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A recent report published by Infinium Global Research on smart parking system market provides in-depth analysis of segments and sub-segments in global as well as regional smart parking system market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional smart parking system market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global smart parking system market. According to the report, the global smart parking system market is projected to grow at a CAGR of 18.5% over the forecast period of 2018-2024.
Car parking problem is a major contributor and has been, still a major problem owing confined parking spaces in urban cities and with increasing vehicle number of vehicles. Therefore, smart parking systems are now been implemented to find information about available parking spaces in the nearest area and process is real-time to place vehicles at available positions. There is no “best technology” in the Smart Parking sector the most suitable technology depends on project-specific conditions and the challenges at hand. In cities, various technologies can coexist depending on local issues.
Smart Parking involves the use of low-costs real-time data and applications that allow users to monitor available and unavailable parking spots. The goal is to automate and decrease the time spent on manually searching for the optimal parking floor, spot and even lot. Some solutions will encompass a complete suite of services such as online payments, parking time notifications and even car searching functionalities for very large lots. Automated payment systems allows people to reserve parking in advance. When deployed as a system, smart parking thus reduces car emissions in urban centers by reducing the need for people to unnecessarily circle city blocks searching for parking. It also permits cities to carefully manage their parking supply. These benefits are driving the growth of the smart parking system market over the years to come.
Moreover, increasing demand for IoT based technology is the factor driving the growth of the smart parking system. Problems such as, traffic congestion, limited car parking facilities, and road safety are being addressed with the help of IoT. In addition, demand for upcoming smart cites with the growing number of hospitals, shopping complexes, and corporate hubs are fuelling the demand for smart parking system market. However, lack of standardization and high setup cost that requires huge investments are likely to hamper the growth of the smart parking system market during the forecast period. On the other hand, system integration due to the wide variety of hardware and software platforms involved, possess a great concern to the system scalability.
Furthermore, advancements in autonomous cars and smart park technology are creating several opportunities for the key players in the smart parking system market over the upcoming years. A wide variety of other technology innovations are also enabling more adaptable systems including cameras, wireless communications, data analytics, induction loops, smart parking meters, and advanced algorithms. This in turn has opened several doors of opportunities for the smart parking system market over the years to come.
Among the Geographies, North America dominated the smart parking system market in terms of revenue. The growth in the North American regions is due to the increasing need for traffic management. In addition, North America is also considered the most progressive region in terms of smart sensors and advanced analytics. The presence of dense traffic in various cities of U.S. such as Los Angeles, New York are also exhibiting a higher level of awareness towards modern solutions for parking and traffic control, thus becoming an optimized region for the large-scale adoption of smart parking systems.
Moreover, South America and Asia-Pacific are projected to witness the fastest growing market due to increasing inclinations towards the development of smart cities. Increasing automobile sales in the Asia-Pacific region is anticipated to boost the growth of the smart parking system in this region. Furthermore, Europe is witnesses to have moderate growth owing to the owing adoption of smart mobile application such as smart payments in the parking area.
The report on global smart parking system market covers segments such as, sensor technology, solution and end-user. On the basis of sensor technology the global smart parking system market is categorized into the ultrasonic sensor, radar sensor and image sensor. On the basis of solution, the global smart parking system market is categorized into parking reservation management, security and surveillance, license plate recognition and security and surveillance. On the basis of end user the global smart parking system market is categorized into commercial, personal, transport & aviation, government and others.
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region.
The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global smart parking system market such as Aisin Seiki Co., Ltd, Delphi Automotive PLC, Valeo S.A., Continental AG, Robert Bosch GmbH, Kapsch Trafficcom AG, Amano Corporation, Cubic Corporation, Xerox Corporation, and Siemens AG.
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global smart parking system market. Moreover, IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of smart parking system market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the smart parking system market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the smart parking system market to understand the present and future trends in this market and formulate their strategies accordingly.
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