Globally, Vehicle parking lies at the intersection of mobility management as well as urban space. Over time, there were many generations which have offered numerous opportunities to the users. In recent years, parking generation provides basic automation that allows users to navigate the complete parking life cycle independently, for instance, knowing fee settlement, ticketing, parking, and parking occupancy status. According to Renub Research Analysis, Global Smart Parking Market is expected to grow with double-digit CAGR and reach USD 12.7 billion by 2027.
The factor that is boosting this market is the growing adoption of integrated automated solutions coupled with wireless technologies' advancements. The surging of digital payment technologies in the market is likely to contribute growth over the forecast period. However, high implementation cost and non-availability of supporting infrastructure are expected to hamper this market's growth.
As the global urban population has reached 7.5 billion in 2020, according to Census Bureau's International; smart parking is playing a significant role in bringing about improvements in convenience, congestion, lower costs, urban mobility and the delivery of practical information and intelligence. Smart Parking technology's adoption equips operators with the ability to deliver a wide range of additional services such as public broadband, safety video surveillance, air quality, and lighting control more efficiently, with new intelligent networks and greater automation via the Smart Spot network gateway products. The app included payment function features that alarm people when they get paid, allowing them to top up instantly.
Parking management solutions have seen rapid deployment across all the main verticals. The verticals have been segmented as government and commercial. Commercial parking management market includes the tutorial, recreational, transportation, retail, and hospitality sectors, among others. The proliferation of the younger workforce in various sectors, including increased demand for vehicles worldwide, has led to increased traffic jam also as vehicular pollution, which has given rise to the demand for parking management solutions. Growth in the parking management market is predicted to extend during the forecast period, thanks to companies introducing new technologies within the field of parking management and getting into strategic mergers and acquisitions. Parking management solutions are required by varied industry verticals that need a smooth flow of vehicles so as to perform their day-to-day activities.
Asia-Oceania is estimated to be the fastest-growing smart parking marketplace for parking sensors due to a rise in consumer awareness about smart parking systems within the region. A growing number of vehicles on the road combined with government initiatives like smart cities are expected to develop better traffic and parking management solutions in Asia-Oceania, in the future. Parking management solutions use parking sensors like cameras and ultrasonic sensors within an infrastructure which will or might not interact with in-vehicle parking sensors to guide the vehicle to an appropriate parking lot. The demand for parking sensors will increase with a rise in the implementation of parking management solutions that reduce the time taken to find a parking lot and ease traffic jam.
Renub Research report titled “Global Smart Parking Market By Type [Off-street & On-street], Application (Security & Surveillance, Smart Payment System, License Plate Recognition, & Others), End-User (Transport facilities, Governments and Municipalities, Commercial Institutions & Corporate Institution), Regions (North America, Europe, Asia Pacific, Middle East & Africa and Latin America), Companies (ASSA ABLOY AB, Allegion Plc, Aisin Seiki Co. Ltd, Siemens AG & Bosch)” studies the Global Smart Parking Industry.
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By Type
1. Off-street
2. On-street
By Application
1. Security & Surveillance
2. Smart Payment system
3. License Plate Recognition
4. Others
By End-User
1. Transport facilities
2. Governments and Municipalities
3. Commercial Institutions
4. Corporate Institution
By Regions
1. North America
2. Europe
3. Asia Pacific
4. Middle East &Africa
5. Latin America
Key Players covered in the report which has been studied from 3 viewpoints
• Overview
• Initiatives & Recent Developments
• Revenue
Companies covered in this report
1. ASSA ABLOY AB
2. Allegion Plc
3. Aisin Seiki Co. Ltd
4. Siemens AG
5. Bosch
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