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Global Smart Parking Systems Market to Exhibit 20.2% CAGR, Driven by Increasing Need to Manage Traffic Congestion in Urban Areas

Article Description

Economies around the world face several social and economic problems that they have to deal with on a regular basis. The exponentially increasing number of vehicles worldwide presents before them yet another challenge, demanding immediate attention. Whilst both budget and luxury carmakers seem to be on a spree of launching new car models every season, making available adequate parking space for this increasing number of vehicles in major cities across the globe has emerged as a critical concern. Globally an increasing number of vehicles, coupled with limited parking facilities in almost every major city in the world, is aggravating air pollution, traffic congestion, and driver frustration. The situation, therefore, amplifies the demand for efficient and smart parking systems.

In its latest report, Transparency Market Research forecasts the global smart parking systems market to rise from US$39.4 mn in 2014 to US$ 177.1 mn by 2022. If the figures hold true, the market will exhibit a promising CAGR of 20.20% between 2015 and 2022.

How Does Smart Parking Help Manage Traffic Congestion?

Smart parking integrates travel planning process and navigation with novel technologies such as parking guidance systems, robotic and automated parking systems, and electronic parking systems. It provides efficient management of the increasing number of vehicles worldwide. The demand for smart parking systems is specifically noted to stem from the urban areas, where traffic problems are amplified and there is an urgent need for flexible, scalable, easy-to-manage, and space-efficient parking systems.

The smart parking technology typically obtains information about the parking spaces available in a particular geographic area. The process happens in real-time to help vehicles find a parking position in their vicinity. The system involves real-time data collection, mobile phone-enabled payment systems, and real-time data collection. It also allows people to reserve parking space in advance. When deployed, the system helps reduce traffic congestion as well as emissions from cars by reducing the need for people to unnecessarily cruise through urban city blocks searching for parking. 

Interoperability Issues in Smart Parking Systems to Inhibit Market Growth

Smart parking vendors around the world have started collaborating with municipalities and owners of public parking lots for deploying smart parking systems. This practice gives a significant boost to the global smart parking systems market. While progress seems imminent for the market, system interoperability issues have emerged as a major challenge for the smart parking systems market. Furthermore, budgetary pressures pumped by economic volatility also inhibit the growth of the global smart parking systems market. 

Browse the full Global Smart Parking Systems Market report at http://www.mrrse.com/smart-parking-systems-market

Based on the type of parking site, the smart parking systems market is segmented into off-street parking and on-street parking. Off-street parking includes automatic entry and exit technology, which also keeps a track of cars entering or leaving the parking lot. Thus, the system provides accurate information regarding vehicle occupancy at any point in time. In terms of components, the global smart parking systems market is segmented into network and sensor hardware, software, and services.

Since smart parking systems help in resolving one of the biggest problems in urban areas, the demand for the same is expected to increase significantly in the near future.