Growing Demand for Parking Management Solutions is driving the Smart Parking Market

The demand for parking management solutions is increasing, owing to the growing concerns related to traffic congestion and environmental pollution. Parking space operators are offering various services such as security and surveillance, parking reservation management, valet parking management, and license plate recognition. These services reduce wastage of time, enable pre booking of parking spaces, provide cashless payment options, and enhanced security of vehicle. The parking management market in Asia-Oceania is estimated to be growing at a high CAGR due to the rising number of vehicles on the road, in this region and the need for better traffic and parking management.

The smart parking market for passenger cars is projected to grow at a CAGR of 17.94% from 2016 to 2021, to reach a market size of USD 5.25 billion by 2021. Market growth is driven by factors such as rising concern over growing traffic congestion in cities, limited parking space availability, stringent emission regulations and supporting government policies encouraging the market for passenger cars equipped with smart park assist systems.

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Use of parking sensors in smart parking market is growing owing to additional benefits such as driver assistance and safety and optimum utilization of parking space. Ultrasonic sensor is one such parking sensor whose application in smart park assist systems by automobile manufacturers is growing. Similarly, image and radar sensors are coming up as advanced innovation in the smart parking market. Limited availability for parking in traffic dense cities and smaller parking lots has increased the stress related to parking. Consumers’ need for precise parking and improved safety of vehicle, passengers and pedestrians will drive a significant increase in demand for smart parking systems in passenger cars and the demand for parking management solutions. With continuous progress in research and development related to smart parking technologies, demand for smart parking systems and solutions is likely to surge during the forecast period.

There is an increasing demand for connected mobility, as cities across the globe shift towards developing IoT enabled smart traffic and parking management solutions. These solutions will see an increase in the flow of data between smart phones, connected cars, smart parking system, and smart cities and infrastructure. Companies such as Google and Apple are developing software for connected cars. Connected mobility combined with the developments in autonomous vehicles will further develop the smart parking system in passenger cars. Factors such as the emergence of advanced driver assistance systems, 360 degree surround view of vehicles and advanced parking sensors that interact with vehicles and infrastructure will drive the demand for smart parking market.

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The security and surveillance segment of the parking solutions market, in terms of value, is estimated to grow at the highest CAGR from 2016 to 2021. The growing need for protection of people, property,and vehicle in a parking space has become a key focus point for parking space operators. In order to ensure safety of their vehicle, consumers prefer parking spaces that are under surveillance. These security and surveillance parking management solutions use cameras for surveillance of parking spaces. The cameras are used to monitor any intrusion and events that occur at the parking site. The demand for safe parking management solutions such as security and surveillance will increase owing to the rise in number of vehicles on the road and governments across the world planning and implementing smart cities initiative.