Smart Parking Market Manufacturers, Industry Size, Challenges, Drivers, Countries, and Technology Forecast to 2030 accounted for over US$ 3.5 billion in 2019. It is anticipated to grow at a CAGR of approximately 16.2 % from 2019 to 2030.

New York, NY -- (SBWire) -- 03/06/2020 --Traffic congestion caused by vehicles is an alarming problem at a global scale owing to increasing vehicle size and confined parking spaces in urban areas. Smart parking offers solutions for both drivers and operators by offering better management of parking spaces. Moreover, initiatives aimed toward efficient parking solutions by various governments are promoting market growth. However, the high initial investments are expected to hamper market growth.

Market Industry Reports (MIR) has published a new report titled "Smart Parking Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030." According to the report, the global smart parking market accounted for over US$ 3.5 billion in 2019. It is anticipated to grow at a CAGR of approximately 16.2 % from 2019 to 2030.

Top Players:

Some of the prominent players in the smart parking market include Robert Bosch GmbH, Valeo, Continental AG, Omnitec Group., SKIDATA AG, Smart Parking Ltd, IEM SA, IPS Group, Inc., SWARCO, and Cubic Corporation, among others.

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The increasing implementation of the IoT in parking software technologies can be attributed to growth of the smart parking market. There are several additional benefits offered by the IoT in parking spaces including extension of parking time duration with the help of sponsored meter time extension, avoidance of parking violations by offering innovative parking solutions to identify safe parking spots and efficient utilization of citywide parking spaces.

In addition, with the integration of the Internet of Things (IoT), real-time monitoring of parking occupancy situations from PCs and smartphones is possible for the provision of efficient connected parking management solutions.

Regional Analysis:

Asia Pacific is estimated to account for the highest CAGR over the forecast period. Increasing urbanization, extensive government initiatives, and technological advancements will contribute significantly to market growth in this region. Moreover, key players in the regions are collaborating to deliver smart parking solutions. For instance, in 2018, SenRa partnered with sensor systems provider, PNI Sensor, to provide smart parking solutions in India. SenRa's LoRaWAN technology along with PlacePod smart parking sensors will deliver the key aspects of parking management solutions.

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Table of Content:

5. GLOBAL SMART PARKING MARKET - ANALYSIS & FORECAST, BY COMPONENT
1. Parking Sensors
2. Display Unit
3. Parking Meters
4. Others
6.GLOBAL SMART PARKING MARKET - ANALYSIS & FORECAST, BY TYPE
5. Off-street Parking
6. On-street Parking
7.GLOBAL SMART PARKING MARKET - ANALYSIS & FORECAST, BY TECHNOLOGY
7. IoT
8. Ultrasonic
9. Radio Frequency Identification (RFID)
8.GLOBAL SMART PARKING MARKET - ANALYSIS & FORECAST, BY APPLICATION
10. Security & Surveillance
11. Smart Payment System
12. License Plate Recognition
13. E-parking

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