Smart Parking Technologies Market is expected to exceed the value of US$ 17.4 Bn by 2031

Transparency Market Research delivers key insights on the global smart parking technologies market. In terms of revenue, the global smart parking technologies market is estimated to expand at a CAGR of 17.3% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global smart parking technologies market.

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The global smart parking technologies market is broadly affected by several factors, including emergence of IoT technology in parking management system and a rise in usage of smart parking mobile apps.

Smart Parking Technologies Market: Dynamics

Smart parking is a solution that comprises various parking sensors, cameras or counting sensors, digital guidance signage, and easy payment option. These devices are embedded into parking spots or positioned next to them to detect whether parking bays are free or occupied. Smart parking offers real-time data and guidance to drivers so that they can locate the best available parking space quickly. It provides real-time car parking information such as vehicle & slot counts, available slots display, reserved parking, pay-and-park options, easy payments, and reports. Smart parking digitizes the entire parking process end-to-end and utilizes technologies such as mobile, cloud, IoT, etc. The smart parking system consist of both integrated visitor management software and access control hardware.

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The emergence of the IoT technology in parking management system is a key driver of the market. Major players from the automotive, automation, ITS, and telecom industries have recently expressed strong interest in the smart parking industry as part of a larger smart city and IoT strategy. Several companies are vertically integrating their portfolios, moving from being a single mobility supplier to a mobility ecosystem enabler with interests in car sharing, electric vehicle charging, parking, and payment systems.

Commoditization of new technologies, particularly in the IoT/M2M/V2X arena, is estimated to propel the parking industry as a smart and green industry. Operators can rapidly obtain huge datasets from remote devices due to the advent of IoT management sub-platforms (such as Google IoT Core and AWS IoT Platform). Onboarding of dispersed data streams has become a cost-effective possibility for numerous enterprises, due to the availability of cloud-based IoT management sub-platforms available from providers such as Google, Amazon, and Microsoft.

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Smart parking development entails the deployment of an IoT-based system that transmits information about available and occupied parking spaces via a web/mobile application. Each parking space has an IoT device, which includes sensors and microcontrollers. The location of unoccupied parking space is determined by IoT sensors that have been installed. This IoT data is sent to a cloud server via a wireless link. All the data from the parking lot is collected and analyzed in real-time to display a map of available spaces for individuals looking for space.

IoT helps in offering parking demand management and space optimization, personalized parking guidance, parking reservation systems, dynamic parking prices and policy optimization, and detection of parking zones, fees, and overstay violations. Thus, ever growing traffic congestion and uncertainty in the parking availability and payment have fueled the need for smart parking technologies. Therefore, IoT-based smart parking systems is estimated to create significant opportunities for the market over the next few years.

Smart Parking Technologies Market: Prominent Region

The smart parking technologies market in Europe is projected to expand significantly during the forecast period, owing to the presence of key market players & end users and strong demand from malls & stadiums, airports, and government institutes. Moreover, countries such as the Germany, France, the U.K., and Italy offer significant opportunities for the providers of smart parking service on a long-term basis due to the upgrade and expansion of the commercial sector in these countries.

Moreover, rise in adoption of advanced technology, such as cloud management platform, enforcement workflow systems, complete compliance management, automatic number plate recognition (ANPR), and mobile applications, has propelled the market in the region. The market in Europe is estimated to reach a value of US$ 6,918.9 Mn by 2031. The smart parking technologies market in Europe is likely to expand at a notable CAGR of 17.5% during the forecast period.

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Smart Parking Technologies Market: Key Players

Key players operating in the global smart parking technologies market include AMCO SA, Cleverciti Systems GmbH, Comarch SA, Continental AG, iRam Technologies Pvt Ltd., Kapsch TrafficCom AG, NEC Corporation, Robert Bosch GmbH, Siemens AG, Smart Parking Limited, SWARCO, TKH GROUP, Valeo S.A., and Vortex.

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