IoT Smart Parking Solutions

朗锐智科

IoT Smart Parking Solutions [Copy link]

Advances in IoT technology are providing smart parking solution developers with directions to explore new opportunities. Ubiquitous computing innovations coupled with the growth of cloud platforms have opened up new avenues for smart parking solution companies. The growing popularity of data-driven operations and the benefits it brings are leading to increased adoption of parking software across the globe. According to a survey by Research, the smart parking solutions market was valued at over USD 3.3 billion in 2018. The proliferation of IoT along with strengthening of wireless infrastructure across the globe continues to support the demand for system equipment in the smart parking solutions market. The system equipment segment of the smart solutions market will be valued at over USD 1.4 billion in 2019. The demand for parking software is expected to closely track the demand for system equipment. The large inflow and outflow of consumer vehicles in infrastructures such as industrial parks, shopping malls, and shopping centers complicates the manual management of parking spaces. The usual manual management of parking spaces leads to inefficient use of resources, which further increases the operational expenses associated with vehicle parking. Deploying appropriate software eliminates these challenges and provides property owners with an effective system to manage vehicle parking in a cost-effective and methodical manner.

Demand for Valet Parking Management Systems Remains Strong

The outlook for automated valet parking solutions remains bullish as they gradually replace traditional valet parking solutions. Valet parking has become a popular trend in urban areas and companies are launching automated valet parking management solutions to cater to the needs of the urban population.

Automated valet parking systems use a combination of technologies to help car owners find the right parking space. Moreover, smart valet parking management solutions provide car owners with data on the exact location of the parking space, thereby depriving them of the associated hassles. According to the study, smart valet parking solutions grew by 9.9% in 2018 over 2017. Continuous Investment in Smart Parking Solutions by Governments and Municipalities The rapid increase in the number of cars coupled with the scarcity of parking spaces is one of the major causes of traffic congestion in urban areas. Smart parking solutions are evolving along with the adoption of flexible payment systems, helping to simplify the vehicle parking ecosystem. Due to these factors, governments and municipalities are focusing on standardization of parking management across cities to facilitate hassle-free parking. The smart parking solutions market is expected to grow at a CAGR of 9% by 2028.

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