Shares Remain Consolidated Among Established and Mid-sized Players
The smart parking solutions market remains highly consolidated, with established and mid-sized companies accounting for 40-50% and 30-35% of the revenue share respectively. Large scale companies continue to invest heavily in research and development to fuel innovations, which gives them a competitive edge over other players in the market. Strategic mergers and acquisitions, coupled with collaboration with city authorities to provide for smarter mobility solutions, are among key expansion strategies of these market players.
- Banking on the growing sales of valet parking management systems, Amano McGann acquired Computerized Valet Parking Systems in February 2018. With the acquisition, Amano plans to consolidate its position in the Parking Access and Revenue Control Systems (PARCS) segment of the smart parking solutions market.
- To meet the rising demands for smart parking solutions and to promote further innovation in the field, Cubic Corporation expanded the space of its Trafficware Manufacturing facility in Sugarland, Texas to accommodate over 70 software engineers in the facility. The company is targeting to expand its market presence and is planning to increase its workforce in order to do so.
- Consolidating its global footprint in the smart parking solutions market, Hub Parking Technology entered into a strategic alliance with Al Rayyan Car Parking Management, a local smart parking solutions operator in Qatar. Under the alliance, Al Rayyan will have exclusive rights of distributing Hub Parking Technology products in Qatar where the demand for smart parking solutions is high as the country is undergoing a transformation with a multitude of transportation projects underway.
- SKIDATA was the latest beneficiary of the popular trend of installation of smart parking spaces in cities around the world with Berkeley, California choosing the company for the construction of a brand new smart garage in Downtown Berkeley. The smart garage will be equipped with power gate columns, parking guidance system, and EMV credit card processing technology among other advanced features.
- Riding on the wave of smart city transformations, Flowbird Group entered into a partnership with the City of Grand Rapids, Michigan, under which the company will install 700 of its pay stations around the city which will complement the already in place smart parking network.
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Apart from the aforementioned key players, the report on smart parking solutions market also features detailed profiling of other leading companies in the market, which include Scheidt & Bachmann GmbH, DESIGNA Verkehrsleittechnik GmbH, Cubic Corporation, ABM Industries Incorporated, TIBA Parking, WPS Parking System BV, Kudelski SA, and SWARCO AG.
Sophistication-driven Technological Advancements to Fuel Growth
Increasing penetration of wireless networking systems, IoT, and cloud-based services, has laid down the platform for innovations in the smart parking solutions market. For instance, easy accessibility to affordable GPS, cloud software, smartphones, and smart sensors is resulting in the development of sophisticated systems that aid drivers in detecting the nearest empty parking spot in real-time. The emergence of cashless transactions and e-payment facilities are further paving gateways to new opportunities for smart parking solution companies to explore. Moreover, developments in artificial intelligence and machine learning are aiding companies in making groundbreaking discoveries in the field.
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Smart Parking Solutions – A Key Revenue Pocket for Parking Lot Owners
Smart parking solutions can potentially open up new revenue streams for city municipalities and parking lot owners. There are many parking spots in cities that remain under-utilized, and leveraging smart parking technology, data from multiple sources can be collected and used as a parking guidance system for drivers in return for money. The round the clock monitoring services offered by smart parking systems coupled with automated payment collection can help parking lot owners in saving on manpower while eradicating the inefficiencies associated with the manual collection and management framework. Furthermore, parking lot owners can utilize the data collected from the monitoring systems and can streamline the management process to ensure maximum profitability. Another key application of smart parking solutions is the demand-based pricing of parking spots. Smart parking solutions can be used to generate different prices for parking based on the demand for the service. Municipalities and parking lot owners are realizing the potential prospects smart parking solutions have to offer and are adopting them to increase their revenue.
Smart Parking Solutions Increasingly Palpable in Malls to Increase Footfall
Shopping malls around the world are revamping their parking spaces to accommodate smart parking solutions. Shopping malls often suffer from congestion in the parking spaces due to the inefficiency of manual management systems. Furthermore, manual management of parking spaces in shopping malls also results in a loss of revenue due to leakages in the system. With smart parking solutions, malls are aiming to provide for free-flowing traffic in the parking spaces. In addition to this, automated parking payment systems have the potential to help malls in increasing their revenues from parking spaces. Coupled with these benefits shopping malls around the world are marketing their adoption of smart parking solution as a value-added service to lure in more customers. The windfalls of using smart parking solutions are causing a widespread adoption of the systems in shopping malls around the world.
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Smart Parking Solutions Market – Definition
Smart parking solution is a combination of technologies which aid in parking management. The devices used in smart parking solutions include sensors, cameras, payment collection kiosks, and other hardware. These devices work in collaboration to provide real-time data about parking lots and spaces to end-users and therefore help in reducing congestion, pollution, and aid in the overall improvement of the parking management system.
Smart Parking Solutions Market – About the Report
The Fact.MR study provides invaluable and actionable insights about the key dynamics that influence the smart parking solutions market. In addition to the current market scenario, the report features comprehensive information about future growth prospects and the lucrative opportunities on offer in the market. An exclusive forecast of the smart parking solutions market for the 2018-2028 period has been included in the report.
Smart Parking Solutions Market – Market Structure
The Fact.MR report on smart parking solutions market provides a detailed market breakdown in terms of the value, volume, and Y-o-Y growth. In addition to this detailed analysis, the report provides valuable market insights by dividing the market in terms of system components and services, solutions, end-use applications, and region.
Smart Parking Solutions Market – Additional Questions Answered
Apart from the above-mentioned insights on the smart parking solutions the market, the smart parking solutions market report answers the following crucial questions that can help stakeholders and business professionals streamline their strategy to maximize profitability:
- What geographic region accounted for the largest sales in the smart parking solutions market in 2018?
- Based on the end-use, which application will lead the smart parking solutions market in terms of revenue share?
- What solution type will be the most in demand during 2019?
- Based on system components and services, which would be the service that will hold the largest market share in 2019?
- What are the key trends that impact the current and future prospects in the smart parking solutions market?
Smart Parking Solutions Market – Research Methodology
The report on smart parking solutions market is a consequence of a detailed and robust research methodology. A comprehensive analysis of historic and current market parameters was performed to produce an authentic and accurate forecast of the market. A two-step research process namely primary and secondary researches were employed during the compilation of the report.
While primary research involved interviewing industry savants and rigorous company case studies, secondary research was conducted by thoroughly analyzing trade journals, company press releases, and other industry publications. Results from both the phases of the research processes were triangulated to produce an accurate forecast of the smart parking solutions market.
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