Smart Parking Solutions Market Revenue Forecast Recorded During 2018 to 2028
Advancements in internet of things technology is opening gateways to new opportunities for smart parking solution developers to explore. Innovations in ubiquitous computing coupled with the developments in cloud platforms are opening up new avenues for smart parking solutions companies to venture into. The rising popularity of data-driven operations and the benefits associated with it are causing an increase in the adoption of parking software around the world.
According to a recent Fact.MR study, the smart parking solutions market was valued at over US$ 3.3 Bn in 2018. IoT proliferation, coupled with the strengthening wireless infrastructure around the globe continues to uphold demand for system devices in the smart parking solutions market. The system devices segment of the smart solutions market is expected to be valued at over US$ 1.4 Bn in 2019. Demand for parking software is anticipated to closely follow the suit of system devices.
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A huge inflow and outflow of consumer vehicles in infrastructures such as industrial parks, shopping centers, and malls, makes manual management of parking spaces complicated. Often manual management of parking spaces leads to inefficient use of resources, which further adds to operational expenses associated with vehicle parking. Deployment of appropriate software eliminates these challenges and provides an efficient system for owners toi manage vehicle parking in a cost-efficient and methodical way.
Demand Remains Robust for Valet Parking Management Systems
The Fact.MR study opines prospects for automated valet parking solutions to remain promising, as they gradually replace their conventional counterparts. Valet parking has become a popular trend in urban areas, and companies are launching automated valet parking management solutions to meet the needs of the urban population.
The automated valet parking system uses a combination of technologies to aid vehicle owners in finding an appropriate parking space. Additionally, smart valet parking management solutions offer vehicle owners with the data on their parking spot’s exact location, depriving them of the relevant hassles. According to the study, smart valet parking solutions witnessed a Y-o-Y growth of 9.9% in 2018 over 2017.
Continued Investment of Government and Municipalities in Smart Parking Solutions
A rapid rise in the number of automobiles coupled with the scarcity of parking spaces is one of the leading causes of traffic congestion in urban areas. Smart parking solutions continue to gain ground, in line with adoption of flexible payments systems, contributing to a streamlined vehicle parking ecosystem. Due to these factors government and municipalities are eyeing standardization of parking management across cities in order to offer convenience of hassle-free parking.
North America will continue to maintain the largest share of the smart parking solutions market owing to the presence of some of the major OEM in the region. Further, increasing investments in smart city projects will drive smart parking solutions market growth in North America. According to the study sales of smart parking solutions in North America exceeded revenues worth US$ 0.9 Bn.
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The study opines that Japan holds immense growth potential for the smart parking solutions market, attributed to the rapid technological advancements coupled with efforts to minimize challenges linked with space constraints in the country. There have been significant investments by several Japanese firms in smart parking solutions in the recent past. For instance, SoftBank announced it would be launching its own application that would allow people to book and pay for parking spaces in advance. Akippa, a firm which operates an IoT-based parking lot in Japan, raised $22 million to expand its services and launch a new mobility app to further streamline the parking procedure in Japan.