The spree of technological innovations has seemed to have struck the parking sector. Innovations such as smart parking sensors, however, have gained significant prominence. Smart parking sensors are being increasingly deployed in government and public facilities due to their features such as wireless detection and monitoring of parking spot occupancy. The adoption of smart parking sensors has proven to reduce traffic volume, minimise the personal carbon footprint, less parking stress and consumption of less fuel. This, in turn, is creating inroads into the smart parking sensor market. Other key factors that are pushing the adoption of smart parking sensors include growing parking concerns, burgeoning demand for Internet of Things (IoT) devices and increasing adoption of automobiles. Considering such a favourable scenario, the market is set to attain robust maturing in the foreseeable future.
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Rise in Number of Smart City Projects to Create Positive Growth Dynamics for Smart Parking Sensor Market
World over, government authorities are funding initiatives for establishing smart cities. This coupled with increased investment in the manufacturing of driverless vehicles is unleashing new business opportunities for the smart parking sensor market. Furthermore, the growing urbanisation around the globe and improved standard of living are accelerating the construction of smart cities. Such a business scenario, in turn, is fostering innovation and strategic partnerships among key players involved in smart city projects. Noticeably, with the growing number of smart cities in the world, the demand for smart parking will increase. Consequently, the market will ascend to new levels of growth in the upcoming years.
Paced Demand for Smart Meters to Unlock Novel Revenue Opportunities for Smart Parking Sensor Market
The present scenario exhibits the urbanisation of cities around the world at a raced rate. This has increased the demand for on-street parking spots, in turn, propelling the adoption of smart meters. Such meters encompass sensors and mobile applications that facilitate the traction of parking spaces and their occupancy. Various government initiatives are also promoting the deployment of smart parking meters to efficiently manage the allocation of on-street parking spaces. Against this backdrop, smart meters are expected to witness consistent demand. Therefore, it is predicted that the global smart parking sensor market is expected to experience robust growth over the projected period.
North America to Cement Itself as Key Region Owing to Growing Sales of Automobiles
North America’s smart parking sensor market is projected to hold a prominent share of the global space. The burgeoning sales of automobiles have pushed civil authorities in major economies such as the U.S., to seek new ways of minimising traffic congestion. In addition to this, government officials have increased efforts to enable safe and legal parking facilities for businesses and private vehicles. Additionally, the rise in the number of smart city projects is pushing the adoption of smart parking sensors. During the study period, the cumulative force of these factors is expected to create unprecedented growth waves in North America’s market.
Leading Market Players
Some of the major players in the smart parking sensor market include Robert Bosch GmbH, Smart Parking Ltd., Altiux Innovations, BMW AG (ParkNow GmbH, Parkmobile, LLC), Amano McGann, Inc., Deteq Solutions, Cisco Systems, Inc., gtechna, Amco S.A., CivicSmart, Inc., Kapsch TrafficCom, Flowbird, INDECT Electronics & Distribution GmbH, Libelium Comunicaciones Distribuidas S.L., Meter Feeder, Inc., Park Assist, Nedap N.V., Mindteck, Municipal Parking Services, Inc., Parkeon, ParkHelp, Siemens AG, ParkJockey, ParkMe Inc., SpotHero, Inc., SKIDATA AG, Swarco AG, and Urbiotica, S.L.
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