Smart Parking Market Key Drivers, Size, Share, Trends, Growth, Analysis and Forecast To 2023

Smart Parking Market – Overview

Smart parking has already accrued popularity in airports, universities, shopping centers, and city garages. Smart parking technology involves amassing of data and precise analysis with the power of the Internet of Things (IoT). With sensors all around, cars gather information from a range of parameters such as temperature, sound, vibration, pressure, water quality, and pollutants to accurately deliver the result.

A 10.97 % CAGR is predicted to be achieved by the market in the coming years.

Segmental Analysis

The segmental evaluation of the smart parking market is conducted on the basis of parking sites, solutions, applications and regions. On the basis of parking site, the smart parking market comprises of off-street and on-street. Based on the solutions, the smart parking market comprises of valet & parking reservation, security & surveillance, and others. On the basis of application, the smart parking market comprises of government, transport transit, and commercial. Based on the regions, the smart parking market comprises of Europe, North America, APAC and Rest of the World.

Key Players

The essential players in the smart parking market are Smart Parking Limited (Australia), Amano McGann, Inc. (U.S.), IEM SA (Switzerland), Klaus Multiparking Systems (Germany), Omnitec Group (UAE), Mindteck (India), PArklayer (India), IPS Group Inc. (U.S.), Robert Bosch GmbH (Germany) and Dongyang Menics Co., Ltd (South Korea)

Regional Analysis

The regional examination of the smart parking market comprises of regions such as Asia Pacific, North America, Europe, and the Rest of the World. The Asia Pacific region has accounted for the principal market portion owing to the incidence of Japan, China, and India. The elevated development rate in the registering of new cars globally, with major acceleration in regional economies such as Asia Pacific, will create a new window of opportunities for the parking management business. The European region is responsible for the second largest market during the forecast period due to growing urbanization. The growing urbanization has led to the amplified demand for infrastructure as well as transportation and building. Smart cities deliver advanced technology through mobile technology, enhance current infrastructure, and make land use, effectively. This will contribute to the mounting demand for smart parking in smart cities.

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