Global Smart Parking Market 2017-2021
Overview of the global smart parking market
Technavio’s market research analyst predicts the global smart parking market to grow steadily at a CAGR of above 18% by 2021. One of the key factors responsible for this market is the growing adoption of intelligent transportation systems (ITS). With increasing congestion on urban roadways, safe, efficient, and accessible public transportation has become a top priority in the recent years. Intelligent public transportation solutions provide application-enabling network services to securely connect public transit operations. Intelligent transportation systems enable operators to securely gather, analyze, and distribute networked resources in real time. For instance, Lyft, a ride-sharing service has been supported by General Motors to collaborate on the internet of things (IoT) projects and provide efficient public commuting services. Also, the rising rate of development of smart cities and the availability of 4G networks will augment the growth of the smart parking market over the next few years.
One of the latest trends gaining traction in this market is the increased demand for electronic payments. Electronic payment provides benefits to both the parking facility operators as well as consumers. Cashless payment, with the help of debit cards or credit cards, simplifies the payment process for customers and reduces congestion at the entrance and exit gates of parking lots. Various technologies such as magnetic strip cards, vehicle-mounted bar-codes, in-vehicle transponders, and smart cards are used to enable these payment systems. Smartphones are also commonly used to pay parking charges. For smart parking, service providers are adopting electronic parking payment systems, especially mobile parking payments and permit and enforcement applications, which are highly scalable across facilities. With drivers increasingly adopting mobile apps, websites, and other forms of technology to find parking spaces and pay for them, the electronic payments will contribute further to the growth of the smart parking market
Competitive landscape and key vendors
The global smart parking market is highly fragmented and comprises the various stakeholders such as smart parking solution providers, telecommunications operators, mobile payment providers, private parking providers, parking equipment providers, automotive OEMs, and IT and business service providers. In Western Europe, there are many mobile virtual network operators (MVNOs) and mobile virtual network enablers (MVNEs) that provide wireless M2M connectivity services and solutions. At present, the market is moderately competitive, but it is expected to witness increasing competition during the forecast period.
Leading vendors in the market are –
- IPS Group
- Libelium Comunicaciones Distribuidas
Other prominent vendors in the smart parking market include 3M, Aeris Communications, Cisco, Deutsche Telekom, Gemalto, HCL, IBM, Jasper Technologies, MSR-Traffic, Nedap Mobility Solutions, Orange Business Services, PARX, ParkHelp, ParkMe (INRIX), Parkmobile, Parkopedia, Q-Park, Serco, Siemens, Sierra Wireless, SKIDATA, Smart Parking, Streetline (acquired by Kapsch TrafficCom), SWARCO, Synapt (Prodapt Solutions), T2 Systems, Telensa, TeliaSonera, Urbiotica, Vodafone, WorldSensing, and Xerox.
Segmentation by service provider level and analysis of the smart parking market
- Parking site/facility providers
- Parking management firms
- Online payment technology providers
During 2016, the parking site/facility providers segment dominated the smart parking market and accounted for a major part of the overall market share. Parking site/facility providers operate thousands of parking spaces for government agencies that include large and complex public garages. These parking solution providers manage and privatize parking projects, provide consulting services, and streamline parking operations. For instance, Nedap offers parking sensor system which is integrated with the parking management software for parking reporting, guidance, and payments. Increasing investments opportunities to parking operators are enabling companies to develop innovative parking resources, which will augment the growth of this market over the next few years.
Geographical segmentation and analysis of the smart parking market
In this market study, analysts have estimated the Americas to dominate the smart parking market during the forecast period. The key drivers for the growth of the market in this region are the need for energy management solutions, availability of low-cost devices, and wireless DIY installations. The availability of affordable DIY smart home automation products is expected to make the IoT a feasible option in the Americas, which will propel the growth of the smart parking market in the coming years.
Key questions answered in the report include
- What will the market size and the growth rate be in 2021?
- What are the key factors driving the global smart parking market?
- What are the key market trends impacting the growth of the global smart parking market?
- What are the challenges to market growth?
- Who are the key vendors in the global smart parking market?
- What are the market opportunities and threats faced by the vendors in the global smart parking market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global smart parking market?
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