Smart parking is a vehicle parking system, which facilitates driver to search for vacant space to park the vehicle. Sensors and software assist the driver for finding the place available for parking through symbols or sign. This system helps in the proper management of the vehicle, considering the availability of space, which will further assist in optimized usage of land. Increasing problems related to land utilization and proper parking management are the key issue of overcrowded cities, which is anticipated to increase the demand for smart parking gadgets in recent years. Also, increasing the number of vehicles are expected to create huge expansion opportunity for the respective industry.
Increasing demand for smart infrastructure in airports, hospitals, office, railways and mall are spurring the need for smart parking equipment and software. Moreover, the configuration complexity and requirement of trained staff to operate the smart parking solutions are coupled together to hinder the growth of the market over the forecast period
Global Smart Parking Market can be divided into six segments, based on System, Technology, Component, Solutions, Verticals and Region. Segmentation on the basis of Components for Smart Parking Market: The major segments of Smart Parking Market on the basis of the Components include: Hardware, Software; Segmentation on the basis of Solution for Smart Parking Market: The major segments of Smart Parking Market on the basis of the Solution include: Security & Surveillance, Valet & Parking Reservation, License Plate Recognition; Segmentation on the basis of Vertical for Smart Parking Market: The major segments of Smart Parking Market on the basis of the Vertical include: Commercial, Personal, Transport & Aviation, Government, Others; Segmentation on the basis of Region for Smart Parking Market: The major segments of Smart Parking Market on the basis of Region include: Asia-Pacific excluding Japan, The Middle East and Africa, Western Europe, North America, Eastern Europe, Latin America, Japan
North America is expected to witness largest market share regarding revenue, owing to increasing need of traffic management is propelling the growth of the Smart Parking Market over the forecast period. Further shooting number of vehicles in Canada and U.S is the other key factor influencing the growth of the market. Latin America and Asia Pacific is anticipated to witness fastest market growth, owing to increasing inclination towards smart cities is the major factor responsible for the growth of the industry. The European countries are projected to exhibit significant growth opportunity, due to increasing supportive government regulation in the respective region is expected to spur the demand for Smart Parking devices in the forthcoming years.
Some of the prominent players in the Smart Parking Market includes Valeo, Altiux Innovations, Streetline, Nedap AVI, Amco Corporation, Delphi Automotive PLC, Smart Parking Ltd., 3M Company, Bayerische Motoren Werke AG, TCS International Inc, Robert Bosch GmbH, Cubic Corporation, T2 SYSTEMS, Cisco Systems, Inc., Spot Innovation, Inc., Integrapark, LLC, CivicSmart, Inc., Complus Data Innovations, Inc., ParkHelp, Passport Parking, LLC, ParkMe Inc., TransCore LP, Inc., ParkmobileLLC, ParkWhiz API, World sensing, Netpark, LLC, Siemens AG, HCL Technologies Ltd., Xerox Corporation, Parkopedia Inc, and Data Ticket, Inc.
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