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Extensive research carried out by the analysts at Technavio has shown that the smart parking market in Western Europe will witness impressive growth at a CAGR of close to 14% over the forecast period. Smart parking aids in reducing traffic congestions considerably in highly populated areas. Smart parking systems use sensors deployed in the center of the designated parking area, and the data gathered from these sensors provide useful information regarding the number of standby vehicles and the number of vehicles in the queue to acquire parking space. The data also helps analyze and process the traffic flow. Moreover, smart parking has the tools to improve workforce management and generate revenue by enabling real-time monitoring and control of the available parking space. The two-way M2M communication between smart parking sensors and connected cars helps reduce parking-related issues, which will impel the growth prospects for the smart parking market in Western Europe during the predicted period.
The majority of parking facility providers use dynamic pricing to manage the demand and supply of available parking spaces. The parking providers give a choice to the drivers to either pay more and walk less or pay less and walk an extra block. The sensors present in the parking lot track the availability of parking spaces and transmit the information directly to the drivers on their smartphones with price details. Moreover, the automatic license plate recognition technology uses specialized cameras and software to read the license plates of vehicles, capture tag images, and transform the characters into a data stream. It also helps parking providers manage parking areas by providing applications, such as ticketless parking fee management, car theft prevention, vehicle location guidance, lost ticket fraud, and automated payment processes. The price of parking is adjusted according to the demand and varies based on location and time of day. The hourly parking rates can be as high as USD 6 during peak hours and as low as 25 cents during non-peak hours in low-demand areas. This pricing model reduces traffic congestion and increases traffic flow, thus making parking easier and more convenient.
The smart parking market in Western Europe is highly fragmented owing to the presence of several well-established vendors. The market is moderately competitive, but it is expected to witness increasing competition over the next four years. The vendors are focusing on mergers and acquisitions to strengthen their foothold in the market. They are also forming strategic partnerships to enter different geographies and extend their footprint in the market.
Key vendors in this market are -
Other prominent vendors in the market include 3M, Aeris Communications, Cisco Systems, Deutsche Telekom, Gemalto, HCL, IBM, Jasper Technologies, MSR-Traffic, Nedap Mobility Solutions, Orange Business Services, Oti (PARX), ParkHelp, ParkMe (INRIX), Parkmobile, Parkopedia, Q-Park, Serco, Siemens, Sierra Wireless, SKIDATA, Smart Parking, Swarco, Synapt (Prodapt Solutions), T2 Systems, Telensa, TeliaSonera, Urbiotica, Vodafone, World Sensing, and Xerox.
The off-street parking segment dominated the smart parking market in Western Europe and is expected to reach more than USD 112 million by 2020. Off-street parking allows users to park their vehicles in both indoor and outdoor spaces such as garages and lots. Off-street parking not only allows city authorities to manage their parking supply efficiently but also reduces CO2 emissions in urban centers by preventing unwanted traffic flow because of people searching for parking spaces. Also, off-street parking help organizations maximize parking spaces and improve the overall parking experience, which will boost this segment’s growth in the coming years.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by type of parking space
PART 07: Market drivers
PART 08: Impact of drivers
PART 09: Market challenges
PART 10: Impact of drivers and challenges
PART 11: Market trends
PART 12: Vendor landscape
PART 13: Appendix
PART 14: Explore Technavio
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