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Sep 11, 2023

Smart Parking Technologies Market is Likely to Surpass US$ 17.4 Billion by 2031

WILMINGTON, DE / ACCESSWIRE / November 24, 2022 / Transparency Market Research

WILMINGTON, DE / ACCESSWIRE / November 24, 2022 / Transparency Market Research Inc. - According to the TMR research report statistics, the global smart parking technologies market is anticipated to register a CAGR of 17.3% during 2021 to 2031. The smart parking technologies market size was valued at US$ 3.5 Bn in 2020. As per the recent parking industry trends, one of the most prominent new developments in the smart parking and smart city management is the emergence of Internet of Things enabled devices, platforms, and equipment. Products based on these new technologies, including IoT, AI, and ML, can offer attractive benefits to users in the parking management industry.

Using these technologies can enable various services and utilities, such as personalized guidance while parking, efficient online reservation systems for parking, and optimizing the available space in parking lots or garages. Furthermore, it can also offer benefits, such as maintaining and developing dynamic pricing models for pricing based on space availability and demand, and efficient and precise detection of assigned and dedicated parking spaces.

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Smart Parking Technologies Market - Key Findings of the Report

Attractive Revenue Grab Opportunities in Developing Economies: Presently, high cost required for installation of these highly sophisticated and costly smart equipment and platforms hinders growth of the Asia Pacific market. This also lowers the rate of commercialization of these advanced products and systems in developing nations of the region. To counter this, players are advised to target consumers that have higher income, as well as focus on clients that operate in domains such as residential, commercial, and government. This strategy of targeting potential clients that have high per capita income is also expected to yield promising results in emerging economies within the regions such as Latin America, as well as Middle East and Africa.

Smart Parking Technologies Market - Growth Drivers

Fast paced urbanization, as well as increasing trend of decentralization in emerging nations bolsters market development

Lack of adequate human resources, triggered by increase in cost for human labor drives the propels the automated parking system market growth

Emergence and rapid adoption of IoT-enabled technological solutions propels development trajectory of the market

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Smart Parking Technologies Market - Key Players

Some of the leading industry players that account for a considerable parking management market share include Cleverciti Systems GmbH, Continental AG, Kapsch TrafficCom AG, Robert Bosch GmbH, Smart Parking Limited, TKH Group, Vortex, AMCO SA, Comarch SA, iRam Technologies Pvt Ltd., NEC Corporation, Siemens AG, SWARCO, and Valeo S.A. Few of these key industry players are focused on adoption of various novel growth and expansion strategies, such as designing and developing affordable, yet reliable smart parking management technologies, equipment, and sensors, in a bid to attract more and more customers.

Furthermore, certain industry players are also adopting other strategies, including new product, services, and platform launches, deploying their newly developed and validated technological solutions, and launching new mobile app-based solutions that can unleash the full strength of effortless cloud management. Players in the market are advised to increase their efforts to spread awareness through marking about their new and automated parking assistance and management systems and tools to open up an attractive new revenue stream.

Smart Parking Technologies Market: Regional Growth Assessment

In terms of geography, the Europe region accounted for the largest share within the global smart parking technologies market. In regions that house a high number of developed economies, such as Europe and North America, low cost of installation and availability of required resources bolsters expansion of the regional markets. However, in coming years, manufacturers in the market are estimated to capitalize on the rapid trend of urbanization in emerging economies, including Bangladesh, Sri Lanka, and India in Asia Pacific to unlock new and stable revenue streams.

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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 and Stadiums

Others (Colleges & Universities, Residential, etc.)

Smart Parking Technologies Market, by Region

North America

Europe

Asia Pacific

Middle East & Africa

South America

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