The global smart parking market was estimated at USD 74 million in 2015 and is expected to reach USD 350 million by 2024. The factors such as rise in vehicular traffic, congestion of cities, and lack of proper parking space are driving the market growth.
Globally, across all major cities and urban economic centers the problem of traffic congestion is rapidly growing. Due to lack of proper management, huge numbers of vehicles are parked randomly on the streets and every possible vacant area. The problem of parking is so huge in some urban centers that out station citizens have to park their vehicles at the designated area and use local public transport or taxi services for their transportation.
Furthermore, the parking mismanagement is also leading to other issues such as high noise pollution, fuel wastage, and loss of productivity hours due to getting stuck in traffic congestion. The adoption of smart parking systems enables to counter the above mentioned issues and also streamline the flow of traffic.
The smart parking systems utilize IoT (Internet of Things) platforms to connect the customers with the parking management providers. The users can use options such as pre-booking of slots for the designated time, can get real-time notifications about the vacant slots, thereby saving precious fuel, and time.
The growth of sensor based technologies and growth of smart phone users are key drivers for market expansion. The smart phones in present age allow the user to engage in pre-paid parking payment transactions, observe traffic movement using maps, can receive real time notifications about the vacant slots in each part of the city, and therefore can plan and execute their daily activities in a hassle free manner.
The adoption of smart parking systems at a large scale is possible only through government initiatives and funding programs. The increasing usage of smart parking systems in corporate centers, universities, private commercial centers is gaining prominence and is expected to create more awareness about the benefits associated with the usage of simple yet advanced technologies for solving every day parking issues.
North America Smart Parking Systems Market, By Parking Site 2014 – 2024 (USD Million)
The smart car parking system market is segmented based on parking site, application and region. Based on parking site, the market is categorized as On-street parking and Off-street parking.
In 2015, North America accounted for the largest market share and is expected to further extend its dominance over the next few years. The high usage of personal vehicles for transportation compared to public transportation is a key reason for creating congestion across the major economic and tourist centers. Furthermore, the On-street parking segment accounted for the majority market share in 2015. The development of Off-street parking centers with the help of public and private investments is expected to drive the overall market from 2016 to 2024.
“Optimal Price Point (OPP) for Smart Parking System Market”
Estimated Average solution cost – $ xx globally. The pricing and business models in the smart parking market are unique in different regions. With growth in environmental concerns, technological advancements, and shifting consumer preferences, and increasing number of startup’s, the OPP and range of acceptable Prices (RAP) are going to change over the forecast period. We at Ameri Research continuously track these prices with our proprietary pricing model.
“Smart phone penetration, big data analytics, to provide high level insights on consumer behavior and travel patterns”
The growth of smart phones usage has led to the creation of huge data, which can be analyzed to derive several solutions for all the major issues faced by the customers. The use of data analytics to understand the different parking requirements, peak hour traffic movement, location wise parking demand, can enable the companies to provide more customized solutions, create and send alerts to customers based on their pre-determined requirements and travel patterns.
Key players include Bosch, Kapsch (Streetline) Group, Cisco Systems, Inc., SKIDATA Group, Mindteck and ParkHelp The market participants are extensively using IoT based platforms, data analytics to improve customer engagement, build new service models, track the consumer travel requirements and estimate the frequency of usage for each customer. The smart phone and IoT technology is also used to track data on reduction on air and noise pollution, fuel saving, time saving and improvement in the traffic de-congestion. The key industry participants emphasize on seeking correlations across multiple disparate data sources and predicting customer behavior in order to achieve competitive advantage.