Smart parking market:
Smart parking systems can assist in overcoming this issue, resulting in the growth of the global smart parking market. Another factor driving the growth of the smart parking market is the market’s increasing attractiveness as the internet of things technology becomes more widely adopted. The ability to handle vehicle parking appropriately with the use of smartphones and the development of infrastructure to support such mobility reduces the amount of time spent in locating a vacant parking slot by the user. Furthermore, some solutions make services easier to provide, such as online payments, parking time notifications, and even car searching functionality for very large parking lots. During the forecast period, the smart parking market is expected to grow at a massive CAGR of 20.77%. It is also predicted that the smart parking market revenue will rise to USD 22 billion from 2023-2030. However, smart parking is mostly used in airports, universities, and shopping malls.
Parking systems collect data, analyse it, and connect it to other devices. This process is also made possible by the use of the internet. Furthermore, the sensors in these systems display various parameters such as vibrations, temperature, sound, pressure, etc. As a result, the growth of the smart parking industry will accelerate significantly. The pandemic coronavirus had a significant impact on smart parking revenue. The companies were forced to halt the process for a few months. As a result, the world’s economies faced a massive financial burden. However, as the popularity of solo travel has grown, so has the demand for efficient parking facilities. Furthermore, key players are focusing on market utilization.
Market segmentation:
The smart parking market is segmented based on type, component, application, technology, and end-user.
By type:
- On-street
- Off-street
By component:
- Software
- Hardware
- Services
By application:
- E-parking
- Smart payment system
- Security & surveillance
- License plate recognition
By technology:
- Ultrasonic
- Iot
- Rfid
By end-user:
- Government
- Commercial
Regional analysis:
The smart parking market size is classified into four regions: Europe, asia-pacific, north america, and the rest of the world. North america is expected to have the largest smart parking market share in the coming years. North america has the most prominent providers of smart parking solutions. In addition, there are approximately 800 million parking spaces available in north america. As a result, this region will experience the fastest growth in the coming years.
Second, asia-pacific will experience profitable market growth in the coming years. Developing countries, particularly china and india, play a significant role in driving the smart parking market growth. The increase in vehicle manufacturing in these countries and growing investments by key players will boost the smart parking market value.
In addition, europe will experience significant growth during the forecast period. Increased investments in developing these systems will significantly boost market growth. Finally, the middle east and africa are included in the rest of the world. As a result, this region will experience significant growth in the coming years.
Recent developments:
- Ford and bosch launched the parking tech partnership in november 2021 to test automated vehicles, and bedrock, a detroit-based real estate firm with a stake in the downtown property, supports the parking lab.
- In august 2021, continental acquired stakes in kopernikus automotive, an artificial intelligence specialist for automated parking, intending to focus on infrastructure-based automated parking in parking garages and manoeuvre in vehicle factories and logistics centres.
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