Sales of Smart Parking Technologies Market in 2022-2031

IoT (Internet of Things) is emerging as a key technology differentiator in the smart parking technologies market. IoT solutions and platforms are playing an instrumental role in personalized parking guidance, parking reservation systems, parking demand management & space optimization, dynamic parking prices & policy optimization, and detection of parking zones.

Smart parking technologies are transforming the way government institutions, hospitals, and malls function. These technologies are helping to automate several tasks such as parking payment management, valet parking management, and license plate recognition, among others. Applications such as permission control, blacklist & whitelist, and security & surveillance are gaining importance in law enforcement. Potential threats to politicians, celebrities, ministers, and other famous entities or organizations are fueling the demand for smart parking technologies.

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Innovations in sensor technology, counter technology, and camera-based technology are contributing to the expansion of the global smart parking technologies market. Smart parking offers real-time data and guidance to drivers so that they can locate the best available parking space quickly.

Even though the COVID-19 outbreak is on the decline, the movement of goods and services is relatively slow due to poor market sentiments. Hence, companies in the smart parking technologies market should focus on mission-critical projects in the architecture, engineering and construction (AEC) industry to keep economies running.

Companies should conduct data-driven research before investing in new smart parking technologies. They should invest in R&D before making inroads in new regions. The opening up of malls, HoReCa (Hotel, Restaurant and Café) industry, schools, and commercial offices is contributing to the economic revival of the market. Companies are adopting contingency planning to manage organizational revenue and capital expenditure.

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Smart parking technologies provide real-time car parking information such as reports, reserved parking, vehicle & slot counts, available slots display, pay-and-park options, and easy payments. The proliferation of computer vision in smart and autonomous vehicles is supporting this trend.

Apart from mature markets such as the U.S. and Europe, companies in the smart parking technologies market should capitalize on rapid urbanization trends in countries of Asia Pacific including India, Sri Lanka, and Bangladesh. However, the high cost of installation of smart parking technologies is affecting market expansion in these developing economies. Hence, companies should target high income customers and clients from government, commercial, and residential sectors to increase the adoption of smart parking technologies.

Companies should increase marketing and awareness about automation and enhanced customer experience to boost the adoption of smart parking technologies in developing countries. This strategy is viable for clients and customers in developing countries of Africa & the Middle East.

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The ever-growing traffic congestion & uncertainty in the parking availability and payment has fueled the need for smart parking technologies. Therefore, IoT-based smart parking systems are estimated to create significant revenue opportunities for stakeholders in the market throughout the assessment period.