The report “Smart Parking Systems Market
Size, Industry Outlook, Regional Analysis (U.S., Germany, UK, Italy, Russia,
China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South
Africa), Application Development & Forecast, 2016 – 2024”, Smart Parking Systems Market size is attributed to increasing automobile
volumes, leading to the lack of parking spaces and issues related to traffic
congestion.
Finding a car space is a
tedious task, particularly in crowded areas, such as airports, shopping malls
or residential complexes, owing to the escalating vehicle densities thus
increasing congestion. These factors enable the need for the development of
smart and innovative solutions, which will drive the industry demand from 2016
to 2024.
The smart parking systems
market share will grow substantially owing to benefits, such as real-time
information about the availability of spaces in desired locations, thus saving
time, energy, and fuel. It eliminates the drivers’ need to search for a parking
spot by going around the desired areas. It efficiently manages empty and filled
spaces and limits illegal parking issues, which in turn favors the smart
parking systems market size from 2016 to 2024.
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This system analyzes real-time locations by sensors
and forwards the information to the nearby users about available spaces. Solution
benefits, such as mobile payments and online reservations, are expected to
propel the industry growth during the forecast period. The smart parking
systems market operates with an integration of parking guidance, smart meters,
and computerized payment systems. The components include sensors, which
identify the availability of parking places, thereby offering assistance to its
users. Rising technological advancements and IoT integration have pushed
governments to introduce initiatives, such as smart cities, thus solving
traffic congestions, vehicle crowding, and reducing pollution levels.
High installation and maintenance costs as compared to
traditional structures will hamper the industry growth. Budget constraints by
government and municipal bodies will restrict investments in this sector for
new and innovative technologies.
Increasing technological advancements, such as
autonomous cars (self-driving cars) and smart parking technologies, along with
high investments for the development of smart cities by governments will offer
potential growth opportunities for smart parking systems market share over the
forecast timeline. For instance, Audi is developing self-parking cars that will
drop passengers at their destinations and position themselves in accordance
with the space availability, thus reducing the time, fuel, and cost of drivers
to keep encircling an area in search of available vehicle spaces.
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Issues related to the accuracy of space availability
data and interoperability of systems and components are some of the challenges
of this industry.
On the basis of components, the industry can be
classified into sensors and hardware, software, and services. Ultrasonic
sensors account for the largest revenue share in sensor technology. Radar
sensors are deployed less frequently as compared to ultrasonic sensors owing to
high costs. Radar sensors are used for other highly sophisticated applications
such as automatic emergency braking system, forward collision warning, and
other driver assistance systems.
On basis of sites, the smart parking systems market
can be segregated into on-street and off-street vehicle spaces. In 2015,
off-street accounted for more than 60% of smart parking systems market share.
Facilities, such as advanced payment solutions using RFID cards and ticketing,
have facilitated the off-street solutions growth. Off-street solutions provide
better utilization of space availability and accuracy of information.
Based on applications, the industry can be segmented
into transportation, commercial, and government. Government segment is expected
to dominate the industry owing to high investments in smart cities and
technology adoption rate in government and municipal establishments.
The commercial sector is expected to grow at a
significant rate during the forecast timeframe owing to increasing tourist
attractions such as shopping malls, amusement parks, museums, theaters, sports
complexes, and IT hubs, where there is a dire need for efficient parking
systems. Nominal charges along with the convenience of mobile payments are
expected to surge smart parking systems market demand from 2016 to 2024.
Increasing traffic congestion in North America has led
to the adoption of this technology in countries such as U.S. and Canada. The
region accounts for about 40% of the smart parking systems market share. Asia
Pacific is expected to grow at a significant rate owing to increasing
automobile sales in countries such as China and India. Various government
initiatives by the EU to reduce environmental pollution will lead the smart
parking systems market demand in Europe.
Industry players for the smart parking systems market
include 3M, Cubic Corporation, Amano Corporation, Thales, Nortek Control
Systems Ltd., Swarco AG, Kapsch TrafficCom AG, Xerox Corporation, Siemens,
Fujica, and Imtech. Other players include Altiux Innovations, BMW Group, Amco,
Bosch, Cisco, ParkHelp, ParkMe, and Parkmobile LLC.
Various strategies being followed by major players
include mergers and acquisitions, and product innovations. For instance, In
April 2015, Kasch TrafficCom AG acquired a controlling ownership of Streetline,
Inc., a provider of smart technologies. This acquisition helped Kapsch to
expand its foothold in various markets and acquire other real-time technologies
developed by Streetline.
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