Connected Parking Solutions Market Is Projected To Witness Healthy Growth; North America Region Remains One Of The Leading Markets

CITY, Country, 2021-Mar-02 — /EPR Network/ —

Intelligent connected parking solutions are considered to have the highest adoption rate among all the smart city market segments. Connected parking solutions help solve challenges related to parking faced by motorists. Owners of parking lots are incorporating connected parking solutions to improve the overall occupancy rates. Internet of Things (IoT)-enabled connected parking solutions offer two basic features – seek & find and route guidance. Theoretically, connected parking solutions are very easy to integrate in an area since most modern vehicles already possess network connectivity control units and ultrasonic parking sensors. With the help of this preintegrated equipment, the transmitter in the connectivity control unit in a vehicle can transmit the collected encrypted data to the cloud, thus accommodating connected parking solutions. Vehicles that have receiver modules in place of transmitters do not require any extra permanently installed hardware for connected parking solutions as the on-board navigation system integrated into these vehicles, or even a common Internet-enabled smartphone, can receive the data from connected parking solutions in real time. The data transmitted by connected parking solutions is received by these devices and the available parking spaces are displayed on the screen.

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Connected Parking Solutions: Market Drivers and Challenges

Global growth in the adoption of automation-enabling routine equipment is expected to fuel the growth of the global connected parking solutions market. Connected parking solutions enable routine automation by providing features such as remote control over vehicle safety and security equipment. This feature offered by connected parking solutions ensures the minimization and possible elimination of factors such as wastage of time and road rage. These are some of the factors expected to drive the global connected parking solutions market. Vendors offer connected parking solutions that enable real-time vehicle identification and theft protection features, which is also expected to propel the global connected parking solutions market. Connected parking solutions consume low power, which makes them energy efficient, thus minimizing the overall maintenance expenditure. These factors are also expected to enhance the growth of the global connected parking solutions market.

Manufacturers use different design approaches to minimize the installation expenditure of connected parking solutions. However, high initial installation costs are expected to restrict the growth of the global connected parking solutions market. 

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Connected Parking Solutions: Market Segmentation

On the basis of software system, the global connected parking solutions market can be segmented into the following:

• Data Storage
• E-parking
• Reservation
• Prediction and Sensing
• Other Software Features

Based on the software system, the prediction and sensing feature holds the largest market share of the global connected parking solutions market. Currently, vendors are focusing on upgrading the centralized control unit software and e-parking software technologies integrated into connected parking solutions. Thus, the e-parking software feature offered by connected parking solutions is expected to register the highest growth rate during the forecast period.

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On the basis of component feature, the global connected parking solutions market can be segmented into the following:

• Information Sensing
• Data Processing
• Crowd Sensing
• Parking Timers
• Parking Meters
• Others

Research and development about the information and data-processing features of connected parking solutions is being carried out to be able to enhance the connected parking experience.

Connected Parking Solutions: Regional Market Outlook

Among all the regions, Europe holds the largest market share of the global connected parking solutions market and is expected to maintain a steady growth rate over the forecast period. The growth of the connected parking solutions market in North America can be attributed to the ever-rising growth of the public utility automation sector. Moreover, increase in disposable income in commercial as well as industrial sectors also plays a major role in driving the global connected parking solutions market. North America is expected to register a steady growth rate in the global connected parking solutions market. 

Connected Parking Solutions: Key Market Players

Some of the major players operating in the global connected parking solutions market include Parkifi; Kapsch TrafficCom; Siemens Mobility GmbH; Houston Systems Private Limited; IPS Group, Inc.; NWAVE; Robert Bosch GmbH; and ValetEZ.