Smart parking is referred to as a vehicle parking system which allow drivers to look for vacant space in order to park the vehicle. Software and sensors assist the drivers for finding place available for parking with the help of sign and symbols. The system also helps in proper management of the vehicle by considering the availability of space and assists in optimized usage of land. Smart parking systems market comprises real-time data, sensors, and smart-phone-enabled automated payment systems which enable the users to reserve parking slot in advance.

The global Smart Parking Market Share is predicted to register 10.97% CAGR during the forecast period (2017 -2023) owing to the smart cities solutions for connected demands, asserts Market Research Future (MRFR).

Segmental Analysis

The global Smart Parking Market Share has been segmented on the basis of technology, parking site, and region.

By mode of parking site, the global Smart Parking Market Share has been segmented into off-street and on-street. Among these, the off-street segment occupies the largest market share with 68.45% owing to the growth in the automotive industry. Off-street parking is used to park vehicles anywhere except on the street. Several parking lots and garages are available for parking vehicles and is regarded as one of the safest modes of parking compared to on-street parking.

Regional Insights

Geographically, the COVID-19 Impact span across regions Asia Pacific, North America, Europe, and Rest-of-the-World (RoW).

Among all the regions, the Asia Pacific region occupies the largest market share owing to the presence of economies such as India, Japan, and China. the increasing rate in registration of new cars coupled with boom from this region is considered to open doors of opportunities for the parking management business.

Europe is considered to occupy the second largest market share owing to the rising urbanization. The rising urbanization has resulted in the increased demand for infrastructure including building and transportation. Smart cities offer higher technology through mobile technology, thus optimizing the existing infrastructure and creating use of land in an efficient way.

Competitive Dashboard

The prominent players operating the global Smart Parking Market Share are Mindteck (India), Omnitec group (UAE), IPS Group Inc. (U.S.), Robert Bosch GmbH (Germany), Dongyang Menics Co. Ltd (South Korea), Klaus Multiparking Systems (Germany), IEM SA (Switzerland), PArklayer (India), Smart Parking Limited (Australia), and Amano McGann Inc. (U.S.).

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