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Consumer Awareness and Technological Developments Add to Growth of Global Smart Parking Systems Market

Smart parking is the integration of navigation and travel planning process with elements such as electronic parking payment systems, automated and robotic parking systems and parking guidance systems. The increasing number of vehicles worldwide is intensifying the need for better management of parking lots. This has increased the demand for smart parking systems in the parking facilities in urban areas. The need for transportation sustainability in urban areas has amplified the need for scalable, flexible, space efficient and easy to use parking systems. Efficiently managed parking spaces enable the drivers to park faster and also reduce carbon emission from vehicles. Various technological developments such as introduction of IP cameras, and pay and display parking meters in smart parking systems have further increased the demand for smart parking systems across the globe. The municipalities have large unused parking assets as compared to other corporate and commercial institutions. During the recent years, smart parking vendors have started collaborating with such municipalities and public parking lot owners for the deployment of smart parking systems.

This is expected to significantly boost the growth of smart parking systems market during the recent years. System integration and interoperability issues pose a major challenge for the growth of smart parking systems market due to the involvement of multiple hardware and software platforms. Such variety in solution availability generates system scalability concerns. Budgetary pressures due to economic volatility are also posing a challenge to the growth of smart parking systems market in various regions. Bundling of smart parking systems with other value added services will be a good opportunity for the smart parking system vendors to grow in the near future. The global smart parking systems market has generated revenue of US$ 39.46 Mn in 2014 and is projected to grow at a CAGR of 20.2% during the forecast period (2015 – 2022) to reach a market size of US$ 177.10 Mn by 2022.

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On the basis of parking site types, the smart parking systems market is categorized into on-street parking and off-street parking. In off-street parking, the smart parking systems provide automatic entry and exit systems that count the vehicles that are entering as well as leaving the park lot. Thus, it provides accurate vehicle occupancy at any period of time. Based on components, smart parking systems market is categorized into sensor and network hardware, software and services. The smart parking services include system integration and installation, and parking management and maintenance. The parking management services provide various tried and tested management solutions that help in parking related decision making for both on-street and off-street parking areas along with optimum performance of the parking systems used by parking operators and drivers. The need for smart parking services is significantly increasing among the users as services help in increasing the lifecycle of smart parking systems that are being deployed in the parking facilities.

Government and municipalities are the major application areas in terms of the adoption of smart parking systems. Government and municipal operations are mainly focused on parking enforcement and permit management for public facility, transit based as well as institutional parking. They have traditionally managed their parking lots by using meters without any communication and network systems and advanced payment options. However, initiatives to enhance parking efficacy has increased the adoption of smart parking systems in government and municipalities parking lots during the recent years.

During the coming years, Asia Pacific, Latin America, and Middle East and Africa (MEA) would be the major geographies that will drive the growth of smart parking systems market. In 2014, the key smart parking systems vendors were Streetline, Inc., Smart Parking Limited, Amano McGann, Nedap N.V., Cisco System, Inc., Urbiotica, Parkmobile LLC, ParkMe, Inc., Skidata AG and Swarco AG.

Browse Market Research report at                                                                                                                    

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