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
Report ID : 274 | Published Date : Feb 2020 | Pages : 180 | Region : Global | Report Code : IT-27
Smart Parking Market Introduction & Overview
Smart parking refers to modern technological innovations that offer convenience for motorists and car parking operators through fully integrated and end-to-end solutions for the transformation of parking experiences. Smart parking systems consist of a network of sensors, feature displays, and live gateways, which is powered by an intuitive web-based platform. SmartCloud services, SmartParking app, SmartMap, SmartSensors, SmartSigns, and Smart car counters among others, are integral parts of smart parking systems that improve convenience, avoid congestion, and offer efficient urban mobility. The increasing adoption of the Internet of Things (IoT) has resulted in significantly rapid advancements in smart-parking systems by reducing the development time, lowering maintenance costs, and offering flexible integration of multiple technologies to provide smart parking solutions.
Increasing traffic congestion owing to rapid growth in the number of vehicles worldwide is creating the necessity for smart & efficient parking systems. Moreover, advancements toward the development of smart cities in several regions are boosting growth of the smart parking market. For instance, Singapore has adopted smart parking solutions, including contactless cards, to pay parking fees conveniently. However, the high initial investments in the development of multimodal, fully integrated smart parking are likely to restrain market growth.
The global smart parking market can be segmented into component, type, technology, application, end-user, and region.
Smart Parking Market By Component
Based on component, the smart parking market can be segmented into parking sensors, display units, parking meters, and others. The parking sensors segment accounted for the largest market share in 2018. Increasing concerns regarding traffic congestion worldwide are eventually propelling necessities for the installation of parking sensors to facilitate safe parking. This, in turn, will contribute to the largest share of this segment.
Smart Parking Market By Type
Based on type, the market can be segmented into off-street parking and on-street parking. The on-street parking segment is estimated to grow at a robust CAGR during the forecast period owing to increase in designated parking spaces on the street, as well as being nearer to the required destinations.
Smart Parking Market By Technology
Similarly, in terms of technology, the smart parking market can be segmented into the IoT, ultrasonic, and Radio Frequency Identification (RFID). The ultrasonic segment is estimated to grow at the highest CAGR during the forecast period owing to advantages, such as detection ability in dark conditions, low calibration cost and extreme resistance to harsh environmental conditions, offered by sensors that are based on this technology.
Smart Parking Market By Application
Based on application, the market can be segmented into security & surveillance, smart payment system, license plate recognition, and e-parking. The smart payment system segment is estimated to grow at the highest CAGR. Smart payment systems enable drivers to book and pay for space in advance before arriving, and offers flexible payment options, contributing to the growth of this segment.
Smart Parking Market By End User
Based on end-user, the market can be segmented into commercial and government. The commercial segment is estimated to grow at a robust CAGR during the forecast period owing to increasing adoption of smart parking solutions in academic, recreational, transportation, retail, and other sectors.
Smart Parking Market By Region
The global smart parking market can be segmented into North America, Europe, Asia Pacific, and the Rest of World (ROW). North America dominated the smart parking market followed by Europe and Asia Pacific. Extensive technological advancements, rising government initiatives and the extensive adoption of IoT-based services are likely to propel market growth in North America.
Smart Parking Market Prominent Players
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.