Smart Parking Solutions Market– A Key Revenue Pocket for Parking Lot Owners

Posted by Arslan on July 1st, 2019

According to a recent Fact.MR study, the smart parking solutions market was valued at over US$ 3.3 Bn in 2018. IoT proliferation, coupled with the strengthening wireless infrastructure around the globe continues to uphold demand for system devices in the smart parking solutions market. The system devices segment of the smart solutions market is expected to be valued at over US$ 1.4 Bn in 2019. Demand for parking software is anticipated to closely follow the suit of system devices. 

Smart parking solution is a combination of technologies which aid in parking management. The devices used in smart parking solutions include sensors, cameras, payment collection kiosks, and other hardware. These devices work in collaboration to provide real-time data about parking lots and spaces to end-users and therefore help in reducing congestion, pollution, and aid in the overall improvement of the parking management system.

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Continued Investment of Government and Municipalities in Smart Parking Solutions

A rapid rise in the number of automobiles coupled with the scarcity of parking spaces is one of the leading causes of traffic congestion in urban areas. Smart parking solutions continue to gain ground, in line with adoption of flexible payments systems, contributing to a streamlined vehicle parking ecosystem. Due to these factors government and municipalities are eyeing standardization of parking management across cities in order to offer convenience of hassle-free parking.

Smart Parking Solutions Market – Market Structure

The Fact.MR report on smart parking solutions market provides a detailed market breakdown in terms of the value, volume, and Y-o-Y growth. In addition to this detailed analysis, the report provides valuable market insights by dividing the market in terms of system components and services, solutions, end-use applications, and region.

Smart Parking Solutions – A Key Revenue Pocket for Parking Lot Owners

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. 

Smart Parking Solutions Market – Additional Questions Answered

Apart from the above-mentioned insights on the smart parking solutions the market, the smart parking solutions market report answers the following crucial questions that can help stakeholders and business professionals streamline their strategy to maximize profitability:

• What geographic region accounted for the largest sales in the smart parking solutions market in 2018?
• Based on the end-use, which application will lead the smart parking solutions market in terms of revenue share?
• What solution type will be the most in demand during 2019?
• Based on system components and services, which would be the service that will hold the largest market share in 2019?
• What are the key trends that impact the current and future prospects in the smart parking solutions market?