Smart Parking Market Global Industry Review 2019 To 2023

The global smart parking market is set to grow a 10.97% CAGR from 2017 to 2023 projects Market Research Future (MRFR). Smart parking is viewed as a revolutionary technology that can help overcome the parking issues. Increased disposable income in emerging economies has bolstered the sales of passenger cars. As a result, there is a significant uptick in number of vehicles plying on-road, which makes parking space a critical requirement. However, traditional solutions are falling short of expectations, therefore new parking methods are applied.

Smart parking systems use cutting-edge sensor technologies to help motorists detect parking space. Technologies that are currently used for smart parking include ultrasonic, smartapp, RFID. Some of the factors driving the global smart parking market include rapid adoption of smart city solutions, IoT integration and growing emphasis of proper utilization of space. Adoption of advanced technologies such as smart parking help in tackling issues of urban cities. Nonetheless, the such technologies at a nascent stage and require massive investments, which to an extent is limiting this growth potentials.

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Global Smart Parking Market: Segmental Analysis

MRFR’s study covers a thorough segmental analysis of the market on the basis of technology and parking site.

Based on parking site, the market has been segmented into off-street and on-street. The off-street segment commands a sizable market share in term of revenue. Off-sites are popular spots for parking vehicles. Such parking sites help in reducing on-road vehicle parking and is a safer parking solution than on-street parking.

Based on technology, the market has been segmented into ultrasonic, In-ground vehicle detection sensor, RFID, SmartApp and others. Of these, the SmartApp segment currently accounts for the largest share of the market in terms of revenue. SmartApp is an integrated system that offer real-time assistance to drivers in finding parking space. SmartApp is increasingly becoming popular owing to its efficacy and user-friendly layout. The ultrasonic segment holds the second spot in terms of revenue and is expected to remain highly attractive during the forecast period.

Global Smart Parking Market: Regional Analysis

The regions covered in the report include Asia Pacific, North America, Europe among others. Asia Pacific is the most lucrative market for smart parking. Countries such as China, and India are undergoing massive infrastructure upgradation, which continues to create market opportunities in these countries. Increased efforts to overhaul traditional or outdated public infrastructure and investment in smart city projects is expected to bode well for the market in the forthcoming years. Moreover, growing vehicle parc in APAC countries is driving the demand for efficient parking solutions. Europe is the second most important market for smart parking and will continue to present attractive opportunities to market players through the assessment period. Shortage of space and growing numbers vehicles is prompting the adoption of advanced parking solutions.

Global Smart Parking Market: Competitive Landscape

Some of the renowned companies operating in the market include IEM SA (Switzerland), Klaus Multiparking Systems (Germany), Omnitec group (UAE), Robert Bosch GmbH (Germany), Dongyang Menics Co., Ltd (South Korea), Amano McGann, Inc. (U.S.), Smart Parking Limited (Australia), PArklayer (India), IPS Group Inc. (U.S.) and Mindteck (India).

Industry News

Amano McGann, a prominent parking solution provider has recently unveiled a unique Software as a Service (SaaS) solution which retrieves critical information on customers’ parking operations in real-time. The company call the SaaS solution "Symphony Analytics Essentials and Symphony Analytics Power".

Smart city solution provider Urbiotica has recently developed a system to monitor off-street parking. This system will reportedly offer effective and highly solutions to find parking availability if enclosed facilities. The system will work on magnetic sensors or Loops to overcome Off-street parking issues.

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR) and Mar