Crowdsourced Smart Parking Market - Size, Share, Outlook, and Forecast till 2026

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Worldwide Market Reports added Latest Research Report titled "Crowdsourced Smart Parking Market - Size, Share, Outlook, and Forecast till 2026" to its Large Report database.

Crowdsourcing is the method of obtaining services, ideas, or content by soliciting contributions from a large group of people or online community. Smart parking is a vehicle parking system that allows drivers to find vacant driving spot. The technology Uses sensors in each parking space to detect the presence or absence of a vehicle and informs incoming drivers regarding available locations. Smart Parking strategy is used to minimize utilization of resources such as fuel, time, and space to achieve faster, easier and denser parking of vehicles. Crowdsourcing has applications in maps and traffic information, executive recruiting, web usability testing, and mutual fund management.

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Increasing adoption of automobiles across the world is propelling demand for efficient management of traffic and parking space, which in turn is driving growth of the crowdsourced smart parking market. According to the International Parking Institute (IPI) 2012 Emerging Trends in Parking Study, around 30% of the cars around the city are looking for parking space leading to traffic congestion, in turn wasting high amounts of fuel and carbon emissions. Furthermore, increasing traffic congestion and less availability of parking space in emerging economies is driving growth of crowdsourced smart parking market, owing the advantages provided by system for effective management of parking. However, high cost required for installation and maintenance of the system is major factor restraining growth of the crowdsourced smart parking market.

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Key Developments of Crowdsourced Smart Parking Market

Market players are engaged in developing advanced crowdsourced smart parking systems in order to meet increasing demand for effective traffic management across the world. For instance, in June 2018, Dubai Police launched smart multi-level parking project as part of efforts to provide high quality services to members of the public. The smart parking project will be built in the most populated residential and commercial districts in Dubai. Furthermore, in September 2017, Los Angeles adopted smart parking system to reduce congestion with a demand-based parking system that adjusts prices based on real time occupancy data, in order to evenly distribute cars across downtown bays. The system includes sensors, which record parking spots and transmit the information to a central computer system that recommends price adjustments. Drivers are notified of available slots via mobile apps, which allows them to reserve spaces in advance. Key players operating in crowdsourced smart parking market include 3M, Amano Corporation, Cubic Corporation, Thales, Kapsch TrafficCom AG, Nortech Control Systems Limited, Siemens, Swarco AG, Fujica, Imtech, and Xerox Corporation.

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