The smart parking systems market generated revenue of $3.4 billion in 2018, and it is projected to value $9.1 billion in 2024
NEW YORK, Jan. 29, 2020 /PRNewswire/ --
Smart Parking Systems Market Research Report : By Parking Site (Off-Street, On-Street), Technology (Hardware, Software, Service), End User (Commercial, Government) - Industry Opportunity Analysis and Growth Forecast to 2024
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The smart parking systems market generated revenue of $3.4 billion in 2018, and it is projected to value $9.1 billion in 2024. Off-street parking was the larger category in 2018, based on parking site, as it makes the parking and payment process easy, with improved payment and ticketing options. Further, such solutions allow for the parking of vehicles for shorter as well as longer durations. With the development of smart cities, governments are promoting such systems, to make parking in cities more organized.
A major driver for the smart parking systems market is the rapid smart city development. Extensive research and development (R&D) activities are being undertaken to integrate managed operations with connected solutions. Due to this, smart parking systems have witnessed widespread adoption, aimed at making real-time information about the parking slots available to drivers, before they even begin the journey. Additionally, government initiatives aimed at making cities smart are also supporting the usage of smart parking systems.
Lucrative opportunities for smart parking systems market are being offered by the rapid automation in the sector. Robot valets and automated parking technologies are already being tested in several cities across the world, for instance, in Boulder, Colorado, where a completely automated parking garage was recently installed by Park Plus Inc. The systems can park four times the vehicles accommodated by a conventional garage of almost equal space. Additionally, using it, a car can be retrieved within five minutes of placing a request.
In 2018, North America held the largest revenue share in the smart parking systems market. The continent is projected to see an even higher adoption of such systems, during the forecast period, with governments working to reduce traffic congestion, which has become a grave problem as a result of the increasing number of vehicles on the roads. During the forecast period, Asia-Pacific (APAC) would witness industry growth at the highest CAGR, on account of the increasing adoption of such solutions in China.
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