Increasing Urban Population and Increasing Number of On-Road Vehicles to Augment Growth of Smart Parking Systems Market

Smart parking is an innovative concept of parking garage services, which helps ineffective management of a parking space and its usage. It uses advanced sensor technology, smart navigation computer applications, flexible zone-based payment systems, and other smart communication tools to guide the visitors to the parking area and get them aware of different parking options available in an urban space. With the help of intelligent technology and intelligent navigation instruments, Smart parking provides you with multiple transport choices such as shuttle buses, taxis, car rentals, etc. The intelligent communication system provides the users with information on bus times, journey duration, and arrival destination at regular intervals. It also guides the user to take a particular mode of transportation after reading the estimated time of travel and arriving destination and the rate of the shuttle buses or a taxi cab.

Market Dynamics

The increasing urban population is expected to propel the growth of the global smart parking systems market over the forecast period. For instance, according to the World Bank, the urban population in China increased from 49.22% in 2010 to 60.3% in 2019. Moreover, increasing the adoption of smartphones is also expected to aid in the growth of the market. For instance, according to the Pew Research Center, 76% of adults in the U.K. owned a smartphone in 2018. 

An increasing number of on-road vehicles is expected to offer lucrative growth opportunities for players in the global smart parking systems market. For instance, according to the Ministry of Public Security, Government of China, at the end of September 2020, the total number of motorized vehicles registered for use on roads in China reached a new high of 365 million vehicles. During the first three quarters of 2020, the total number of vehicles on Chinese roads increased by 2.41% or 23.16 million vehicles.

Among regions, North America is expected to witness significant growth in the global smart parking systems market, owing to the increasing adoption of smart parking in the region. For instance, in October 2020, The Los Angeles Board of Airport Commissioners approved a contract worth US$ 303.3 million with ABM Aviation to provide ‘smart parking’ services at Los Angeles International Airport.

Competitive Analysis  

Major players operating in the global smart parking systems market include Cisco Systems, Inc., Altiux Innovations, Robert Bosch GmbH, Siemens AG, SKIDATA AG., Amano McGann, Inc., Parkmobile LLC, ParkMe, Inc., Streetline, Inc., Worldsensing, Smart Parking Limited, Swarco AG, Nedap N.V., and Urbiotica.

Major players operating in the global smart parking systems market are focused on adopting partnership strategies to enhance their market share. For instance, in October 2020, ParkMobile partnered with Diamond Parking in San Diego, to expand the app’s availability to over 40 locations and adding 2,000 more parking spots throughout the city. 

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