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Smart parking systems use cutting-edge sensor technologies to help motorists detect parking space. Technologies that are currently used for smart parking include ultrasonic, smartapp, RFID. Some of the factors driving the global Smart Parking Market Size include rapid adoption of smart city solutions, IoT integration and growing emphasis of proper utilization of space. Adoption of advanced technologies such as smart parking help in tackling issues of urban cities. Nonetheless, the such technologies at a nascent stage and require massive investments, which to an extent is limiting this growth potentials.
Segmental Analysis
MRFR’s study covers a thorough segmental analysis of the market on the basis of technology and parking site.
Based on parking site, the market has been segmented into off-street and on-street. The off-street segment commands a sizable market share in term of revenue. Off-sites are popular spots for parking vehicles. Such parking sites help in reducing on-road vehicle parking and is a safer parking solution than on-street parking.
Based on technology, the market has been segmented into ultrasonic, In-ground vehicle detection sensor, RFID, SmartApp and others. Of these, the SmartApp segment currently accounts for the largest share of the market in terms of revenue. SmartApp is an integrated system that offer real-time assistance to drivers in finding parking space. SmartApp is increasingly becoming popular owing to its efficacy and user-friendly layout. The ultrasonic segment holds the second spot in terms of revenue and is expected to remain highly attractive during the forecast period.
Regional Analysis
The regions covered in the report include Asia Pacific, North America, Europe among others. Asia Pacific is the most lucrative market for smart parking. Countries such as China, and India are undergoing massive infrastructure upgradation, which continues to create market opportunities in these countries. Increased efforts to overhaul traditional or outdated public infrastructure and investment in smart city projects is expected to bode well for the market in the forthcoming years.
Competitive Landscape
Some of the renowned companies operating in the market include IEM SA (Switzerland), Klaus Multiparking Systems (Germany), Omnitec group (UAE), Robert Bosch GmbH (Germany), Dongyang Menics Co., Ltd (South Korea), Amano McGann
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