How is Surging Traffic Congestion Driving Smart Parking Systems Market?

Issues related to parking have become more severe in today's world on account of the burgeoning number of vehicles and unorganized and inadequate car parking space in urban areas. Additionally, the search for parking space also contributes to the congestion on roads, as do the violation of parking rules and incorrect parking. To deal with these problems, governments across the world are rapidly deploying smart parking systems that provide real-time information to enable drivers to search for and reserve the available parking spots.

Moreover, the escalating focus on crowdsourced mobility data will fuel the smart parking systems market at a CAGR of 16.1% during 2019–2024. Cities across the world are adopting affordable technologies to collect data through sensor networks to make their smart parking operations streamlined. Moreover, the development of smart cities has led to the widescale adoption of new-age technologies, such as community-based smart parking systems, which use the side-mounted sensors in connected vehicles for data generation. Thus, the sourcing of mobility data from vehicle owners will help the market value increase from $3.4 billion in 2018 to $9.1 billion by 2024.

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Additionally, the widening application base of the automation technology in smart parking systems will provide more-effective solutions for traffic congestion. Numerous cities in the world are experimenting with robotic valet parking and specialized automated vehicle parking services. For example, Park Plus Inc. has worked on the incorporation of the first automated parking garage in Boulder, Colorado, U.S. This system allows the parking of up to four times more vehicles than a conventional garage with similar space. Moreover, the system delivers cars within three to five minutes of the retrieval request.


These parking systems are mostly installed at off-street locations, as they allow parking for shorter as well as longer durations. Additionally, these options facilitate an easy pay-and-park process, with the help of improved ticketing and payment systems. Moreover, the growing investment in the development of smart cities will support the incorporation of these systems for organized parking. Apart from this, the adoption of on-street smart parking solutions is also surging at a considerable rate in towns across the world, in order to declutter their lifelines.

In recent years, smart parking technology vendors, such as Amano Corporation, Smart Parking Ltd., Cisco Systems Inc., Robert Bosch GmbH, ParkMobile LLC, Delphi Technologies PLC, WORLDSENSING S.L., Urbiotica S.L., Continental AG, Xerox Corporation, Valeo SA, and Kapsch TrafficCom AG, have focused on securing contracts and engaging in partnerships and mergers and acquisitions. For example, in September 2019, SWARCO TRAFFIC Ltd. entered into an agreement with Cambridge shire County Council to replace the latter’s existing traffic technology with novel parking and traffic guidance solutions.

Geographically, North America makes the widest use of smart parking solutions due to the surging number of vehicles on the roads and rising focus on advanced parking solutions in its major cities. Furthermore, P&S Intelligences projects that the Asia-Pacific (APAC) smart parking systems market will witness the fastest growth in the coming years due to the large number of vehicles and insufficient parking space in the region. For instance, in 2018, China had a mere 30 million off-street parking spaces and 800,000 traditional parking lots for its over 248 million cars!.

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Therefore, with an exponential rise in the number of automobiles and traffic congestion in urban townships, the adoption of smart parking systems will surge in the coming years.

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