Market Research Report
Smart Parking Systems Market, By Parking Site, by Component (Hardware, Software, Services, by Application and by Region - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027
|Smart Parking Systems Market, By Parking Site, by Component (Hardware, Software, Services, by Application and by Region - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027|
Published: December 29, 2020
Coherent Market Insights
Content info: 130 Pages
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Smart Parking Systems Market, By Parking Site (On-street and Off-street), by Component (Hardware, Software, Services (System Integration and Installation, Parking Management and Maintenance), by Application (Airports, Government and Municipalities and Corporate and Commercial institutions) and by Region (North America, Europe, Asia Pacific, RoW) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027.
Smart parking is an intelligent parking system that helps drivers with safe parking. The available space is indicated by signs or symbols with the help of embedded sensors and software. The vacant space is provided to the driver owing to the proper management of the vehicle. This smart technology consists of different types of sensors that are used to detect paring space for the vehicles. This smart parking system also provides real-time data information regarding nearby parking space and allow the driver to use that slot without any interference of the other vehicles. Increasing demand for IoT based technology, increasing parking concern, and high adoption rate in the number of vehicles is driving the market growth during the forecast period.
Increasing demand for the internet of things (IoT) based technology is expected to drive market growth during the forecast period. IoT is a system of interrelated computer devices that are connected to the internet in order to perform the various tasks without any human interference. Globally, the maximum time is spent on searching parking is the major issue which is solved by the University of Kansas by developing the project on smart parking solution by using IoT technology. Moreover, IoT based smart parking system helps to manage parking and reduces driver time. For instance, in parking garages, the driver can identify the number of parking slots in the garage without entering the garage. This is done by receiving constant data information updates from sensors and providing this information to the driver. Thus, advancement in IoT technology for smart parking system is propelling the market growth in the future.
Growing focus on improving customer service can present lucrative growth opportunities. Key companies in the market are focused on improving customer service. Better customer service leads to a longer operational cycle of smart parking systems at lower costs. Moreover, during recent years, the number of electric vehicles has been increasing which is also aiding the demand for electric vehicle charging stations. Further, some companies are focusing on installing solar electric vehicle charging stations at parking spaces. For instance, in September 2014, Lumos Solar launched its SmartPark solar electric vehicle charging station, in order to tap the growing electric vehicle charging solutions market using clean technology.
This report segments the global Smart Parking Systems market on the basis of parking site, component, application and region. On the basis of parking type, smart parking systems market is segmented into on-street parking and off-street parking. On the basis of component, the global smart parking systems market is segmented into hardware, software and services (System Integration and Installation, Parking Management and Maintenance). On the basis of application, the global smart parking systems market is segmented into Airports, Government and Municipalities and Corporate and Commercial institutions. On the basis of region, the global smart parking systems market is segmented into North America, Europe, Asia Pacific, ROW.
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