Smart Parking Systems Market by Systems, Technology, Component, Solution, Vertical Type and Parking Site
Smart parking systems help the vehicle user to find the nearest parking space and provides information on the availability of parking slots in the parking area. The smart parking systems market includes sensors, real-time data and smart-phone-enabled automated payment systems that allow the users to reserve parking slot in advance.
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The global smart parking systems market is expected to witness a CAGR of 15.8% during the forecast period, to reach $4,800 million by 2023. The parking sensors have emerged as the largest segment in the global smart parking systems market. In 2016, Asia-Pacific was among the fastest growing markets, due to growing awareness of end-users about smart parking systems in the region.
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The major challenge associated with smart parking systems is lack of standardization and the high set up cost, which requires huge investment and restricts the growth of the smart parking systems market. Additionally, lack of coordination between software developers and hardware providers affects the adoption of smart parking systems; however, to overcome these issues, the component manufacturers have significantly reduced the costs of sensors and hardware-based solutions, allowing cities and companies to gather detailed new data on transportation patterns.
The global smart parking market reported a consolidated structure in 2016, where the market is led by a few global players. The key regional players operating in the market include Valeo S.A., Continental AG, Robert Bosch GmbH, Kapsch TrafficCom AG, Cubic Corporation and TKH Group-Park Assist.