The staggering number of vehicles coming on roads from around the globe is the primary reason where companies are pulling their socks up for enhancing the technology used in their parking systems, states Transparency Market Research (TMR) in a research report. The primary vendors of smart parking systems across the globe are Parkmobile, LLC., Nedap N.V., Smart Parking Ltd, Swarco AG, Amano McGann, Inc., Skidata AG, Urbiotica, ParkMe, Inc., Cisco Systems, Inc., and Streetline Inc., among others. The top four players namely Streetline Inc., Amano McGann, Smart Parking Ltd., and Nedap accounted for the leading share in the market with maximum distribution, service, and coverage strength.
According to a TMR analyst, “The global smart parking systems market is likely to exhibit an outstanding 20.2% CAGR from 2015 to 2022. In 2016, the market was worth US$59.7 mn in 2016 and it is estimated to touch a valuation of US$177.1 mn by the end of 2022.”
Off-street Parking to be in High Demand in Future
Based on the site of parking, the global smart parking systems can be bifurcated into on-street and off-street parking solutions. Currently, off-street smart parking systems are in demand highly owing to the fine tuning they possess and easy implementation of them. Moreover, they can be also owned privately whereas almost all the on-street parking places are possessed by the government. Numerous off-street parking spaces are comprise commercial garages and parking lots. In contrast, on-street smart parking systems should be well prepared for passenger zones, permit timers, truck and bus zones, loading zones, and street cleaning vehicles. Off-street parking sites are more effective for implementing efficient smart parking systems with the help of automated parking services or robot-assisted services.
Region-wise, North America is projected to maintain its lead in the coming years with a valuation of US$34.6 mn by the end of 2022. This growth can be attributed to the prevalence of impenetrable traffic in cities of the U.S. such as Los Angeles and New York. As a result, these are exhibiting extreme awareness towards high-end solutions related to parking and traffic control. Different types of smart parking systems already have been deployed in North America.
Flexibility and Scalability to be Primary Reason behind High Demand for Smart Parking Systems
It is imperative to have a sustainable policy pertaining to transportation in today’s modern world. The main aim of the governments at present is to enhance the welfare of its citizens and ensure a bright future for the generations ahead. High traffic levels is one of the primary issues that needs to be resolved for achieving a smart transportation system. The core reason behind the extreme traffic congestion in several cities across the globe is the dearth of city planning based on proper road transportation. Thus, with the increasing number of vehicles, the level of congestion is also likely to intensify. The employment of smart parking systems aids in the implementation of a solution that scales in order to fit the surrounding along with adjusting with different infrastructures. This helps in the reduction of traffic congestion as well.
However, the growth of the global smart parking systems market is expected to be challenged by the dearth of integrating solutions between the different types of systems. The providers of smart parking systems are at disposal of numerous hardware and software at present and extreme non-interoperability is the reason behind the issues related to integration. Smart parking systems such as PARC and permit and reinforcement need the employment of a plethora of software and hardware ranging from hardware sensors to application interfaces. These software and devices come from different vendors and consequently possess a low scope of incorporation and smooth execution.
This review of the market is based on a recent market research report published by Transparency Market Research, titled, “Smart Parking Systems (Parking Site Type – Off-street Parking and On-street Parking; Component Type – Sensor and Network Hardware, Software, and Services; Application Areas – Airports, Government and Municipalities, and Corporate and Commercial Institutions) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2022.”
Key segments of the Global Smart Parking Systems Market
Global Smart Parking Systems Market, by Parking Site Type
- Off-street Parking
- On-street Parking
Global Smart Parking Systems Market, by Component
- Sensor and Network Hardware
Global Smart Parking Systems Market, by Application Areas
- Government and Municipalities
- Corporate and Commercial Institutions
Global Smart Parking Systems Market, by Region
- North America
- Asia Pacific
- Rest of the World
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