Smart parking market size 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. Smart parking is an intelligent parking system that assists the driver for safe parking. Available space in the 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 the vehicle.
This technology uses different types of sensors as a hardware component in the parking slot to detect the presence or absence of the vehicles. A smart parking system provides real-time data information regarding the availability of nearby parking space and allows driver to accommodate that slot without any interference of other vehicles.
In addition, this technology builds for solving the permanent problem associated with parking that leads to create air pollution. The technology 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 smartphones and development of infrastructure to support such mobility result in a decrease in the amount of time spent by the user for finding out the vacant parking slot. Furthermore, some solutions facilitate the services, such as online payments, parking time notifications, and even car searching functionalities for very huge parking lots.
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 demand for global smart parking market. However, high employment cost & configuration complexity restrain the smart parking market growth. Moreover, rise in investment on building driverless vehicles and rise in government’s initiative in building smart cities across the globe are expected to create tremendous opportunities for the growth of the smart parking industry.
The key players profiled in the report include Amano Mcgann, Inc., Urbiotica, Smart Parking Ltd., IEM SA, IPS Group Inc., Klaus Multiparking Systems, Swarco AG, PArklayer, Omnitec group, Dongyang Menics Co. Ltd, Skidata AG, and Mindteck.
The global smart parking market is segmented based on type, component, technology, application, end user, and region. 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.
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 growth of the market. However, high employment cost & configuration complexity restrict the smart parking market growth. Moreover, rise in investment on building driverless vehicles and increase in government’s initiative in building smart cities across the globe are expected to create tremendous opportunities for the growth of the smart parking industry.
Finding a vacant parking space during peak hours is very difficult for many drivers in areas such as hospitals, hotels & shopping centers, airports, universities, and exhibitions & convention center. In addition, the rise in number of vehicles globally results in problem related to the parking spaces in residential as well as commercial areas. The problem linked to this is solved by using improved features such as notification of available free space by SMS & live updates of space reservation using smart parking technology. This technology decreases the amount of time spend by user for finding out the vacant parking slot and automate the process of searching the optimal parking floor, spot thus it creates a huge demand for the smart parking market.
Increase in the Number of Vehicles
In many developed or developing countries, rise in disposable incomes result in rapid increase in sale of vehicles. The rise in adoption of vehicles leads to problems such as limited car parking facility and traffic along with improper management of parking space. Government from different countries take initiative by raising funding for new infrastructure that helps to solve such parking related crisis .For instance, the city Dubrovnik implements smart parking solution in malls to solve the problem of parking. Thus, these factors are projected to drive the growth of the smart parking market.
High Implementation Cost & Configuration Complexity
There is necessity to frequently upgrade the system and software required to keep them compatible with external environment due to constant technological advancements. Also, the cost of all component assembly for sensor, RFID, and fuzzy logics required in smart parking cost higher to the consumer. As many component and sensors are assembled in a single dielectric plate in accordance with the compatibility, it incurs higher cost. This bulky system takes higher implementation cost as it needs to be connected with the wireless devices for its proper operation. Therefore, high configuration complexity coupled with higher initial implantation cost hinder the wide adoption of the smart parking market.