CROWDSOURCED SMART PARKING MARKET ANALYSIS

Market Challenges And Opportunities

Growing concern for parking along with increasing adoption of vehicles are factors driving growth of the market

Major factors driving growth of the crowdsourced smart parking market include increasing demand for vehicles, globally. For instance, according to International Organization of Motor Vehicle Manufacturers statistics (OICA), the total number of vehicles sold in 2016 was 94 million units, which increased to 96 million units in 2017, globally. Rising adoption of vehicles is resulting in high traffic congestion, which in turn, is increasing the demand for crowdsourced smart parking to ease traffic congestion, which further helps save the time, cost, and fuel. The adoption of crowdsourced smart parking systems helps users in determining the available parking spaces and reserving the spot in advance, reducing the time required to avail parking and reduces human error in parking.

However, the major restraint for the market growth is the slow growth of infrastructure, especially in emerging economies such as India and China, among others, owing to high cost of installation.