The need to deal with numerous environmental and economic issues is increasing the adoption of smart parking measures. Moreover, the data collection related to automobiles has improved considerably, which has increased the implementation of smart parking technologies around the world.

Segmental Analysis

The segmental evaluation of the Smart Parking Market Size is conducted on the basis of parking sites, solutions, applications and regions. On the basis of parking site, the Smart Parking Market Size comprises of off-street and on-street. Based on the solutions, the Smart Parking Market Size comprises of valet & parking reservation, security & surveillance, and others. On the basis of application, the Smart Parking Market Size comprises of government, transport transit, and commercial. Based on the regions, the Smart Parking Market Size comprises of Europe, North America, APAC and Rest of the World.

Competitive Analysis

The market has established a proper tone for the development that is to be undertaken in the upcoming period. The market players are crafting strategies that deliver a high output rate from existing resources or don’t require a massive investment to obtain. The assets are continually being assessed to ensure that functioning is at an optimum level while keeping breakdowns at a bare minimum. Moreover, the emphasis is also being placed on the backend processes by integrating tools that can enhance the productivity of the market in the forecast period. The market is also improving in several efforts to brace itself while fortifying its position against the slowdown in the global economy. The geopolitical factors are expected to play a critical role in the long-term expansion of the market in the upcoming period. A burgeoning user base is expected to play an instrumental role in the progress of the market in the approaching period.

Industry Updates:

Oct 2019 Tesla has launched a novel "smart summon" attribute to its customers who have bought the "full self-driving" choice for Tesla Autopilot. This function, which can be bought for around USD 6,000 on top of Autopilot, advances only limited features. Smart summon is meant for parking lots, and seemingly it declines to run if it can tell it is on a public road. By means of the feature, you can activate the summon from your phone over Bluetooth.