Smart Parking Solutions Market Business Case and Industry Roadmap

According to a recent Fact.MR study, the smart parking market was valued at over US$ 3.3 Bn in 2018. IoT proliferation, coupled with the strengthening wireless infrastructure around the globe continues to uphold demand for system devices in the smart parking solutions market. The system devices segment of the smart solutions market is expected to be valued at over US$ 1.4 Bn in 2019. Demand for parking software is anticipated to closely follow the suit of system devices.

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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Continued Investment of Government and Municipalities in Smart Parking Solutions

A rapid rise in the number of automobiles coupled with the scarcity of parking spaces is one of the leading causes of traffic congestion in urban areas. Smart parking solutions continue to gain ground, in line with adoption of flexible payments systems, contributing to a streamlined vehicle parking ecosystem. Due to these factors government and municipalities are eyeing standardization of parking management across cities in order to offer convenience of hassle-free parking.

Smart Parking Solutions Market – Market Structure

The Fact.MR report on smart parking solutions market provides a detailed market breakdown in terms of the value, volume, and Y-o-Y growth. In addition to this detailed analysis, the report provides valuable market insights by dividing the market in terms of system components and services, solutions, end-use applications, and region.

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.

Shares Remain Consolidated Among Established and Mid-sized Players

The smart parking solutions market remains highly consolidated, with established and mid-sized companies accounting for 40-50% and 30-35% of the revenue share respectively. Large scale companies continue to invest heavily in research and development to fuel innovations, which gives them a competitive edge over other players in the market. Strategic mergers and acquisitions, coupled with collaboration with city authorities to provide for smarter mobility solutions, are among key expansion strategies of these market players.

Banking on the growing sales of valet parking management systems, Amano McGann acquired Computerized Valet Parking Systems in February 2018. With the acquisition, Amano plans to consolidate its position in the Parking Access and Revenue Control Systems (PARCS) segment of the smart parking solutions market.
To meet the rising demands for smart parking solutions and to promote further innovation in the field, Cubic Corporation expanded the space of its Trafficware Manufacturing facility in Sugarland, Texas to accommodate over 70 software engineers in the facility. The company is targeting to expand its market presence and is planning to increase its workforce in order to do so.
Consolidating its global footprint in the smart parking solutions market, Hub Parking Technology entered into a strategic alliance with Al Rayyan Car Parking Management, a local smart parking solutions operator in Qatar. Under the alliance, Al Rayyan will have exclusive rights of distributing Hub Parking Technology products in Qatar where the demand for smart parking solutions is high as the country is undergoing a transformation with a multitude of transportation projects underway.
SKIDATA was the latest beneficiary of the popular trend of installation of smart parking spaces in cities around the world with Berkeley, California choosing the company for the construction of a brand new smart garage in Downtown Berkeley. The smart garage will be equipped with power gate columns, parking guidance system, and EMV credit card processing technology among other advanced features.
Riding on the wave of smart city transformations, Flowbird Group entered into a partnership with the City of Grand Rapids, Michigan, under which the company will install 700 of its pay stations around the city which will complement the already in place smart parking network.

Smart Parking Solutions Market – Additional Questions Answered

Apart from the above-mentioned insights on the smart parking solutions the market, the smart parking solutions market report answers the following crucial questions that can help stakeholders and business professionals streamline their strategy to maximize profitability:

What geographic region accounted for the largest sales in the smart parking solutions market in 2018?
Based on the end-use, which application will lead the smart parking solutions market in terms of revenue share?
What solution type will be the most in demand during 2019?
Based on system components and services, which would be the service that will hold the largest market share in 2019?
What are the key trends that impact the current and future prospects in the smart parking solutions market?

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