According to the latest report by IMARC Group, titled “Smart Parking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 4.93 Billion in 2018. Smart parking refers to a parking strategy that integrates technology and human innovation to use fewer resources, such as fuel, time and space, to achieve faster, more comfortable and denser parking of vehicles. This system manages the difficulty of parking using real-time data collection for improving parking space utilization, alleviating traffic congestion, reducing management costs, integrating payments and POS, and enhancing user experience. With a rise in the number of vehicles on the road, there is an emerging need for parking space, especially in urban dwellings. Owing to this, smart parking solutions (SPS) are gaining immense popularity around the world.
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Global Smart Parking Market Trends:
Over time, digitalization has led to the development of intelligent parking solutions that make use of smart sensors, software and real-time data to eliminate unnecessary traffic and ensure optimum utilization of urban parking facilities. With the ever-growing traffic congestion and scarcity of available urban space, consumers have started opting for these solutions. These systems also help in saving time, reducing the impact of traffic on the environment by minimizing carbon emissions and improving the quality of life. Also, the government bodies of various nations have adopted several measures to address the rising environmental concerns. Recently, the European Commission has started focusing on smart city initiatives that allow for more research to take place regarding intelligent parking. This has further prompted the leading organizations to design and develop a smart parking system using the latest technologies based on wireless sensor networks (WSN). For instance, Siemens AG, a German multinational conglomerate company headquartered in Munich, has developed a sensor-controller parking management system that helps in optimizing the use of urban parking facilities and substantially reducing the congestion caused by motorists searching for space. Other factors contributing significantly to the market growth include rapid urbanization, rising disposable income, and the growing trend of smart homes and cities across the globe. Looking forward, the market value is projected to reach US$ 11.59 Billion by 2024, expanding at a CAGR of 13.4% during 2019-2024.
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Market Summary:
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