The global smart parking systems market is expected to grow at a 21.5 percent CAGR from 2021 to 2028, with a market value of USD 4.42 billion in 2020. The COVID-19 epidemic has resulted in varying degrees of lockdowns in a number of countries around the world. As a result, cities are seeing a significant decrease in traffic jams. Parking systems have seen a 90% drop in demand in the United States since March 2020, according to SpotHero Inc., a developer of smart parking solutions in the United States. For the time being, this reduction is projected to have a detrimental effect on the market in the country and around the world.
Integration of automated solutions and improvements in wireless and digital payment technologies are expected to fuel market expansion. It is possible to develop effective systems using a variety of technologies, including M2M (machine to machine) communication, improved sensors, smart parking meters, and mobile applications for slot reservations and online payments. Mobile and online applications can use these technologies to determine whether a parking space is empty or occupied. Market growth is likely to be fueled by advancements in these technologies.
Toxic air and noise pollution can hinder economic activity in urban areas around the world due to vehicle overpopulation caused by poor traffic management. With the use of real-time data collection and the ability to determine parking lot availability, smart parking systems can assist in resolving these issues while also saving motorists money and time. As a result of these systems, drivers do not have to drive around city blocks looking for parking spaces, which reduces the amount of carbon dioxide in the air.
Leading Industry Players in The Smart Parking System Market: Amano McGann Inc., Cisco Systems Inc., Kapsch, Nedap N.V, Parkmobile LLC, Parkmobile LLC, Skidata AG, Smart Parking Ltd., Swarco AG, SWARCO AG, Urbiotica, Xerox Corp.
Resources on Hardware
In 2020, the smart meter category accounted for more than 40% of the total revenue. Parking metres have become increasingly popular as a result of the growing demand for on-street parking in cities all over the world. Smart metres count and record the number of parked vehicles, as well as the number of available parking spaces. Parking on the street for long periods of time is common. A growing number of people are relying on smart parking meters to pay for on-street parking spaces.
Viewpoint on the Software Industry
In 2020, parking guidance systems accounted for more than 75 percent of the market’s revenue. Because these systems assist drivers by proactively delivering information about vacant spaces, parking guidelines, the number of available spots, and the period of their availability, they have gained popularity in the market. By monitoring the state of various ultrasonic sensors and electronic signals, these systems provide a user-friendly graphical interface for drivers.
Information in the service
In 2020, engineering services held a commanding revenue share of more than 60%. The rising use of autonomous and semi-autonomous vehicles, particularly in developed economies, can be credited to the expansion of this market category. To accommodate these vehicles, robotic engineering facilities in parking lots and garages are required. Smart parking technologies are expected to be widely adopted in autonomous vehicle production areas like Canada and Germany in the near future.
Information from the applications
In 2020, the commercial segment accounted for over 40% of the smart parking systems market’s revenue. Smart parking systems are becoming increasingly popular in a variety of public places, including shopping malls, sports facilities, office buildings, and theaters. The commercial parking market is expected to benefit from smart parking systems because of their increased adaptability, ease of use, and ability to accept mobile payments.