Smart Parking Market will Register an Exponential 17% CAGR through (2019-2029)

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IoT-based smart parking system to drive market growth

Connected technologies such as the Internet of Things (IoT) are making headlines as various industries around the world are undergoing digital transformation. Integrating IoT into smart parking systems improves coverage radar and ensures cost-effectiveness with low- cost  connected sensors .

“Increasing vehicle ownership, increasing smart city initiatives, and the emergence of fully automated parking systems for efficient smart parking management will create numerous growth opportunities for the smart parking market over the next few years.”

Highlights of Smart Parking Market Research

• The prevalence of smartphones that allow drivers to track empty parking spaces and outsourced parking services increasingly used by hospitals, universities and municipalities are expected to boost the smart parking market.
• North America dominated the smart parking market in 2018 in terms of revenue, driven by growing smart parking initiatives in the US and Canada.
• The parking management platform segment is expected to gain significant traction during the forecast period, driven by growing adoption of smart parking applications in emerging countries such as Brazil, China, Chile, India and Indonesia.
• The demand for smart parking solutions in the enterprise sector is expected to grow at a remarkable CAGR during the forecast period owing to the high demand for efficient vehicle parking management solutions and corporate premises parking spaces.

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The Global Smart Parking Market is segmented in detail to cover all aspects of the market and to present readers a complete market intelligence approach.

Element

• hardware
  • sensor
  • camera
• software
  • Parking Management Platform
  • SDK/API
• service
  • consulting
  • Integration and support services
  • device management service

system type

• Guided Parking Assist System
• Smart Parking Assist System

sensor technology

• ultrasonic sensor
• RFID
• image sensor
• etc

Applications

• advertisement
• government
• Enterprise

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Frequently Asked Questions about Smart Parking Market

• What are the key drivers of the smart parking market? Traffic congestion due to limited parking spaces and the growth of smart city initiatives are expected to drive the growth of the smart parking market.
• What are the key challenges of the Smart Parking market? Limited parking spaces in densely populated cities and increasing security and privacy concerns in the automotive industry are limiting the growth of the global smart parking market.