Smart parking in Europe: Key market research findings
- Availability of high-speed wireless network connectivity spurs market growth
- Off-street parking accounts for a majority of the market’s revenue
- Key vendors – IPS Group, Libelium Comunicaciones Distribuidas, Parkeon, Streetline, and TransCore
Technavio’s market research analysts predict the smart parking market in Western Europe to grow at a CAGR of around 14% between 2016 and 2020. The availability of high-speed wireless networks is the primary driving force behind the growth of this market. Cellular connectivity is an important access channel to support and enable communications over large-scale connected devices. The rollout of 4G LTE and 5G networks is expected to facilitate faster transmission and higher volumes of data in the connected vehicles segment, which is growing rapidly. In countries like France, Germany, Spain, the UK, and Italy, due to the presence of 3G and LTE networks, telecom operators are able to provide high-speed connectivity to connected car M2M users.
The new market research report from Technavio presents a breakdown and analysis of the smart parking segments based on the type of parking space.
“A large number of parking facility providers are now using dynamic pricing to manage the demand and supply of available parking spaces. Parking providers give drivers a choice to either pay more and walk less or pay less and walk an extra block. The sensors available in parking places track the availability of parking spaces and transmit the information directly to the drivers on their smartphones with price details,” says Amrita Choudhury, Lead Analyst, ICT, Technavio Research.
By 2020, the off-street parking segment will account for a revenue of more than $112 million to continue its dominance as the key revenue generating segment of the market. Off-street parking allows users to park their vehicles in spaces such as garages and lots. These spaces can be indoors as well as outdoors. Off-street parking reduces carbon dioxide emissions in urban centers by preventing unwanted traffic flow because of people searching for parking spaces. It also allows city authorities to manage their parking supply efficiently.
The key vendors in the market include IPS Group, Libelium Comunicaciones Distribuidas, Parkeon, Streetline, and TransCore. The market is witnessing the entry of many cloud-based software vendors that are competing with traditional vendors in the market. However, the smart parking industry is experiencing a growing trend toward consolidation and outsourcing of parking operations and services.
A more detailed analysis is available in the Technavio report, Smart Parking Market in Western Europe 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
