SMART PARKING SYSTEMS MARKET ANALYSIS

Smart Parking Systems MarketSize and Trends

Global Smart Parking Systems market size was valued at USD 6,524.3 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 20.56% from 2023 to 2030. Smart parking system refers to a parking strategy that combines human innovation and technology to use as few resources as possible, in order to achieve faster, easier, and denser parking of vehicles. Smart parking system modifies parking functions by providing solutions such as parking enforcement, access control, revenue management, permit management, parking guidance, security & surveillance, automated valet parking, and slot management. It helps parking site operators provide various parking conveniences to their customers such as time-saving, cashless payment options, pre-booking of parking spots, and enhanced vehicle security. Smart parking systems are designed in such a way that drivers have easy access to parking facilities in their ultimate destination without needing to search and can avoid other uncertainties related to cost and travel time.

Global Smart Parking System Market Trends:

Park Active is a new initiative promoting and raising awareness of active travel across the UK. The purpose is to encouraging people to use peripheral parking sites that are cheaper and more accessible. It also encourages more active travel options such as cycling and walking to reach their destination. Park active provides parking operators with a branded, practical framework to enable car parks to offer onward cycling and walking options to city centers, tourist attractions, or large employers such as hospitals.

The British Parking Association has been at the forefront of ensuring that the parking sector takes a proactive and strategic role as the situation evolves and it’s also actively lobbying government and bringing together its membership community in a diverse range of areas in an effort to support lasting positive change. “Active travel offers a socially distanced and healthy way to get around, and the UK government has signaled its desire to boost development through its ‘Gear Change’ initiative, with a £2 billion (€2.2 billion) active travel fund and emergency funding for cycle lanes and pedestrianisation measures during the pandemic,” explains O’Kelly.

Advent cashless parking systems

Many key players in the market are focused on introducing cashless parking systems, wherein parking fees can be paid via online transaction digital money. For instance, in May 2015, Parkmobile, LLC, launched its mobile payment solution in the city of Philadelphia, U.S., wherein customers can pay for parking using their smartphones. In September 2020, Q-Park had upgraded online parking booking system optimized for tablets and smartphones in which customers can book their desired parking spaces from anywhere and anytime.