Smart Parking Market Set for Double-digit Growth Rate, as Smart City Initiatives Pick Pace

Outstanding increment in off-street and on-road vehicles, which, thusly, is adding to traffic congestion, has been the main aspect boosting the requirement for smart parking solutions. Governments in several nations are propelling different smart city ventures under which proficient traffic management systems are amid the key goals, with subsequent technological advancements resulting in straightforward setup and components cost reduction. The growing trend of autonomous vehicles and the development of completely automated parking systems (APS) are aspects making potential development prospects for the smart parking market. Factors, for example, absence of parking spot, low infrastructure set-up expenditure, in addition to simplicity of availability are anticipated to fuel the development of the worldwide smart parking market.

By attaining a higher share against services and software, hardware components are projected to be the foremost supporter of the revenue of the market. While smart sensors and cameras would be the favored hardware components, parking meters are seeing quicker implementation contrasted with other equipment. Software components, for example, SDK/API and parking management platforms additionally represent one-fourth of the overall market share. On the other hand, there are strong possibilities that services, for example, device management services in addition to support & integration services would foresee a quantum leap, and would outpace software based on revenue, over the years to come.

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Attaining an aggregate share of close to 60%, the Western Europe and North America smart parking markets keep on pulling in huge investments from stakeholders. The development of these emerged regional markets is inferable from rising autonomous vehicles’ reputation and sturdy existence of innovation pioneers. Considering a surge in infrastructural growth and expanding private vehicle proprietorship, particularly in India and China, topmost players are seeing APEJ from a target market point of view.

IoT-based Smart Parking Systems Offering Tailwinds to Market Growth

As different ventures all over the world are experiencing a digital transformation, connected technologies, for example, IoT is gaining popularity. Incorporating IoT in smart parking systems upgrades the coverage radar, and guarantees cost-viability with economical connected sensors. In terms of LPWAN (low-power wide-area network), IoT-based smart parking systems could be associated by means of mobile apps to encourage clients and parking space owners with effective parking solutions. With developments in connected technologies on the edge, this is anticipated to come with better scalability as well as security.

smart parking market share by region

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The commercial industry would stay the customary application region of smart parking solutions, representing a noteworthy cut of market revenue. Amid the last half of the time of projection, the utilization of smart parking solutions in the commercial space would procure revenue worth over the estimated mark. The corporate and government sectors are in addition to showing high development prospects, with implementation in the last.

Organizations in the smart parking market have started putting more resources in accelerating the procedure of product innovation and development. The topmost participants are receiving business collaboration, acquisition, and expansion strategies in an offer to catch a substantial share of the worldwide market.

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