The global smart parking market was valued at over USD 11 billion in 2016 and is expected to surpass USD 26 billion by 2021, says Technavio.
Technavio has announced the launch of its latest market research report on the global smart parking market to its machine to machine (M2M) and connected devices portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like IPS Group, Libelium Comunicaciones Distribuidas, Parkeon, and TransCore.
According to Abhishek Sharma, a lead analyst for machine to machine (M2M) and connected devices research at Technavio, “Smart parking sensors are deployed in the center of parking areas and records the information pertaining to the number of standby vehicles and the number of vehicles in the queue to acquire parking space. The data collected in these devices help analyze, process traffic flow, and notify passengers with relevant alerts.”
Smart parking systems assist in reducing traffic congestions, the level of parking-related issues, and driver anxiety. The vendors are also introducing intelligent solutions that reduce the delay in parking apart from saving fuel and helps decrease carbon emissions and other pollutants. The implementation of these sensors improves workforce management and generates revenue by enabling real-time monitoring and control of the available parking space.
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Increased demand for electronic payment
The introduction of cashless payments simplifies the payment process for customers and reduces congestion at the entrance and exit gates of parking lots. The consumers have the option of issuing payment with debit cards or credit cards, and the vendors are also introducing various other methods to ease the convenience of paying parking fees. Some of the technologies that have been introduced in the market include magnetic strip cards, vehicle-mounted bar-codes, in-vehicle transponders, and smart cards.
Outsourcing of parking operations
Parking systems are outsourced to different parking management companies that provide solutions that fulfill customer needs and determine the best solution for customers. These companies have the expertise to manage parking operations that include handling complex and multiple technologies such as parking sensors, pay-by-phone meters, and coin-operated meters. Various countries across the globe are opting for parking management companies and are installing and adopting pay-by-phone options that help to increase the market’s revenue.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Smart Parking Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Automotive Auto Dimming Mirror Market 2017-2021
- Smart Parking Market in Western Europe 2016-2020
- Global Occupancy Sensor Market 2016-2020
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