Smart Parking Market is anticipated to grow at a CAGR of approximately 16.2 % from 2019 to 2030.

Market Industry Reports (MIR) has published a new report titled “Smart Parking Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global smart parking market accounted for over US$ 3.5 billion in 2019. It is anticipated to grow at a CAGR of approximately 16.2 % from 2019 to 2030.

Traffic congestion caused by vehicles is an alarming problem at a global scale owing to increasing vehicle size and confined parking spaces in urban areas. Smart parking offers solutions for both drivers and operators by offering better management of parking spaces. Moreover, initiatives aimed toward efficient parking solutions by various governments are promoting market growth. However, the high initial investments are expected to hamper market growth.

The increasing implementation of the IoT in parking software technologies can be attributed to growth of the smart parking market. There are several additional benefits offered by the IoT in parking spaces including extension of parking time duration with the help of sponsored meter time extension, avoidance of parking violations by offering innovative parking solutions to identify safe parking spots and efficient utilization of citywide parking spaces. In addition, with the integration of the Internet of Things (IoT), real-time monitoring of parking occupancy situations from PCs and smartphones is possible for the provision of efficient connected parking management solutions.

Initiatives of several governments aimed toward the development of smart cities are likely to promote growth of the smart parking market. For instance, in January 2018, the Department of Home Affairs and the State Traffic Authority of Hamburg, along with Deutsche Telekom, provided smart parking management solutions. Hamburg’s parking lots are equipped with sensors based on new radio technology (NB-IoT) to provide information about available floor space. Moreover, Deutsche Telekom developed an app "Park and Joy" that provides parking space availability forecasts in Hamburg.

Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, Smart Parking Market by Component (Parking Sensors, Display Unit, and Parking Meters), Type (Off-street Parking and On-street Parking), Technology (IoT, Ultrasonic, and Radio Frequency Identification (RFID)), Application (Security & Surveillance, Smart Payment System, License Plate Recognition, and E-parking), End User (Commercial and Government) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:

Smart parking solutions require enormous types of infrastructure related hardware & software systems that need to be integrated, which require additional investments, making smart parking solutions risky. Similarly, additional maintenance costs associated with smart parking solutions are high owing to the involvement of several devices from different vendors and operators involved in the creation of platforms.    

Asia Pacific is estimated to account for the highest CAGR over the forecast period. Increasing urbanization, extensive government initiatives, and technological advancements will contribute significantly to market growth in this region. Moreover, key players in the regions are collaborating to deliver smart parking solutions. For instance, in 2018, SenRa partnered with sensor systems provider, PNI Sensor, to provide smart parking solutions in India. SenRa’s LoRaWAN technology along with PlacePod smart parking sensors will deliver the key aspects of parking management solutions.

Some of the prominent players in the smart parking market include Robert Bosch GmbH, Valeo, Continental AG, Omnitec Group., SKIDATA AG, Smart Parking Ltd, IEM SA, IPS Group, Inc., SWARCO, and Cubic Corporation, among others.

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