The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global smart parking systems market size is expected to reach USD 14.3 billion by 2027, registering a CAGR of 17.4% over the forecast period, according to a new report by Grand View Research, Inc. An anticipated upsurge in demand for these systems for transport transit and commercial applications is expected to drive the growth in the market. Rising demand for hassle-free parking coupled with the advances in technology are anticipated to propel market growth over the forecast period.
Favorable government initiatives and increasing public sector funding to roll out solutions aimed at addressing traffic congestion issues are anticipated to drive the market. Furthermore, the inclusion of sophisticated features, such as voice guidance and auto-payment options enabled through smartphone apps, are also projected to fuel the growth of the market. Various parking lots are integrating Automatic Number Plate Recognition (ANPR) systems to effectively manage vehicle at parking areas and access control systems.
Ensuring adequate parking space is turning out to be a challenge for civic administrations as the number of automobiles continues to increase. The demand for intelligent systems is rising across the globe as a result. These systems can effectively address traffic congestion issues and space-related concerns. They can also open potential opportunities for reusing commercial and municipal areas and garages, thereby reducing fuel consumption, curtailing vehicular emissions, and subsequently making the cities cleaner and greener.
However, a looming lack of funding initiatives as well as organizational awareness about the advantages associated with smart parking, particularly in underdeveloped regions, is anticipated to restrain the growth of the market over the forecast period. Moreover, the non-availability of supporting infrastructure in these regions is further hampering market growth. The high implementation cost of these systems is anticipated to act as a challenge for smart parking systems industry growth over the forecast period.
key findings from the report suggest:
- The hardware segment is expected to continue its dominance over the forecast period due to the decisive role various hardware components play in detecting the presence of the vehicles in parking slots
- The signage segment is expected to grow significantly over the forecast period, as signage can help in preventing confusions and the resultant mishaps by guiding drivers in appropriate directions.
- The parking guidance system uses communication, traffic monitoring, and processing and variable message sign technologies to guide vehicle drivers to available spaces
- The consulting services segment is expected to witness significant growth over the forecast period. Consulting services envisage providing an analysis of the volume of traffic that needs to be managed and recommending potential solutions according to the need
- Off-street segment dominated the market as it offers easy and swift pay-and-park solutions, which can distribute tickets automatically, thereby reducing congestions at entrances.
- The government segment is expected to witness phenomenal growth owing to the increasing need for managing on-road vehicles and minimizing fuel emissions
- The European region is anticipated to continue its dominance over the forecast period. The continued interest of automobile manufacturers in the region in developing intelligent parking systems is anticipated to drive the growth of the regional market.
- On-demand valet parking coupled with the increasing demand for parking management systems at public venues,including shopping malls and sports complexes, in countries, such as Japan and China, is expected to fuel the demand for these systems in the Asia Pacific region.
- The key players in the market include Amano McGann, Inc.; SKIDATA AG.; Parkmobile LLC; ParkMe, Inc.; Robert Bosch GmbH; and Nedap N.V.