Smart Parking Market Growth Factors, Top Manufacturers, Product Types, Applications And Forecast To 2025
Global Smart Parking Market is valued at USD 5.62 Billion in 2018 and expected to reach USD 12.83 Billion by 2025 with the CAGR of 12.5% over the forecast period.
Increasing adoption of integrated automated solutions coupled with the advancements in wireless technologies and proliferation of digital payment technologies are some of the major factors expected to drive the growth of the Global Smart Parking Market.
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Smart Parking is a parking solution that includes in-ground smart parking sensors, cameras or counting sensors. Also it’s a parking strategy that combines technology and human innovation in an attempt to use as few resources as possible as fuel, time and space to achieve faster, easier and denser parking of vehicles. The car parking system consists of wireless sensors, parking management system, parking guidance device, and smartphone app. The sensors connected in parking spaces are used to collect the real-time data of the parking situation. The collected data are transmitted to the parking management system and evaluated. Some companies also offer other in-app information, such as parking prices and locations. This gives the possibility to explore every parking option available. For example; smart parking using mobile IoT is one of the best tools a city has to solve parking and congestion issues. This guide explains how a city or parking operator can best approach a sensible parking project and what steps they need to require making sure success.
Smart Parking Companies:
Global Smart Parking market Report covers prominent players are like 3M Co, Conduent Inc, Flowbird SAS, International Business Machines Corp, IPS Group Inc, Kapsch Aktiengesellschaft, Libelium Communications Distribuidas SL, Nedap NV, Siemens AG, SKIDATA AG and others.
Global Smart Parking Market report is segmented on the basis of type, technology, application, end-user and regional & country level. Based upon type, smart parking market is classified as on-street, off-street. Based upon technology, smart parking market is classified into IOT, ultrasonic and RFID. Based upon application, the market is classified as security & surveillance, smart payment system, e-parking and license plate recognition. Based upon end-user, smart parking market is classified as commercial and government.
The regions covered in this Global Smart Parking market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Smart Parking is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Increasing Adoption of Integrated Automated Solutions Coupled with the Advancements in Wireless Technologies and Proliferation of Digital Payment Technologies are some of the Major Factors Driving the Market Growth.
Increasing adoption of integrated automated solutions coupled with the advancements in wireless technologies are expected to drive the growth of smart parking market. Major technologies used for the deployment of efficient systems include sensing devices, machine-to-machine (M2M) communication, smart parking meters, data analytics, mobile applications for e-reservation of slots, and online payments. Currently there are 9 billion interconnected devices and it is expected to reach 24 billion devices by 2020. The Global system for mobile communications predicted that the USD 1.3 trillion revenue opportunities for mobile network operators. It covers vertical segments such as health, automotive, utilities and consumer electronics. In 2025, the IoT data analyzed and used to change business processes will be as much as all of the data created in 2020.
Global Smart Parking market Segmentation:–
By Type: On-street, Off-street
By Application: Security & Surveillance, Smart Payment System, E-parking, License Plate Recognition
North America is Expected to Dominate the Global Smart Parking Market
North America is expected to dominate the global smart parking market due to increasing innovation and automation in vehicles, and rising consumer’s preference for driver assistance features in passenger cars in this region. The U.S. auto industry has been automated for decades. According to the state’s Department of Motor Vehicles, 2.88 million Autonomous vehicle companies with a permit to test their technologies with a safety driver in California reported that their vehicles crowd nearly 2.9 million miles during the most recent reporting period.
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