Smart Parking Solutions Market Growth, Key Players and Demand Forecast

Posted by Preet on September 27th, 2019

The smart parking solutions market remains highly consolidated, with established and mid-sized companies accounting for 40-50% and 30-35% of the revenue share respectively. Large scale companies continue to invest heavily in research and development to fuel innovations, which gives them a competitive edge over other players in the market. Strategic mergers and acquisitions, coupled with collaboration with city authorities to provide for smarter mobility solutions, are among key expansion strategies of these market players.

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Apart from the aforementioned key players, the report on smart parking solutions market also features detailed profiling of other leading companies in the market, which include Scheidt & Bachmann GmbH, DESIGNA Verkehrsleittechnik GmbH, Cubic Corporation, ABM Industries Incorporated, TIBA Parking, WPS Parking System BV, Kudelski SA, and SWARCO AG.

Smart city projects offer sustainability in addition to enhanced performance. With the transformation of a city into a smart city, authorities around the world can provide for better security, transport and traffic management, waste management, energy efficiency, and can improve the lifestyle of the population comprehensively. In addition to these benefits, smart cities will contribute towards the welfare of the environment and allow for stabilization of global temperatures. Growing environmental concerns, traffic congestion, and the population are causing governments around the world to look towards the development of smart cities which will effectively improve the quality of life while aiding authorities in saving resources. These factors have attracted heavy investments in smart technologies around the world and are fuelling the demand for smart parking solutions on a global scale.

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Increasing penetration of wireless networking systems, IoT, and cloud-based services, has laid down the platform for innovations in the smart parking solutions market. For instance, easy accessibility to affordable GPS, cloud software, smartphones, and smart sensors is resulting in the development of sophisticated systems that aid drivers in detecting the nearest empty parking spot in real-time. The emergence of cashless transactions and e-payment facilities are further paving gateways to new opportunities for smart parking solution companies to explore. Moreover, developments in artificial intelligence and machine learning are aiding companies in making groundbreaking discoveries in the field.

Smart parking solutions can potentially open up new revenue streams for city municipalities and parking lot owners. There are many parking spots in cities that remain under-utilized, and leveraging smart parking technology, data from multiple sources can be collected and used as a parking guidance system for drivers in return for money. The round the clock monitoring services offered by smart parking systems coupled with automated payment collection can help parking lot owners in saving on manpower while eradicating the inefficiencies associated with the manual collection and management framework. Furthermore, parking lot owners can utilize the data collected from the monitoring systems and can streamline the management process to ensure maximum profitability. Another key application of smart parking solutions is the demand-based pricing of parking spots. Smart parking solutions can be used to generate different prices for parking based on the demand for the service. Municipalities and parking lot owners are realizing the potential prospects smart parking solutions have to offer and are adopting them to increase their revenue.