Hardware Components Hold Nearly 3/5 Share By capturing a higher share against software and services, hardware components are likely to be the key contributor to the revenue of the smart parking market. In 2019, the adoption of hardware components hit the US$ 3 Bn mark. While smart cameras and sensors would be the preferred hardware components, parking meters are observing faster adoption compared to other equipment. Software components such as parking management platforms and SDK/API also account for a quarter of the total market share. However, there are strong chances that services such as integration & support services and device management services would see a quantum leap, and will outpace software in terms of revenue, towards the end of forecast period.

North America in Vanguard; APEJ to Reflect Lucrative Growth Avenues Capturing a collective share of around 60%, the smart parking markets in North America and Western Europe continue to attract huge investments from stakeholders. The growth of these developed regional markets is attributable to rising prominence of autonomous vehicles and strong presence of technology pioneers. Considering an upsurge in infrastructural development and increasing private vehicle ownership, especially in China and India, leading players are viewing Asia Pacific (excluding Japan) from a target market perspective. Further, the smart parking market in APEJ is anticipated to register a growth rate of around 24% throughout the forecast period.

IoT-based Smart Parking Systems Offering Impetus to Market Growth As various industries across the world are undergoing digital transformation, connected technologies such as Internet of Things (IoT) are capturing the headlines. Integrating IoT in smart parking systems enhances the coverage radar, and ensures cost-effectiveness with low-cost connected sensors. Based on low-power wide-area network (LPWAN), IoT-based smart parking systems can be connected via mobile apps to facilitate users and parking space owners with efficient parking solutions. With innovations in connected technologies on the brink, these smart parking systems are expected to come with better security and scalability.

How Growth will Unfold The commercial sector will remain the conventional application area of smart parking solutions, accounting for a significant slice of market revenue. During the latter half of the period of projection, the use of smart parking solutions in the commercial domain would reap revenue worth over US$ 10 Bn. The government and corporate sectors are also exhibiting high growth potential, with adoption in the latter increasing at an excellent CAGR of 22%.

FREQUENTLY ASKED QUESTIONS ABOUT SMART PARKING MARKET Which are the major driving factors for the smart parking market? Limited parking spaces resulting in traffic congestion and growing smart city initiatives are projected to drive the growth of the smart parking market.

What are the major challenges for the smart parking market? Limited parking spaces in highly populated cities and increasing security and privacy issues in the automotive industry are restricting the growth of the global smart parking market.

Which regions are expected to dominate the global smart parking market? North America and Western Europe are dominating the global smart parking market. These regions are expected to further strengthen their dominance over the forecast period, owing to increasing smart parking initiatives in the U.S. and Europe and emergence of driverless cars.

What are the rising trends in the smart parking market? The rising trend of autonomous vehicles and emergence of fully-automated parking systems (APS) across the world are expected to have significant impact on the smart parking market in the coming years.

Who are the major players in the smart parking market? The smart parking market comprises large as well as mid-sized vendors such as Siemens, Huawei Technologies Co., Ltd., Delphi Technologies, Intercomp S.p.A., Comarch SA, Matrix Comsec, Urbiotica, Cisco Systems, Nwave, BioEnable, Trafiksol, Amano McGann, Amco Advanced Technologies, CivicSmart, Inc., gtechna, Conduent, Inc., Kapsch TrafficCom, and other key players.

Which application areas are expected to offer lucrative growth opportunities in the coming years? The commercial segment is expected to hold significant market share during the forecast period. The corporate segment is expected to witness notable sales in the coming years, owing to the growing demand for efficient vehicle parking management solutions and parking spaces within corporate premises.