Smart Parking Market Size, Share, Growth, Trends, Forecast, Industry Analysis, Statistics, Segmentation | Valuates Reports

Smart Parking Market Report:

The global smart parking market was valued at USD 6.05 Billion in 2019, and is projected to reach USD 11.13 Billion by 2027, registering a CAGR of 12.6%.

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Smart parking is an intelligent parking system that assists driver for safe parking. Available space in parking slot is indicted by sign or symbol with the help of embedded software and sensors. The vacant space is notified to the driver correctly due to the proper management of vehicle.

In addition, smart parking is adopted by many countries and hence it is becoming one of the most trending smart solutions across various public and private places including airports, universities, shopping centers, and city garages, globally. The features such as ability to easily connect with the parking lots, analyze, and automate data gathered from devices, and make it more fruitful for the market. The off-street parking method that is widely used worldwide is generally categorized into the vehicles that are not parked on the roads.

For the operation of the smart parking, they involve low-cost sensors, real-time data collection, and smart phone enabled automated payment systems. This combination allows people to reserve parking in advance and predicts the location for parking.

This system is linked with the mobile applications that notifies the user about current available parking space that further helps to reduce the time needed for searching the available free parking space. This smart parking system implies M2M technologies to properly manage parking supply and also helps one of the biggest problems on driving in urban areas—finding empty parking spaces and controlling illegal parking.

Increase in parking concern across the globe, growth in demand for Internet of Things (IoT) based technology, and high adoption rate in number of vehicles drive the market. However, high employment cost & configuration complexity restrain the market growth. Moreover, rise in investment on building driverless vehicles and increase in government initiative in building smart cities across the globe are expected to create tremendous opportunities for the market growth.

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The global smart parking market is segmented based on type, component, technology, application, end user, and regions. Based on type, it is bifurcated into off-street and on-street. Based on technology, it is classified into IoT, ultrasonic, and RFID. Based on application, it is divided as security & surveillance, smart payment system, E-parking, and license plate recognition. Based on end user, it is studied across commercial and government. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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KEY MARKET SEGMENTS

By Type
• On-street
• Off-street

By Technology
• IoT
• Ultrasonic
• RFID

By Application
• Security & Surveillance
• Smart Payment System
• E-parking
• License Plate Recognition

By End User
• Commercial
• Government

By Region
• North America
• Europe
• Asia-Pacific
• LAMEA

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This release was published on openPR.