Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Smart Parking Systems market.
Trusted Business Insights presents an updated and Latest Study on Smart Parking Systems Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Smart Parking Systems market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Global Smart Parking Systems Market
The global smart parking systems market size was valued at USD 2.8 billion in 2020 and is projected to register a CAGR of 16.3% from 2021 to 2027. While the rising number of vehicles across the globe is leading to traffic congestions in various parts of the world, it is equally making it challenging for drivers to find parking spaces. The demand for smart and intelligent parking systems that can help city administrations in efficiently managing the dispersed spaces and the drivers in finding spaces to park vehicles has been rising as a result. The ability of these systems to ensure the required flexibility and scalability is also expected to trigger the growth of the market for smart parking system.
Increasing adoption of integrated automated solutions coupled with the advancements in wireless technologies and the proliferation of digital payment technologies in the market is anticipated to contribute growth over the forecast period 2021-2027. Technologies utilized for the deployment of efficient systems include sensing devices, Machine-to-Machine (M2M) communication, smart parking meters, data analytics, mobile applications for e-reservation of slots, and online payments. These sensing systems not only determine whether a lot is vacant or occupied, but also analyze and transmit the information to various channels such as web applications, mobile applications, and dynamic signage. As a result, rising advancements in these technologies are anticipated to fuel industry growth over the forecast period.
Poor traffic management is turning out to be the root cause of vehicle overcrowding and resultant congestion, which further leads to noise pollution and air pollution that can potentially stifle economic activities. These systems driven by advances in technology can be very useful at this juncture owing to their ability to facilitate the collection of real-time data and determine the availability of parking lots, thereby benefiting the users in terms of time and fuel costs. Smart parking systems can often involve low-cost sensors and smartphone-enabled automated payment systems that can allow drivers to identify the available spaces and reserve their spot in advance. These system scans subsequently minimizes vehicular emissions as drivers do not have to circle the city blocks unnecessarily in search of parking spaces.
Having realized that such system scan also helps in minimizing traffic congestion and curtailing pollution levels, several governments across the globe are undertaking initiatives for large-scale adoption of these systems. As such, favorable government schemes launched toward this end are expected to contribute remarkably to the growth of the market for smart parking system. Given that large-scale deployment of these systems is possible through significant funding from the national governments, increasing deployment of these systems at airports, corporate campuses, and other public venues are anticipated to drive the growth of the market for smart parking system. For instance, in February 2017, the U.K. government announced the funding of USD 4.8 million across 19 local authorities for digital transport innovations. This initiative demonstrates the governments commitment to working on smart parking projects.
Increasing vehicle sizes coupled with confined parking spaces in urban cities is expected to act as a challenge for the market for smart parking system. Also, parking facilities require high construction costs per space coupled with a maintenance contract with the supplier. As a result, it contributes to the high operating and maintenance costs of these facilities. Furthermore, various factors such as high implementation cost and non-availability of supporting infrastructure are expected to hinder the growth of the market for smart parking system.
Hardware Insights: Global Smart Parking Systems Market
Based on hardware, the market has been segmented into pucks, cameras and LPRs, smart meters, signage, and gates. The cameras and LPRs segment is expected to emerge as the fastest-growing segment over the forecast period owing to the increasing use of LPRs in-vehicle surveillance and license plate recognition. Smart parking guidance systems and LPR systems often feature PTZ cameras and stereo cameras to monitor and guide vehicles in the slots. The cameras and LPRs are witnessing high traction as they can detect cars leveraging backend video analytics.
The smart meters segment accounted for the largest market share owing to the adoption of smart meters for on-street applications. These meters significantly reduce the requirement of the workforce to manage small or large parking areas. Smart meters are widely used owing to their ability to continuously provide large volumes of data for further processing and analysis using the operator model. Furthermore, these meters are widely used in garages and lots as it allows the use of various ways of payments, such as through debit cards and credit cards.
On the basis of software, the market for smart parking system has been further segmented into parking guidance system and analytics solution. The parking guidance system segment held the largest market share in 2019. These system scans guide drivers to vacant slots and eventually help in saving their time. These system scan ensure a user-friendly experience for vehicle drivers as they monitor the status of various ultra-sonic sensors and electronic signs and offer a user-friendly graphical interface for drivers.
The analytics solutions segment is expected to grow at a remarkable rate over the forecast period. The growth of the segment can be attributed to the ability of the parking sensors affixed to the light poles to systematically and reliably gather information about the occupied and vacant spaces. This information is gathered in real-time and transmitted to the drivers and managerial personnel using an analytics solution. The gathered information helps in ensuring safety and security at parking sites in case of contingencies and emergencies.
Service Insights: Global Smart Parking Systems Market
On the basis of service, the market for smart parking system has been further segmented into consulting services, engineering services, and mobile app services. The engineering services segment held the largest market share in 2019. Companies providing engineering services often offer services, such as designing, development, and installation of customized equipment and solutions in line with the parking requirements in order to reduce the hassles as well as the time and costs associated with parking. Moreover, the developments in the automotive industry across the world have created the need for engineered parking facilities.
The mobile app services segment is expected to grow significantly over the forecast period. Several vendors are launching smartphone apps that can allow drivers to reserve slots and make online payments. Such apps may also include a feature that can help drivers in locating electric vehicle charging spots. The usage of such apps has been rising in line with the proliferation of smartphones.
Type Insights: Global Smart Parking Systems Market
On the basis of type, the smart parking systems market has been further segmented into on-street and off-street. The off-street segment accounted for the largest market share in 2019 and is predicted to continue dominating the market for smart parking system over the forecast period. The growth of the segment can be attributed to the continued rollout of smart city and smart infrastructure projects in various parts of the world. The off-street segment has been further segmented into garage and lot sub-segments.
Facilities, such as enhanced ticketing and payment solutions, coupled with the launch of several smartphone app-based guidance systems are expected to contribute to the growth of the off-street segment. This segment offers swift and easy pay and park solutions. It reduces time by lowering congestion at entrance and exit, by automatically giving instant tickets to the drivers. Off-street parking facilities are equally ideal for drivers parking their vehicles for shorter durations as well as longer durations. The on-street segment is also anticipated to gain market share owing to the large-scale deployment of smartphone apps that can enable users to track the availability of parking spaces in real-time.
Application Insights: Global Smart Parking Systems Market
On the basis of application, the market for smart parking system has been further segmented into commercial, government, and transport transit. The commercial segment accounted for the largest share in 2019. The growth of the commercial segment can be attributed to the increased adoption of these systems at corporate buildings, shopping malls, theaters, and sports complexes, among other public venues. The high level of convenience and flexibility along with mobile payment options are projected to drive the growth of the commercial segment.
The government segment is expected to witness significant growth over the forecast period. The smart city initiatives being pursued in different parts of the globe would contribute to the growth of the segment. Various smart parking systems rolled out in smart cities offer functions such as mobile payment and reservation of parking spots. Numerous vendors are focusing on launching new apps with innovative features as part of their initiatives to ensure user convenience.
Regional Insights: Global Smart Parking Systems Market
North American dominated the market for smart parking system in 2019. The market is expected to grow in North America owing to the growing number of vehicles in the region. The civic authorities in the U.S. and Canada are trying aggressively to reduce the traffic congestion, which has been getting more and more severe. These systems help provide legal and safe parking for commercial vehicles in the region. Furthermore, various factors, such as advancements in the automotive sector and increasing demand for vehicle guidance systems, are expected to propel the growth of the regional market.
The regional markets of Asia Pacific and Latin America are also predicted to gain traction owing to the increasing number of municipalities in emerging economies, such as China and India. The growth rate is expected to be relatively higher in China, India, South Korea, and Brazil. In Europe, the market for smart parking system is equally expected to present significant growth opportunities for the market players, particularly owing to the favorable government initiatives being pursued by the European Union in promoting the deployment of intelligent parking systems as a part of the efforts to reduce the pollution and ensure a sustainable environment. Moreover, the growing vehicle production and increasing concerns regarding the growing prevalence of car theft in Europe is expected to accelerate market adoption in the region.
Smart Parking Systems Market Share Insights
The prominent players active in the market for smart parking systems include
- Cisco Systems, Inc.
- Altiux Innovations
- Robert Bosch GmbH
- Siemens AG
- SKIDATA AG.
- Amano McGann, Inc.
- Parkmobile LLC
- Â ParkMe, Inc.
These companies are offering various solutions and hardware equipment that can be used in smart parking systems. In response to the increasingly varying needs of lot management, the players are strengthening their collaboration with parking lot management firms. Furthermore, the players are concentrated on providing various services to small and medium-sized firms.
Market incumbents are focusing on offering differentiated products as well as on integrating applications with additional features that supplement the basic utility of determining the availability of parking lots. The key players are also focusing on developing new traffic management solutions and products based on the latest technologies in order to avoid congestions in cities. Various companies, such as Amanco McGann, Inc. and CivicSmart, Inc., have introduced a new cloud-based technology for real-time reporting services that would aid urban mobility. Moreover, these companies are using sensor-based technology for providing smart solutions in smart cities.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global smart parking systems market report based on hardware, software, service, type, application, and region:
Hardware Outlook (Revenue, USD Million, 2016 – 2027)
- Pucks (wireless sensors)
- Cameras & LPRs
- Smart Meters
- Parking Gates
Software Outlook (Revenue, USD Million, 2016 – 2027)
- Parking Guidance System
- Analytics Solutions
Service Outlook (Revenue, USD Million, 2016 – 2027)
- Consulting Services
- Engineering Services
- Mobile App Parking Services
Type Outlook (Revenue, USD Million, 2016 – 2027)
- Garage Parking
- Lot Parking
Application Outlook (Revenue, USD Million, 2016 – 2027)
- Transport Transit
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