Global Smart Parking Market Trends and Forecasts to 2027: Increased Acceptance of Integrated Automation Solutions and Developments in Digital Payment Technologies

DUBLIN, Feb. 18, 2022 /PRNewswire/ -- The "Smart Parking Market 2021-2027" report has been added to ResearchAndMarkets.com's offering.

The global smart parking market is predicted to grow significantly at a CAGR of 16.5% during the forecast period.

The market is set to display impressive growth during the forecast period with some key trends emerging, such as the increased acceptance of integrated automation solutions, as well as developments in wireless and digital payment technologies. Machine-to-machine communication, data analytics, advanced sensors, smart parking meters, and mobile applications for slot reservations and online payments are among the technologies used to develop effective systems. These technologies assist in determining if a parking slot is vacant or occupied, as well as evaluating and transmitting the data to mobile and web applications. Market growth is likely to be fueled by advancements in these technologies.

The global smart parking market has seen a strong decline during the COVID-19 pandemic as several countries across the globe have experienced lockdown due to the pandemic. Due to this, the cities are experiencing a rapid drop in traffic congestion.

However, people are anticipated to use their vehicles for individual travel post the COVID-19 pandemic and avoid shared mobility, such as public transit. This is predicted to exacerbate traffic congestion in several major cities across the globe. During the forecasted period, a rise in traffic congestion is predicted to drive demand for smart parking solutions.

The global smart parking market can be segmented based on solution, parking site, application, the technology used, and components. Based on the solution, the market is segmented into license/registration plate recognition, parking reservation management, security and surveillance, and valet parking management.

Based on the parking site, the market is bifurcated into on-street parking and off-street parking. Based on the application, the market is classified into commercial, government, and others. In addition, based on components, the market is classified into display units, parking sensors, steering angle sensors, electronic control units, and others.

The Asia Pacific is the fastest-growing market for the global smart parking market due to the increase in vehicles' manufacturing in countries like China and India. Besides, Europe is expected to create considerable opportunity during the forecast period due to government initiatives that support intelligent parking systems to reduce pollution and solve the problem of unsafe and insufficient parking spaces.

For instance, the International Road Transport Union (IRTU) participated in an EU-funded study that concluded that Europe's lack of secure and safe parking facilities is a major concern. Approximately 90% of transport operators and drivers believe there is currently insufficient parking space. 

Market Segmentation

• Global Smart Parking Market Research and Analysis by Solution
• Global Smart Parking Market Research and Analysis by Parking Site
• Global Smart Parking Market Research and Analysis by Application
• Global Smart Parking Market Research and Analysis by Components

The Report Covers

• Comprehensive Research Methodology of the global smart parking market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global smart parking market.
• Insights about market determinants that are stimulating the global smart parking market.
• Detailed and extensive market segments with the regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.

Companies Mentioned

• 3M Co.
• Altiux Innovations Pvt. Ltd.
• Aptiv plc
• BayerischeMotoren Werke (BMW) AG
• CivicSmart, Inc.
• Cubic Corp.
• HCL Technologies Ltd.
• INRIX Inc. (Parkme Inc.)
• IntegraPark, LLC.
• Nedap N.V.
• ParkHelp Technologies
• Parkopedia Inc.
• Passport Labs, Inc.
• Robert Bosch GmbH
• Siemens AG
• Smart Parking Ltd.
• T2 Systems Inc.
• TCS International Inc.
• Valeo And Cisco
• Xerox Corporation

For more information about this report visit https://www.researchandmarkets.com/r/b93oyi

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