas on January 10th, 2019

Smart Parking Solutions Market: Introduction

Advancements in parking technologies is one of the major factors driving the growth of the smart parking solutions market. The rising need for the utilization of parking spaces is creating huge demand for smart parking solutions. Moreover, new technologies in the areas of data analytics, mobile payment systems, and IoT sensors are revolutionizing the demand for the smart parking solutions market. Also, an increase in the number of smart city projects is expected to drive the growth of the smart parking solutions market. Furthermore, various initiatives undertaken by the governments of various countries such as the U.S., Japan, Germany, and Canada to optimize parking spaces is expected to positively impact the growth of the smart parking solutions market. Also, the growing need for real time information regarding the availability and cost of parking is also driving the growth of the smart parking solutions market.

Smart parking solutions help vehicle users find the nearest parking space, and provide information on the availability of parking slots in area. The smart parking solutions market includes sensors, real-time data, and smart-phone-enabled automated payment systems that allow users to a reserve parking slot in advance. Smart parking solutions help identify the exact state of a parking space, if vacant or occupied, and examine and transmit information to various sources, which include mobile applications, signage, and web-based applications. 

Smart Parking Solutions Market: Drivers and Challenges

Drivers

Increasing urbanization across the globe and the accelerated use of automobiles are expected to propel the growth of the smart parking solutions market over the forecast period. Also, the rising use of analytics for developing applications that provide smart parking solutions is further accelerating the growth of smart parking solutions. Consumers are increasingly adopting smartphones and devices that support mobile applications that aid in reserving, paying, and checking the availability of parking slots, and due to this factor, the demand for smart parking solutions is increasing rapidly.

Apart from this, increasing problems related to land utilization and proper parking management are the key issues of overcrowded cities, which is anticipated to increase the demand for smart parking solutions. Furthermore, the increasing demand for smart infrastructure in airports, hospitals, offices, railways, and malls are spurring the need for smart parking solutions.

Challenges

Configuration complexity is one of the major factors that hampers the growth of the smart parking solutions market. Moreover, the high cost associated with initial deployment is also one of the major factors which hinders the smart parking solutions market.   

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Smart Parking Solutions Market: Segmentation

Segmentation of the smart parking solutions market on the basis of parking type:

• Off-street Parking
• On-street Parking

Segmentation of the smart parking solutions market on the basis of system component & service:

• System Devices
  • Entry/Exit Terminals
  • Card Readers
  • Validation Solutions
  • Pay on Foot Stations
  • LPR Systems
  • Others
• Parking Software
  • On-premises
  • Cloud-based
• Services
  • Consulting Services
  • Integration & Deployment Services
  • Support & Maintenance Services

Segmentation of the smart parking solutions market on the basis of application:

• Access Control
• Parking Fee & Revenue Management
• Parking Reservation Management
• Valet Parking Management
• Parking Guidance & Slot Management
• Others (Parking Enforcement Management)

Segmentation of the smart parking solutions market on the basis of end user:

• Governments & Municipalities
• Airports
• Healthcare
• Corporate & Commercial Parks
• Commercial Institutions
• Others (Tourist Destinations & the Hospitality Sector)

Smart Parking Solutions Market: Competition Landscape

Key Players

Some of the prominent players in the smart parking solutions market are Cisco Systems, Inc., DESIGNA GmbH, Scheidt & Bachmann GmbH, HUB Parking Technology, WPS Parking Systems BV, Amano, SKIDATA, Flowbird Group, ParkJockey, ABM INDUSTRIES INCORPORATED, LAZ Parking, Cubic Corporation, CIVICSMART, Citizens Parking, Republic Parking System, SP Plus Corporation, SpotHero, ParkMobile, LLC, and ParkWhiz.

Smart Parking Solutions Market: Regional Overview

On the basis of geography, North America is expected to capture a large share in the smart parking solutions market, owing to the presence of various smart parking solution providers in the region. Europe is also expected to gain substantial share in the smart parking solutions market, due to the smart infrastructure in airports, hospitals, offices, railways, and malls. The smart parking solutions market in Asia Pacific is expected to register a high growth rate during the forecast period, owing to the rise in digital technologies in the parking industry, and rapid urbanization in various countries of the region. Moreover, the smart parking solutions market in Latin America is also expected to grow rapidly, due to the continuous initiatives taken by various countries of the region towards the development of parking infrastructure. The smart parking solutions market in MEA is also expected to rise rapidly, due to the growing demand for utilization of parking spaces.