Global Smart Parking Market 2015-2019
About Smart Parking
Smart Parking is a vehicle parking system that helps drivers find parking space. It consists of sensors, apps, smart parking meters, and mobile-phone automated payment systems that allow drivers to reserve parking in advance and pay via his credit card or cash. Sensors and smart parking meters track the occupancy of parking spaces and pass on the information to the drivers through their smartphone app. These sensors also provide parking guidance to drivers. Smart parking helps in reducing traffic congestion, car emissions, and also in managing demand and supply of parking.
Technavio analysts forecast the global smart parking market to grow at a CAGR of 31.72% during 2015-2019.
Covered in this Report
The Technavio report, namely Global Smart Parking Market 2015-2019, is based on an in-depth market analysis, with inputs from industry experts. It also covers the market landscape and its growth prospects in the coming years. The report includes the key vendors operating in the market.Key Regions
Technavio Announces the Publication of its Research Report – Global Smart Parking Market 2015-2019
Technavio recognizes the following companies as the key players in the Global Smart Parking Market: Amano McGann (Amano Corp.), Deteq Solutions Ltd., IPS Group Inc., Libelium Comunicaciones Distribuidas SL, SP Plus Corp. and TransCore LP
Other Prominent Vendors in the market are: 3M, APARC, Cisco Systems, Cubic Corporation, Fabr, Haystack, HCL, IBM, Kapsch, MSR-Traffic, ParkHelp, ParkMe, Parkmobile, Parkopedia, Q-Park, Serco, Siemens, Skidata, Smart Parking, Streetline, Swarco, T2 Systems, Urbiotica, Wilson Parking, Worldsensing and Xerox
Commenting on the report, an analyst from Technavio’s team said: “Increased use of data analytics to optimize parking is one of the key trends being witnessed in this market. Data analytics software is predominantly used these days to provide better parking facilities to consumers.”
According to the report, one of the main drivers is the increased installation of smart parking meters. In most parking lots in the US, simple parking meters are being replaced with smart parking meters. Smart meters are more reliable than the older meters. In the case of any maintenance issues, smart meters wirelessly alert parking providers to address the problem.
Further, the report states that one of the major challenges in this market is the lowered accuracy of sensors. Sensors installed in parking spaces are affected by electromagnetic interference from overhead trolley lines that reduce the accuracy of vehicle detection sensing to 90%. The malfunctioning of these sensors also leads to inadequacy in automatically issuing parking tickets.