Advancements in the internet of things technology are opening gateways to new opportunities for smart parking solution developers to explore. Innovations in ubiquitous computing coupled with the developments in cloud platforms are opening up new avenues for smart parking solutions companies to venture into. The rising popularity of data-driven operations and the benefits associated with it are causing an increase in the adoption of parking software around the world.
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.
A huge inflow and outflow of consumer vehicles in infrastructures such as industrial parks, shopping centers, and malls, makes manual management of parking spaces complicated. Often manual management of parking spaces leads to inefficient use of resources, which further adds to operational expenses associated with vehicle parking. Deployment of appropriate software eliminates these challenges and provides an efficient system for owners to manage vehicle parking in a cost-efficient and methodical way.
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The Fact.MR study opines prospects for automated valet parking solutions to remain promising, as they gradually replace their conventional counterparts. Valet parking has become a popular trend in urban areas, and companies are launching automated valet parking management solutions to meet the needs of the urban population.
The automated valet parking system uses a combination of technologies to aid vehicle owners in finding an appropriate parking space. Additionally, smart valet parking management solutions offer vehicle owners the data on their parking spot’s exact location, depriving them of the relevant hassles. According to the study, smart valet parking solutions witnessed a Y-o-Y growth of 9.9% in 2018 over 2017.
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Smart city projects offer sustainability in addition to enhanced performance. With the transformation of a city into a smart city, authorities around the world can provide for better security, transport and traffic management, waste management, energy efficiency, and can improve the lifestyle of the population comprehensively.
In addition to these benefits, smart cities will contribute towards the welfare of the environment and allow for the stabilization of global temperatures.
Growing environmental concerns, traffic congestion, and the population are causing governments around the world to look towards the development of smart cities which will effectively improve the quality of life while aiding authorities in saving resources.
These factors have attracted heavy investments in smart technologies around the world and are fuelling the demand for smart parking solutions on a global scale.
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Increasing penetration of wireless networking systems, IoT, and cloud-based services, has laid down the platform for innovations in the smart parking solutions market.
For instance, easy accessibility to affordable GPS, cloud software, smartphones, and smart sensors is resulting in the development of sophisticated systems that aid drivers in detecting the nearest empty parking spot in real-time.
The emergence of cashless transactions and e-payment facilities are further paving gateways to new opportunities for smart parking solution companies to explore. Moreover, developments in artificial intelligence and machine learning are aiding companies in making groundbreaking discoveries in the field.
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Crucial insights in the Smart Parking Solutions Market research:
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