Smart Parking Market Size - Industry To Be Motivated Escalation In Use Of RFID Technology

Smart Parking Market – Overview

Smart parking systems use sensors deployed at the center of a parking area for the reduction of traffic congestions in highly populated areas. The smart parking uses real-time monitoring and control of the available parking space. With the increase in electronic components in vehicles, and connectivity solutions in automotive industry, the automotive industry has been steadily increasing the demand for smart parking. Moreover, IoT connectivity in automobiles, through innumerable sensors and processors integrated into a car, provides accurate and real-time information about the surroundings to the driver. Availability of limited parking space and tight parking lots will drive the demand for smart parking assist system. Moreover, enforcement of parking policies is expected to improve the parking infrastructure in countries with high traffic density such as India and Japan, which are estimated to be large markets for parking management solutions.

A 10.97 % CAGR is predicted to be achieved by the market in the coming years.

Key Players

The essential players in the smart parking market size are Smart Parking Limited (Australia), Amano McGann, Inc. (U.S.), IEM SA (Switzerland), Klaus Multiparking Systems (Germany), Omnitec Group (UAE), Mindteck (India), PArklayer (India), IPS Group Inc. (U.S.), Robert Bosch GmbH (Germany) and Dongyang Menics Co., Ltd (South Korea)

Segmental Analysis

The segmental evaluation of the smart parking market is conducted on the basis of parking sites, solutions, applications and regions. On the basis of parking site, the smart parking market comprises of off-street and on-street. Based on the solutions, the smart parking market comprises of valet & parking reservation, security & surveillance, and others. On the basis of application, the Smart Parking Market Size comprises of government, transport transit, and commercial. Based on the regions, the smart parking market comprises of Europe, North America, APAC and Rest of the World.

Detailed Regional Analysis   

The regional examination of the smart parking market comprises of regions such as Asia Pacific, North America, Europe, and the Rest of the World. The Asia Pacific region has accounted for the principal market portion owing to the incidence of Japan, China, and India. The elevated development rate in the registering of new cars globally, with major acceleration in regional economies such as Asia Pacific, will create a new window of opportunities for the parking management business. The European region is responsible for the second largest market during the forecast period due to growing urbanization. The growing urbanization has led to the amplified demand for infrastructure as well as transportation and building. Smart cities deliver advanced technology through mobile technology, enhance current infrastructure, and make land use, effectively. This will contribute to the mounting demand for smart parking in smart cities.

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