LONDON--(BUSINESS WIRE)--The global smart parking market size is poised to grow by USD 5.22 billion during 2020-2024, progressing at a CAGR of almost 22% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The growing adoption of intelligent transportation systems (ITS) is one of the key factors driving market growth. With the increasing congestion on urban roadways, safe, efficient, and accessible public transportation has become a priority. Intelligent public transportation solutions provide application-enabling network services to connect public transit operations securely. Intelligent transportation systems enable operators to safely gather, analyze, and distribute networked resources in real-time. For instance, Lyft, a ride-sharing service, has been supported by General Motors to collaborate on the internet of things (IoT) projects and provide efficient public commuting services. Also, the rising rate of development of smart cities and the availability of 4G networks will augment the growth of the smart parking market size.
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Report Highlights:
- The major smart parking market growth came from off-street parking segment. The rising need to have obstacle-free and safe walking spaces for pedestrians is driving the demand for off-street parking facilities. The expansion of off-street parking solutions will be seen in public as well as private sectors in the coming years, and it will involve the construction of parking garages and slots.
- North America was the largest smart parking market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increasing need for traffic management and the growing number of vehicles in Canada and the US will significantly influence the smart parking market growth in this region over the forecast period.
- The global smart parking market is fragmented. 3M Co., Conduent Inc., Flowbird SAS, International Business Machines Corp., IPS Group Inc., Kapsch Aktiengesellschaft, Libelium Comunicaciones Distribuidas SL, Nedap NV, Siemens AG, and SKIDATA AG. are some of the major market participants. To help clients improve their market position, this smart parking market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the smart parking market 2020-2024 is expected to have Neutral and At par growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Rising Demand for Electronic Payments will be a Key Market Trend
The rising demand for electronic payments, one of the critical smart parking market trends, will also drive market growth. The electronic payment provides benefits to both the parking facility operators as well as consumers. For smart parking, service providers are adopting electronic parking payment systems, especially mobile parking payments and permit and enforcement applications, which are highly scalable across facilities. With drivers increasingly adopting mobile apps, websites, and other forms of technology to find parking spaces and pay for them, the electronic payments will contribute further to the smart parking market growth over the forecast period.
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Smart Parking Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist smart parking market growth during the next five years
- Estimation of the smart parking market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the smart parking market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of smart parking market vendors
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Executive Summary
- Market Overview
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Type
- Market segments
- Comparison by Type placement
- Off-street parking - Market size and forecast 2019-2024
- On-street parking - Market size and forecast 2019-2024
- Market opportunity by Type
Customer landscape
- Overview
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver - Demand led growth
- Volume driver - Supply led growth
- Volume driver - External factors
- Volume driver - Demand shift in adjacent markets
- Price driver - Inflation
- Price driver - Shift from lower to higher-priced units
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- 3M Co.
- Conduent Inc.
- Flowbird SAS
- International Business Machines Corp.
- IPS Group Inc.
- Kapsch Aktiengesellschaft
- Libelium Comunicaciones Distribuidas SL
- Nedap NV
- Siemens AG
- SKIDATA AG
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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