Global Smartpark System Market Business Strategies, Growth rate, Regional Demand, Application Report Forecast till 2027
The global smartpark system market was valued at USD 5.21 billion in 2020 which expected to reach USD 13.09 billion by 2027 at a CAGR 11.8% from 2020-2027.
Smartpark system is defined as an intelligent parking system which assists drivers for safe parking. Available space in parking slot is indicated by symbol/sign with the help of embedded software & sensors. The vacant space is notified to the driver correctly for the management of vehicle. This technology uses various types of sensors as a hardware component in the parking slot to detect presence or absence of the vehicles. These system offers real-time data information regarding the availability of nearby parking space & allows driver to accommodate that slot without any interference of other vehicles.
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Market Drivers
Growing number of vehicles as well as decreased availability of parking spaces is expected to boost the global smartpark system market over the forecast period. The number of vehicles on the road is increasing every year, which is causing a problem for traffic. For instance, as per the information provided by the International Organization of Motor Vehicle Manufacturers, the average motorization rate in the world for the year 2012 was around 170 vehicles/1,000 inhabitants; this had increased around 174 vehicles/1,000 inhabitants by the year 2013.
Furthermore, municipalities of many cities around globe are increasingly adopting smartpark system which expected to accelerate the growth of global smartpark system market. Moreover, the increase in adoption of integrated automated solutions, combined with the advancements in wireless as well as digital payment technologies, is expectedd to contribute to smartpark system market growth.
Market Restraints
The major restraining factor for smartpark system market is system integration, due to variety of hardware & software platforms involved. Such diversity in solution availability as well as the lack of interoperability between different solutions poses system scalability concerns. Also, high implementation cost is anticipated to hamper the growth of the global smartpark system market during the forecast period.
Market Segmentation
The Global Smartpark System Market is segmented into type such as On-street, and Off-street, by technology such as IoT, Ultrasonic, and RFID. Further, market is segmented into application such as Security & Surveillance, Smart Payment System, E parking, License Plate Recognition.
Regional Analysis
Global Smartpark System Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America region dominated the global smartpark market in 2020, due to the increase in number of vehicles in the region. Also, the increase in adoption of the smart cities concept & related technologies such as autonomous vehicles are expected to propel the market growth in this region.
Key Players
Various key players are listed in this report such as Amano McGann, Inc., Altiux Innovations, Cisco Systems, Inc., CivicSmart, Inc., Flowbird, Deteq Solutions, Meter Feeder, Inc., ParkHelp Technologies, Robert Bosch GmbH, Smart Parking Ltd., etc.
Market Taxonomy
By Type
- On-street
- Off-street
By Technology
- IoT
- Ultrasonic
- RFID
By Application
- Security & Surveillance
- Smart Payment System
- E parking
- License Plate Recognition
By Region
- North America
- Latin America
- Europe
- China
- Asia Pacific
- Middle East & Africa
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