Smart Parking Market 2021 Product Cost, Development and Future Forecast 2027

Smart Parking Market 2021 Product Cost, Development and Future Forecast 2027

Overview:

Across the globe, with evolving industrial economic structures, the tendency to infuse every bit of life with digitalization is taking precedence. This is giving birth to smart cities. Digital technologies getting intricately wired with the embryonic infrastructure of cities have the potential to provide solutions to many answers. The parking problem is one among the many. The technology enables cars to find a suitable spot by using SmartApp, ultrasonic, RFID, and others. Its application has far-reaching benefits on both environmental and economic grounds. The global smart parking market is eyeing for an astonishing CAGR of 10.97% with which it can scale new heights during the forecast period (2017-2023), reports Market Research Future (MRFR) in a holistic approach that involves a detailed analysis of the available data for a comprehensive prediction for the coming years. Smart parking has already accrued popularity in airports, universities, shopping centers, and city garages.Smart parking technology involves amassing of data and precise analysis with the power of the Internet of Things (IoT). With sensors all around, cars gather information from a range of parameters such as temperature, sound, vibration, pressure, water quality, and pollutants to accurately deliver the result.

On the flip side, the prospect of the smart parking market is marred by high implementation cost and its operational complexity is still difficult for many to understand. This can bottleneck the growth of the market in coming years. But technological implementations in all the sectors, along with an increasing number of smart homes can helm the market towards unprecedented growth.

Industry Trends:

Chinese behemoth ZTE has recently launched their smart parking technology which includes QCell indoor coverage solution, mobile edge computing (MEC), and IoT terrestrial magnetism to assist users with correct information.

Parquery is an app launched recently to guide drivers with exact location spot. Their analysis reveals that every year people all across the world waste a considerable time looking for parking zone. This app will assist people in easily locating a parking zone, and in the process, will increase revenue from parking.

Segmentation:

The global smart parking market can be segmented by parking site and technology.

Based on parking site, the market can be on-street, and off-street. Off-street market is gaining much from its 68.45% market share.

Technology-wise, the market includes SmartApp, ultrasonic, RFID, In-ground vehicle detection sensor, and others. SmartApp accounts for the largest share of 34.14% of the global revenue, whereas, ultrasonic is segment fetched 26.25% of the share.

Regional Analysis:

Considering geographical attributes, the market can be segmented into North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW).

The APAC region is registering the maximum market share with China, Japan, and India contributing the most. The automobile sector is burgeoning in this region owing to which new cars are integrating this latest technology. Furthermore, real estate sectors are setting up smart cities which are triggering the integration of this new technology. The cities are getting redesigned, and in sync, the need for smart parking solutions is rising.

Europe assumes the second position with urban infrastructures using this technology to its optimum potential. North American countries such as the U.S. and Canada are also showing significant adoption of this technology. In the U.S., government initiatives to develop smart cities can be witnessed in the planning of the National Institute of Standards Technology (NIST), part of the U.S. Department of Commerce. As a consequence, a smart parking solution will also experience a rise.

Market Dashboard:

The competitive market is witnessing several merger and acquisitions such as Amano McGanns acquisition of Computerized Valet Parking Systems, a division of Service Tracking Systems, Inc. (CVPS). Get My Parking, a startup in this field recently acquired Bangalore-based startup Constapark.

The key players in global smart parking market are Mindteck (India), Robert Bosch GmbH (Germany), Amano McGann, Inc. (U.S.), IPS Group Inc. (U.S.), Klaus Multiparking Systems (Germany), PArklayer (India), Smart Parking Limited (Australia), Omnitec group (UAE), IEM SA (Switzerland), Dongyang Menics Co., Ltd (South Korea), and others.

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