Press release
Impact of Covid-19 on Smart Parking Industry Benchmarking the Sudden Strategy Change by Top 50 Companies in the World
There are problems associated with vehicle parking due to growth in number of vehicles. This technology provides user a real-time information related to the parking space. Rise in population, increase in disposable income, and development of the cities with the slower pace has resulted in parking related problems.
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According to a recent report published by Allied Market Research, titled, Global Smart Parking Market by Type, Technology, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2018-2025, The global smart parking was valued at $5,001.1 million in 2017, and is projected to reach $11,553.6 million by 2025, registering a CAGR of 11.2% from 2018 to 2025.
At present, North America dominates the market, followed by Europe. In 2017, the U.S. is expected to remain dominant in the North America market, while France is expected to lead at a significant growth rate in Europe.
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This technology helps solve problem associated with parking that leads to create air pollution. It includes components that consist of low-cost sensors, real-time data interference, and smart mobile applications that allow users to monitor available & unavailable parking spots. Facility to handle the parking of the vehicle suitably with the use of smart phones. Governments across the globe are taking initiative for the development of infrastructure which is projected to result in automated parking. Furthermore, some solutions facilitate the services such as online payments, parking time notifications, and car searching functionalities for very huge parking lots. In December 2017, the U.S.-based Blockchain technology firm Net-Objex has showcased a smart parking payment solution by using the IOTA decentralized network and cryptocurrency. This new solution is projected to help motorists to pay autonomously for parking through the integration of crypto wallets.
Furthermore, the market is expected to grow at a lucrative demand during the forecast period, owing to the advantages such as improved usage of parking space, reduced traffic congestion enhanced user interference due to real time data accessibility, and increased safety to human beings as well as other motor vehicles. The rise in development of urbanization leads to increase in demand for infrastructure including transportation and building. Smart cities also provide higher technology through mobile technology, thus optimizing existing infrastructure in an efficient way.
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Based on type, the off-street parking segment generated the highest revenue in the smart parking market in 2017, and is expected to remain dominant during the forecast period. In addition, based on technology, the ultrasonic sensor segment generated the highest revenue followed by IoT and RFID.
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