Global Smart Parking Market Research and Forecast 2018-2023
Innovations driving smart parking market
The need for smart parking solutions is driven by the increasing traffic congestion as well as the increasing pollution from automobiles. Parking issues contributes to 30% of traffic congestion due to the unavailability of parking space. The problem is aggravated with the rapid growth in the number of vehicles globally which in turn leads to scarcity of parking space. In an effort to use as few resources as possible, smart parking uses strategies that combines technology and human innovation to achieve faster, easier, and efficient parking of vehicles. Smart parking systems allows operator to count vehicles and share the status of availability of parking in real-time. Historical and real-time parking data has enabled wireless smart parking sensors to locate availability of parking spaces reducing fuel cost as well as time-consumed while searching for parking space. Vehicle check-in and check-out times can be tracked using Radio-Frequency Identification (RFID) technology.
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Registration plate recognition is one of the most significant function performed by smart parking solutions. The aim of a smart parking solution is to provide dependable and safe operation for transportation. With the government focusing on advancement of the city, the need for smart parking and their solution is increasing in order to measure high-speed movement of vehicles, for road user’s safety and high security. Application of registration plate recognition software includes detection of illegal parking, and over-speed detection.
It is becoming necessary for the government to implement smart traffic management system on roads to manage highways and roads. The primary driver of smart parking system is to improve the traffic flow by reducing congestion, increase transportation system efficiency, increase economic productivity and to boost mobility. The overall traffic safety and security degree will improve compliance with traffic rules and regulations. Such safety and security initiatives are predicted to improve the global smart parking market across the globe.
In the US, around 66% of the cities are investing in smart city technology with smart parking meters and sensors playing significant role in the smart city technology. The growth of the global smart parking market is owing to the increase in the deployment of smart city development and technological advancements such as the increasing integration of IoT for better infrastructure management including smart meters, parking sensor systems and valet parking. In January 2017, Los Angeles expanded smart-parking coverage area to the entire city with the deployment of 40,000 smart parking meters throughout the city. Deployment of smart parking meters drives the market growth in the US.
Global smart parking market analysis by major players:
- Valeo And Cisco
- Smart Parking Ltd.
- 3M Company
- Cubic Corporation
- T2 Systems
- Passport Parking
- Parkme Inc.
Recent product launch activity
Recently (October, 2018), All Traffic Solutions launched it’s a smart parking solution, ParkingCloud NOW at the 2018 NPA Convention & Expo. ParkingCloud is a single-level parking counting system allows operators to count vehicles at entrances and exits and share parking availability in real-time. ParkingCloud comprises two ParkTrak-E parking counting devices enables real-time data collection and tracking of single-level parking occupancy in parking garages. ParkingCloud solution includes built-in cellular connectivity, secure encrypted data transmissions and programmable email/SMS/text alerts.
ATS President and CEO Andy Souders says, “Many parking operators struggle to understand their parking availability but lack the budget and infrastructure to implement a highly accurate parking counting solution. ParkingCloud NOW makes it easy for parking operations of any size to achieve accuracy levels of greater than 98% in under one day, with no tearing into parking surfaces or interruption to parkers.”
Advantages of the global smart parking market report:
- Comprehensive research methodology of global smart parking market.
- This report also includes detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the global smart parking market.
- Insights about market determinants which are stimulating the global smart parking market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.