Global Smart Parking Market (2018-2024)

The breadwinning population is minting disposable income on an increasing rate, which speaks for their mounting needs and wants. The demand for personal vehicles, especially for cars is creating a cluster on the roads as on-road vehicles are cumulating more and more every day. Ironically, the developing and developed countries are failing to run well managed and sufficiently enough parking spaces. To solve parking related crisis, Smart Parking Systems are necessary, and their adoption will increase on par with the increasing number of vehicles.

Smart Parking Systems are appropriately comfortable and adjustable systems which help in regulating the entry and exit of vehicles in a parking arena smoothly. Parking systems can be enhanced conveniently for managing the flow of vehicles all day long. These systems are a cost- effective technique which eases out the process of monitoring and managing parking zones. Traffic flow is reduced because fewer cars wander on roads in search of available space for parking. A Smart Parking System ensures auto tracking and mobility of vehicles. These provide guidance to drivers by popping a notification over their devices every time there is an available space in parking lots. One of the leading research companies, KBV Research, has estimated that the Smart Parking Market across the globe is expected to reach $7.8 billion in the coming years with a CAGR of 10.5%.

Smart Parking Systems represent a number of benefits:

Parking Space Utilization

Smart parking systems are not just restricted to track check-in and check-out. They can also ensure the fullest utilization of a parking space. Usually, the inability to find an empty spot in a parking area is responsible for the leftover space and failure in optimal use of provided space. To deal with this problem, real-time information received from smart parking systems are useful. These systems enhance user experience along with improving revenue for the owners of parking spaces. Moreover, commercial organizations can use their parking capacity in a profitable way.

Superior Security

Theft is the most prominent difficulty that car owners come across even after using parking lots. Smart Parking Systems come with a variety of security measures that can be added to them. Video surveillance and real-time data make it impossible for thieves to get access to parked vehicles. Additionally, it cuts down on the liability risks of parking lot owners and managers.

Flexibility to Innovations

The soaring rate of urbanization across developing countries gives rise to the need for coming up with customizable transport management systems. This is where the flexibility of Smart Parking Systems comes into light. A Smart Parking System can be expanded to meet the needs of commercial entities. As a matter of fact, they have become apparent as a successful aspect of smart-city strategies. They can be pooled with the Internet of Things and establish smart transportation systems for tightly populated urban areas.

Trends of the Market

Smart Parking Systems are evolving endlessly owing to the growing struggle of traffic congestion and insufficient parking space. The future prospects of Smart Parking Market rely significantly on the arrival of automated vehicles. Contemporary era smart parking systems are going green and witnessing new parking applications for mobile devices every now and then. These systems are shifting away from cash payments and moving toward cashless transactions.

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