The global smart parking market is anticipated to grow considerably at a CAGR of 16.5% during the forecast period (2021-2027). The key companies across the globe are adopting different business strategies including expanding their technological advancements, geographic presence, R&D activities, new product approvals, mergers & acquisitions, partnerships, and collaborations to increase market share. Among these, technological advancements are one of the major factors that are propelling the growth of the market.
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For instance, in May 2021, Sony Europe has announced that its IMX500 image sensors with AI processing functionality will be at the heart of three smart city experiments starting in June in Rome, Italy, with Envision. These are designed to reduce traffic-related pollution and accidents at pedestrian crossings in the city. Its main goal is to analyze and deploy a smart parking system based on the IMX500 to reduce pollution and bottlenecks caused by people looking for a parking spot. The pilot aims to assess the effectiveness of such a system, with drivers being notified via a smartphone app before being directed to the nearest available free parking place.
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Further, In March 2021, Smart Parking Ltd. has announced the launch of an application named Tessera, which is designed to manage a smart parking site. This app is harnessing the power of SmartCloud platform technology, which delivers the solutions such as vehicle detection hardware, smart city building blocks, variable message signage, customizable parking guidance & payment app, and also proper management of any car parking. The functions of the app include real-time, automatic alerts from in-ground sensors when a parking breach such as an overstay or nonpayment has occurred. Thus, the technological developments in smart parking solution by the major players for fulfilling the need of smart city project in the countries is fueling towards the growth of global smart parking market.
Global Smart Parking Market Report Segment
By Solution
- License/Registration Plate Recognition
- Parking Reservation Management
- Security And Surveillance
- Valet Parking Management
By Parking Site
- On-Street Parking
- Off-Street Parking
By Application
- Commercial
- Government
- Others (Airports, Personal)
By Components
- Display Units
- Parking Sensors
- Steering Angle Sensors
- Electronic Control Units
- Others (Parking Meters, Electronic Billing)
(This release has been published on Global Market Post. Global Market Post is not responsible for any content included in this release.)
