According to a new market research study the global smart parking systems market is estimated to reach US$ 415.25 M by 2025 compared to US$ 66.56M in 2015. The report highlights the trends prevalent in the global market and the factors driving the market along with those that act as deterrents to its growth.
IoT is a network of physical objects connected to each other through sensors, electronic devices and software that enables the collection and exchange of data. Smart parking is an emerging IoT based technology and is expected to be adopted by most of the major cities globally in order to increase the probability of sustainable development. Smart parking systems provide its users with real-time information to help them find a parking space conveniently, thereby saving fuel, time and effort.
The smart parking system market is broadly segmented into parking site, components and end-user industry. Furthermore, the parking site is bifurcated into on-street parking and off-street parking. Components segment is sub divided into hardware, software and services. The end-user segment comprises of transport facilities, commercial institution, government & municipalities and corporate institution. The commercial institutes are predicted to dominate the market in the coming years. The market region wise is segmented in North America, Europe, Middle East & Africa, South America and Asia Pacific.
There are number of countries within the Asia Pacific, MEA and South America that are coming up with smart city initiatives. A smart city is also a concept based upon IoT to make cities smarter by providing smarter solution for a sustainable future growth. For instance, in 2015, the Government of India launched the Smart Cities Mission, which stated development of 100 smart cities under the government’s supervision. Similar urban renewal and retrofitting programs have been launched globally to develop smart cities and to make them citizen friendly and sustainable. The government will be collaborating with state governments to implement the program.
Several advanced countries like Australia, the US and Japan etc. are more inclined towards development of off-street parking systems, as the infrastructural density is low in these countries, which allows for many parking spaces. Also, the demand for pedestrian walkaways, as well as separate bike lanes and bus lanes, has increased pressure on on-street parking spaces to be trimmed down in size and number. Furthermore, traffic congestion in CBDs is another problem for on-street parking operators, as there has been increased demand for efficient off-street parking systems.
Some of the major players in the market are Amano McCann, Inc., Smart Parking Ltd., Urbiotica, Cisco Systems, Inc., Nedap NV, SKIDATA AG, Kapsch, Xerox Corp. and Parkmobile LLC among others.