Smart Parking Global Market –Overview
The world is facing increasing urbanization while technologyhas been incorporated by cities for many years. However, the pace at which thisadoption takes place is increasing rapidly as disruptive digital technologieshave the potential to solve major metropolitan challenges such as safe parking.Smart cities hold the promise to potentially make urban areas more efficientand more secure. Smart parking is the most adopted and fastest growing solutionacross the Airports, universities, shopping centers and city garages. Theability to connect, analyze and automate data gathered from devices, powered byand described as the Internet of Things, is what makes smart parking possible.It has the power to employ big number of small, cheap, and energy efficientsensors which collaboratively collect and process wide range of parameters suchas temperature, sound, vibration, pressure, water quality, pollutants and manymore in different industries.
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The smart parking acts as major change for increasing number struggle withtraffic congestion and inadequate parking availability. With governmentplanning policies aimed at curtailing growth in the number of new car parkingspaces and no new multi-storey car parks being developed, demand is exceedingfor the smart parking. During the last several years, the use of technology hasaccelerated in the parking and transportation industry. It made parking moreefficient, more precise, and easier to manage. It also makes parking morecustomer-friendly than ever before. Increasing technological advancements, suchas autonomous cars which is also called as self-driving cars and smart parkingtechnologies with high investments for the development of smart cities bygovernments will offer potential growth opportunities for smart parking market.Moreover, Mobile applications on smartphones for the information of location,opening hours, tariff and facilities as well as can allow the driver to recordthe GPS location of their car in a crowded car park, with additional notes andphotos and other helps the driver to rely on smart parking.
The high growth rate in the registration of new cars worldwide, with major boomfrom regional economies such as Asia Pacific (APAC), will open the window ofopportunities for parking management business. Smart city concept is a newapproach to redesigning cities and conceiving solutions to recent urban challengessuch as traffic congestion, rapid expansion of urban population, increasedenergy consumption and increased greenhouse gas emission. Smart city aims tosolve these challenges based upon foundations of good urban planning, economiccompetitiveness and sustainable practices that use emerging information andcommunication technologies.
Key Players:
BMW Group (Germany), Robert Bosch GmbH (Germany), Valeo SA( France), CubicCorporation (U.S.), Amco S.A.(Greece), Siemens AG, Xerox Corp.(U.S), AltiuxInnovations(Bangalore), Continental AG (Germany ), CivicSmart, Inc.(U.S) andothers are some of the prominent players profiled in MRFR Analysis and are atthe forefront of competition in the Global Smart Parking Market.
GlobalSmart Parking Market – Segmentation
The Global Smart Parking Market is segmented in to 3 key dynamics for theconvenience of the report and enhanced understanding;
Segmentation by Parking Site : Comprises On-street and Off-street
Segmentation by Solutions : Comprises Security & Surveillance, Valet &Parking Reservation, and others
Segmentation by Application : Comprises transport transit, government, andcommercial
Segmentation by Regions : Comprises Geographical regions - North America,Europe, APAC and Rest of the World.
Global Smart Parking Market: Regional Analysis
North America is expected to dominate the market because the solutionproviders in U.S. are mainly focusing on providing the spot parking navigation.The spot parking navigation helps the driver to find the parking space in heavytraffic areas. North America has almost 800 million space for parking thatincludes garages and surface parking lot. The increased in the parking spacewill result in the growth of smart parking industry in future. Asia Pacific isexpected to grow at highest growth rate due to the increase in the productionof vehicles in emerging countries such as India and China.
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