The global Smart Parking Systems was valued US$ 6,524.3 Mn in terms of value by the end of 2022. An intelligent parking system called "smart parking" enables Drivers Park safely. Utilizing embedded software and sensors, a sign or symbol denotes the availability of a parking place. Due to the efficient administration of the vehicle, the driver is correctly informed when a space becomes available. This system detects the presence or absence of automobiles using a variety of sensors installed as hardware in the parking space. The use of a smart parking system enables drivers to accommodate a nearby parking place without interfering with other vehicles by providing real-time data on its availability.
Global Smart Parking Systems Market: Drivers
Every year, there is a significant increase in the number of vehicles on the road, which causes traffic congestion. Due to the abundance of automobiles, parking is currently a significant issue in major cities. In point of fact, there is a growing gap between the number of parking spaces available and the number of people who want them. The absence of parking spaces contributes to severe traffic jams and congestion, which annoy motorists, consume fuel, harm the environment, generate noise, and prevent profitable business activity. As a result, the global market for smart parking systems is anticipated to be driven by these factors over the forecast period.
Global Smart Parking Systems Market: Opportunities
Parking transactions can eventually be combined with car-related services like car sharing, electric vehicle charging, valets, repair services, washing, and maintenance. Specifically business offices intended for voyagers, such packaged administrations might increment inhabitance.
Global Smart Parking Systems Market: Restraints
Because of the numerous hardware and software platforms involved, smart parking systems present a significant challenge in terms of system integration. The abundance of alternative solutions and their lack of interoperability raise concerns about the scalability of the system. Permit and enforcement (P&E) and parking access and revenue control (PARC) systems make use of a number of hardware sensors, message systems, traffic control devices, wireless and wireline telecommunications systems, hardware and server drivers, and application interfaces. Because the configurations of these devices come from a variety of manufacturers, integrating them all onto a single platform is extremely challenging. As a result, it is anticipated that these aspects will soon stifle market expansion.
Global Smart Parking Systems Market - Impact of Coronavirus (COVID-19) Pandemic
Due to the COVID-19 pandemic, many industries witnessed a significant shift in their business. There has also been a significant impact on the growth of the smart parking systems market. As most countries across the world imposed lockdowns to contain the spread of COVID-19 and this has impacted the revenue of smart parking systems. Many educational and work institutions such as schools and universities shifted to virtual learning, and due to this, parking, transit, and other services vanished. This has also led to reimbursement on monthly parking permits. Similarly, due to the worldwide travel ban airports parking business has a huge impact on smart parking businesses. For instance, in the U.S., pharmacy and supermarkets smart parking lots were used for COVID-19 screening, and these smart parking facilities provided an excellent opportunity for both testing and hospital care functions.
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Key Takeaways:
The global smart parking systems was valued at US$ 6,524.3 Mn in 2022 and is forecast to reach a value of US$ 29,122.4 Mn by 2030, exhibiting a CAGR of 20.56% between 2023 and 2030.
Off-street parking site segment held the major market share in 2022 owing to the continued rollout of smart city and smart infrastructure projects in various parts of the world accounting for 35.8% share.
Global Smart Parking Systems Market Trends:
Park Active is a brand-new initiative in the United Kingdom that promotes and raises awareness of active travel. The goal is to encourage people to use cheaper and more convenient off-site parking. Additionally, it encourages people to use more active modes of transportation, such as walking and cycling, to get where they need to go. Park Active provides a branded and practical structure for parking owners to provide cycling and walking routes to city centers, tourist attractions, or major employers like hospitals.
The British Parking Association has been at the forefront of ensuring that the parking industry plays a proactive and strategic role as the situation develops in order to support long-lasting positive change. In addition, it is actively lobbying the government and bringing its membership community together in a number of areas.
Global Smart Parking Systems Market: Competitive Landscape
Streetline, Inc., Worldsensing, Smart Parking Limited, Swarco AG, Amano McGann, Skidata AG, Nedap N.V., ParkMe, Inc., Cisco System, Inc., Parkmobile LLC, and Urbiotica.
Key Developments
- In June 2020, Key players are focused on mergers and acquisitions, in order expand the market presence. For instance, Urbiotica acquired Fastprk solution from Worldsensing, completing Urbiotica’s smart parking solutions.
- In April 2022, the first carmaker to deploy Cisco wireless backhaul technology for pre-production vehicles' high-speed, real-time performance testing was General Motors. GM engineers analyse crucial vehicle data right away and make data-driven decisions with Cisco's industrial wireless networking.
