PARKING ACCESS CONTROL MARKET ANALYSIS

Market Challenges And Opportunities

Parking Access Control Market Drivers:

Growing Development of Smart City Projects

Several countries such as India, China, and the U.K are focusing on the development of smart city projects. According to Coherent Market Insights’ analysis, there were 1,000 smart city projects worldwide and China has about 500 smart city projects. Moreover, the increasing number of intelligent construction buildings are increasing the demand for automatic barriers in order to provide security. For instance, according to Invest India, a national investment promotion and facilitation agency of India.

Growing Demand of Parking Access Control Systems in Commercial Area

The global parking access control market is growing due to the increasing demand of automated solutions for commercial spaces due to its various benefits offered by the parking access control, such as improved control, revenue generation, and data collection, boost the growth of the parking access control market. Further, the rising development in sensor technologies and supporting infrastructure development for automated and connected solutions anticipate the growth of the parking access control market. Additionally, an increasing number of commercial places such as the mall, resorts, clubs, airports is a factors is likely to create more opportunity for the market.

Parking Access Control Market Opportunities:

Growing Focus on Optimum Utilization Of Parking Spaces

Several parking spaces remain unutilized as developers end up building additional spaces in adherence to regulations regarding the size and number of parking spaces. Consistent parking management solutions, such as improved signage and real-time parking indicators, reduce the wastage of parking spaces by informing customers when and where a parking space is available. Parking management also results in the more efficient use of parking resources through better revenue management, by countering over-pricing and underpricing parking spaces. An effective and integrated parking management solution can reduce parking requirements by 20–40%, which helps in maintaining city infrastructure, reducing land consumption, increasing revenue generation for the government, and improving user convenience.

Growing Demand of On-Street Parking Space

The growing demand for on-street parking spaces in metropolitan areas around the globe is main reason of growing smart parking's uses. Smart meters track and keep count of the number of parked cars as well as open spaces. It is projected that the hardware cameras and LPRs segment would emerge as the fastest increasing segment over the forecast period owing to growing deployment of in-vehicle LPR monitoring systems. Moreover, Radar sensors are used less frequently than ultrasonic sensors as they are more expensive. Radar sensors are used in a wide range of extremely advanced applications, such as autonomous emergency braking, forward collision warning, and other driver assistance systems.

Parking Access Control Market Restraints:

System Integration Complexities

Parking management comprises various hardware sensors, real-time messaging systems, traffic control devices, wireless and wired telecommunications systems, computer servers, and application interfaces. The variety and variability in the parking management hardware infrastructure and software systems are enormous. Also, the collection and analysis of parking data from different systems are necessary to implement the concept of dynamic priced parking. These parking data stores are disparate and often present on incompatible hardware and software systems, making it quite difficult to integrate the data into a coherent whole. The integration of all the hardware and software involved in parking management together into one single platform is difficult and acts as a restraint to the growth of the parking management market.