Global Smart Parking Systems Market to Grow at 22% CAGR Through 2022 | Technavio

Technavio’s latest market research report on the global smart parking systems market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022.

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Technavio has published a new market research report on the global smart parking systems market from 2018-2022. (Graphic: Business Wire)

According to Technavio market research analysts, the global smart parking systems market will grow at a CAGR of close to 22% during the forecast period. The growing adoption of ITS is a major factor driving the market’s growth. Smart parking applications use real-time monitoring of the parking space. A two-sided machine-to-machine communication takes place between the parking sensors and connected devices that lead to a reduction in parking-related issues. Several countries are now adopting ITS, which assists parking management and helps to overcome traffic issues such as traffic congestion and accidents.

Smart parking applications use sensors to help reduce traffic jams in highly populated areas. The data collected by these sensors is further evaluated using specific algorithms to make efficient use of the available parking space. The information related to the availability of parking space is then updated to the central software applications to provide efficient data flow to the consumers.

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In this report, Technavio highlights the crowdsource parking intelligence as one of the key emerging trends in the global smart parking systems market:

Crowdsource parking intelligence

In the past decade, wireless communication infrastructure has gained popularity, and crowdsourcing has influenced a variety of mobile applications. Mobile-based crowdsourcing is a feasible mechanism for realizing applications that improve daily life. It uses trade-offs that are not being used in traditional web-based crowdsourcing. For mobile-based crowdsourcing, mobile applications are equipped with a smartphone and connected to the wireless network continuously. It allows the mobile application to collect real-time data by manual input or through the sensor in the device. Thus, mobile crowdsourcing enables data collection through thousands or millions of such intelligent probes. It collects data primarily from the surroundings of people’s everyday lives. This type of collaborative data collection enables the implementation of service that help individuals in a connected society.

“For decades, the issue of parking has been prevalent in metropolitan cities. In countries such as China, the number of private cars is increasing without sufficient parking facilities, which is worsening the parking situation. This has led to extra traffic that is causing a series of problems such as traffic accidents, congestion, and air pollution,” says a senior analyst at Technavio for research on IT professional services.

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Global smart parking systems market segmentation

This market research report segments the global smart parking systems market into the following key regions, including the Americas, APAC, and EMEA.

The Americas was the leading region for the global smart parking systems market in 2017, accounting for a market share of nearly 45%. By 2022, APAC is expected to witness a massive growth of nearly 3%.

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