Global Smart Parking Solutions Market Expected to Secure Notable Revenue Share during 2018-2028

Published: Wed Mar 06 2019

Smart parking solution is a combination of technologies which aid in parking management. The devices used in smart parking solutions include sensors, cameras, payment collection kiosks, and other hardware. These devices work in collaboration to provide real-time data about parking lots and spaces to end-users and therefore help in reducing congestion, pollution, and aid in the overall improvement of the parking management system.

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The Fact.MR study provides invaluable and actionable insights about the key dynamics that influence the smart parking solutions market. In addition to the current market scenario, the report features comprehensive information about future growth prospects and the lucrative opportunities on offer in the market. An exclusive forecast of the smart parking solutions market for the 2018-2028 period has been included in the report.

Smart City Initiatives Necessitate Installments

Smart city projects offer sustainability in addition to enhanced performance. With the transformation of a city into a smart city, authorities around the world can provide for better security, transport and traffic management, waste management, energy efficiency, and can improve the lifestyle of the population comprehensively. In addition to these benefits, smart cities will contribute towards the welfare of the environment and allow for stabilization of global temperatures. Growing environmental concerns, traffic congestion, and the population are causing governments around the world to look towards the development of smart cities which will effectively improve the quality of life while aiding authorities in saving resources. These factors have attracted heavy investments in smart technologies around the world and are fuelling the demand for smart parking solutions on a global scale.

Sophistication-driven Technological Advancements to Fuel Growth

Increasing penetration of wireless networking systems, IoT, and cloud-based services, has laid down the platform for innovations in the smart parking solutions market. For instance, easy accessibility to affordable GPS, cloud software, smartphones, and smart sensors is resulting in the development of sophisticated systems that aid drivers in detecting the nearest empty parking spot in real-time. The emergence of cashless transactions and e-payment facilities are further paving gateways to new opportunities for smart parking solution companies to explore. Moreover, developments in artificial intelligence and machine learning are aiding companies in making groundbreaking discoveries in the field.

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Smart Parking Solutions – A Key Revenue Pocket for Parking Lot Owners

Smart parking solutions can potentially open up new revenue streams for city municipalities and parking lot owners. There are many parking spots in cities that remain under-utilized, and leveraging smart parking technology, data from multiple sources can be collected and used as a parking guidance system for drivers in return for money. The round the clock monitoring services offered by smart parking systems coupled with automated payment collection can help parking lot owners in saving on manpower while eradicating the inefficiencies associated with the manual collection and management framework. Furthermore, parking lot owners can utilize the data collected from the monitoring systems and can streamline the management process to ensure maximum profitability. Another key application of smart parking solutions is the demand-based pricing of parking spots. Smart parking solutions can be used to generate different prices for parking based on the demand for the service. Municipalities and parking lot owners are realizing the potential prospects smart parking solutions have to offer and are adopting them to increase their revenue.

Smart Parking Solutions Increasingly Palpable in Malls to Increase Footfall

Shopping malls around the world are revamping their parking spaces to accommodate smart parking solutions. Shopping malls often suffer from congestion in the parking spaces due to the inefficiency of manual management systems. Furthermore, manual management of parking spaces in shopping malls also results in a loss of revenue due to leakages in the system. With smart parking solutions, malls are aiming to provide for free-flowing traffic in the parking spaces. In addition to this, automated parking payment systems have the potential to help malls in increasing their revenues from parking spaces. Coupled with these benefits shopping malls around the world are marketing their adoption of smart parking solution as a value-added service to lure in more customers. The windfalls of using smart parking solutions are causing a widespread adoption of the systems in shopping malls around the world.

Shares Remain Consolidated Among Established and Mid-sized Players

Apart from the aforementioned key players, the report on smart parking solutions market also features detailed profiling of other leading companies in the market, which include Scheidt & Bachmann GmbH, DESIGNA Verkehrsleittechnik GmbH, Cubic Corporation, ABM Industries Incorporated, TIBA Parking, WPS Parking System BV, Kudelski SA, and SWARCO AG.

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