NEW YORK, Dec. 12, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, global smart parking systems market size was valued at $3.4 billion in 2018, and it is expected to reach $9.1 billion by 2024. Of the two parking sites, off-street parking held the larger share in the market in 2018. With enhanced ticketing and payment options, off-street smart parking enables an easy pay-and-park process.
In an effort to provide connected solutions for managed operations, smart cities are focusing on the research and development (R&D) of technologies in various sectors. In this regard, much has been done in the transportation sector, in terms of implementing smart parking solutions, to enable drivers access real-time information on the available parking slots, even before they set off on their journey.
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Further supporting the adoption of the smart parking technology, for transforming cities into smart cities, are the efforts by several governments across the world. For instance, with the assistance of the European Innovation Partnership on Smart Cities and Communities (EIP-SCC), nearly 78 cities in the region have undertaken smart city development. Such factors are boosting the growth of the smart parking systems market across the globe.
The increasing adoption of automation technology is offering lucrative opportunities to the players operating in smart parking systems market. The future of the industry is expected to be shaped by the adoption of automated technologies. Several cities across the world are already conducting trials of specialized automated vehicle parking and robotic valet parking services. For instance, Park Plus Inc. worked on the installation of the first entirely automated parking garage in Boulder, Colorado, U.S. With the use of this system, up to four times as many vehicles can be parked, compared to a conventional garage with similar space. Additionally, the system can deliver cars within three to five minutes of a retrieval request.
Browse report overview with detailed TOC on "Smart Parking Systems Market Research Report: By Parking Site (Off-Street, On-Street), Technology (Hardware, Software, Service), End User (Commercial, Government) - Industry Opportunity Analysis and Growth Forecast to 2024" at: https://www.psmarketresearch.com/market-analysis/smart-parking-systems-market
Off-street smart parking is predicted to be the dominant category, in the smart parking systems market, during the forecast period. These parking solutions enable parking for both longer and shorter durations. Moreover, governments in several countries are investing in the development of smart cities, which, in turn, is supporting the adoption of these systems for organized parking in the urban landscape, thereby boosting the growth of this category.
Globally, North America contributed the highest revenue to the smart parking systems market in 2018. The demand for smart parking systems in the region is expected to grow further, as civic authorities continue to deploy these systems to decrease traffic congestion, which has considerably increased with the rise in the number of vehicles on roads. During the forecast period, the market is expected to register the fastest growth in APAC, on account of the increasing penetration of smart parking systems in China.
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The global smart parking systems market is witnessing intense competition, with the presence of companies such as Amano Corporation, Robert Bosch GmbH, Urbiotica S.L., Smart Parking Ltd., Kapsch TrafficCom AG, IPS Group Inc., ParkMobile LLC, Nedap N.V., WORLDSENSING S.L., Siemens AG, Valeo SA, Continental AG, Delphi Technologies PLC, Xerox Corporation, and Cisco Systems Inc.
In recent years, the key players in the smart parking systems market have secured client wins and engaged in partnerships and mergers and acquisitions to gain a competitive edge in the industry. For instance, in September 2019, SWARCO TRAFFIC Ltd. signed an agreement with Cambridgeshire County Council for the replacement of the existing traffic technology with new traffic guidance and parking solutions. The company will install 11 count control cabinets at Cambridge’s Park & Ride sites to provide information to the drivers on parking availability. Furthermore, it will install 17 red–green–blue (RGB) matrix signs at planned locations across Cambridge and nearby areas, which will display information on the traffic and available parking spaces.
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