ALBANY, N.Y., April 20, 2022 (GLOBE NEWSWIRE) -- Apps and platforms that allow automation of various functions of parking management systems have gained commercialization especially in developed regions, expanding the outlook of the smart parking technologies market. The sales of digital solutions notably equipped with IoT framework has been generating sizable revenues to players. The global valuation of the smart parking technologies market is projected to surpass valuation of US$ 17.4 Bn by 2031.
Multiple benefits of smart parking technologies such as safety and efficiency in parking system fuel market prospects of various solutions in the government, commercial, and residential sectors. Tech giants are reaping revenue gains from the uptake of smart parking solutions in passenger vehicles and trucking industry, observe the analysts in an in-depth TMR study on the smart parking technologies market.
Parking owners in emerging economies of the world are keenly broadening revenue streams by integrating parking payment management and license plate recognition in commercial and institutional parking systems such as in malls, airports, and shopping centers. Of note, the government sector has shown keen interest in adopting smart parking platforms for safety of public entities. State-of-the art sensor and camera-based technologies are expected to shape the future product development avenues for tech companies in the smart parking technologies market.
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Key Findings of Smart Parking Technologies Market Study
- Adoption of Smart City Parking Compliance Management Solutions Expanding Profitable Opportunities: Growing adoption of apps that allow users to ensure parking compliance and enforcement has fueled revenue growth of the smart parking technologies market. Parking solutions based on smart city compliance management technologies have been creating interest among users, especially among councils and municipalities. A case in point is the adoption of such solutions by city parking wardens. The solutions are integrated with smart cloud-based mobile application.
- Commercialization of IoT and Cloud-based Solutions to Attract Enormous Revenues: The authors of the TMR study on the smart parking technologies market observed that IoT is being viewed as a game-changer among industry stakeholders. Of note, government spending on smart city infrastructure has been offering strong push to the penetration of IoT, which, in turn, will expand the avenue for tech companies. Indeed, IoT-powered smart parking technology is proving to be useful in personalized parking guidance and in setting dynamic parking prices. Ongoing embedded system projects will continue enriching the landscape of the smart parking technologies market.
- Benefits to Catalyze Adoption among High-income Customers: The prospect of real-time data and guidance for customers has spurred the commercialization of parking guidance solutions. However, smart parking systems pose the burden of high costs required for installation especially in cost-sensitive markets. Nevertheless, stakeholders increasingly harp on the benefits of smart parking management systems, especially to attract clients. The trend is catalyzing the adoption of smart parking platforms in government institutions and stadiums, contend the analysts of a TMR study on the smart parking technologies market.
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Smart Parking Technologies Market: Key Drivers
- The pressing need to improve customer experience and reduce the time and error rates in vehicle parking system is a key driver for constantly evolving smart parking technologies market. Conventional parking systems have become increasingly prone to errors pertaining to unauthorized vehicle access.
- A slew of functions in parking managements have been automated with the adoption of smart parking mobile-based apps and platforms, thereby extending the canvas for product innovations. The rapid pace of urbanization is expanding the room for investments in the smart parking technologies market.
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Smart Parking Technologies Market: Regional Growth Dynamics
- North America and Europe have witnessed massive adoption of smart parking solutions over the years. The demand is expected to mature in the U.S. and several European countries.
- Companies in the smart parking technologies market are witnessing new revenue prospects in Asia Pacific and Africa and the Middle East. High-income customers are expected to be the key target customers in the initial phases of commercialization, assert the TMR study on the smart parking technologies market.
Smart Parking Technologies Market: Key Players
Some of the key players in the smart parking technologies market are Vortex, Valeo S.A, Smart Parking Limited, Siemens AG, Robert Bosch GmbH, NEC Corporation, Kapsch TrafficCom AG, iRam Technologies Pvt Ltd., Continental AG, and Cleverciti Systems GmbH.
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Global Smart Parking Technologies Market: Segmentation
Smart Parking Technologies Market, by Parking Type
- Off-street Parking
- Single Level Parking
- Multi-level Parking
- On-street Parking
Smart Parking Technologies Market, by Component
- Hardware
- Parking Sensors
- Cameras
- Parking Meters
- Display Unit
- Others (Barriers, Network Gateways, etc.)
- Software
- Services
Smart Parking Technologies Market, by System
- Ground Sensor Technology
- Counter Technology
- Overhead Sensor/Camera-based Technology
Smart Parking Technologies Market, by Application
- Parking Payment Management
- Parking Reservation Management
- Valet Parking Management
- License Plate Recognition
- Others (Permission Control Blacklist & Whitelist, Security & Surveillance, etc.)
Smart Parking Technologies Market, by End-use
- Government Institutions
- Hospitals
- Parks
- Transit Systems
- Malls & Stadiums
- Others (Colleges & Universities, Residential, etc.)
Smart Parking Technologies Market, by Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- The U.K.
- Germany
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- Japan
- South Korea
- Taiwan
- Australia
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
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