The Smart Parking Market Report 2019 forecasts $3.8B spending on Smart Parking Solutions by 2023
PRESS RELEASE: Hamburg, Germany – 19 December 2018 //
IoT Analytics, a leading provider of market insights & competitive intelligence for the Internet of Things (IoT), M2M, and Industry 4.0, today published a comprehensive 116-page market report titled Smart Parking Market Report 2019-2023:
The report, which is part of the IoT Analytics Smart Cities series, was compiled over the course of 6 months and is a holistic overview that analyzes a range of smart parking product and service offerings, presents detailed findings in 35+ analysis charts and 20+ market data tables, highlights 10 case studies and vendor profiles, outlines 9 business models, and describes 7 trending topics and challenges. It serves as a strategic guideline and strong foundation for any company, organization, or city aiming to make sense of what is happening in the smart parking sector today and in the coming 5 years.
Smart parking technology enables parking operators to remotely and automatically monitor parking occupancy rate on a real-time basis. There are various levels of smart parking solutions that make up a complete end-to-end solution such as deployments comprising of vehicle detection sensors and cameras with automated vehicle license plate recognition technology, smart parking meters, smart payment for parking, and parking assistance by digital signage and navigation apps.
However, the real innovation of smart parking solutions is beyond the obvious. The real value lies in the parking data generated, that when combined with other stakeholders’ (e.g., merchants, city agencies, delivery firms) data, processes and systems yields real innovation in smart city settings. Understanding driver patterns and behavior can help city planners optimize the flow of traffic and reduce congestion. For example, adapting parking fees accordingly can promote or discourage motorists from certain areas (e.g. city center) at peak times (e.g. Christmas).
Market spending for smart parking products and services is expected to grow at a CAGR of 14% and surpass $3.8B by 2023. These numbers are based on growing adoption across all regions and the analysis of distinct technological subsets of the smart parking market: the sensors, smart meters, digital signage, navigation and smart payment platforms. The penetration rate of “smart” parking spaces in the public domain (on-street and off-street) reached 11% in 2018 and is expected to reach 16% by 2023.
The market is further broken down into detailed data on installed base, shipment, and spending across 4 regions; North America, Europe, APAC, and Rest of World. A competitive landscape introduces the leading vendors globally and highlights the regional differences in the market.
The report includes a list of 90+ real-world implementations and has a detailed deep-dive on 10 specific case studies from cities around the world. A technology segmentation and key drivers of adoption are outlined in the report which also discusses 7 trending topics and challenges in detail. In developing the 116-page report, the analyst team studied over 50 companies that offer smart parking products and services and attended several leading industry conferences. Further insights for the report were gleaned from interviews of 20+ experts covering a variety of technologies and deployments.
Commenting on the findings, IoT Analytics Managing Director Knud Lasse Lueth said:
“Parking is an area where IoT sensor technology is making a tremendous difference – both for the user experience as well as for parking space management and enforcement. Whether you look at New York, San Francisco, Berlin or London, most major cities especially in Europe and in the US, have started to deploy various new Smart Parking Solutions in the last 5 years. Most of these installations now use a combination of vehicle detection sensors, pay-by-app options and in some cases navigation assistance. Our research shows that the penetration rate of these smart parking spaces is still quite low but solutions are popping up in most major cities now – another proof of how pervasive and important IoT technology has become.””
The smart parking market report is available to download here:
A sample of the report can be downloaded here:
About IoT Analytics
IoT Analytics is the leading provider of market insights & competitive intelligence for the Internet of Things (IoT), M2M, and Industry 4.0. The specialized data-driven research firm helps more than 40,000 Internet of Things decision-makers understand IoT markets every month. IoT Analytics tracks important data around the IoT ecosystem such as M&A activity, Startup funding, company projects, use cases and latest developments. Product offerings include in-depth market reports, technical whitepapers, sponsored research, regular newsletter, as well as Go2Market and consulting services. As a research pioneer, IoT Analytics combines traditional methods of market research such as interviews and surveys with state-of-the art web-mining tools to generate high-caliber insights. IoT Analytics is headquartered in Hamburg, Germany.
Companies Mentioned (selection from report)
Amano McGann, China Telecom, CivicSmart, Conduent, Chordant, Cleverciti, Flowbird, Huawei, IPS Group, Itron, Kerlink, Libelium, Nokia, Nwave, ParkMobile, Parkopedia, Sigfox, Telensa, World Sensing, among others.
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- The Market Report is available to download HERE A sample of the market report can be downloaded HERE
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