LONDON, Oct. 12, 2016 /PRNewswire/ -- Rising implementation of smart city programs coupled with rising vehicular pollution and limited availability of parking spaces are key factors bolstering the smart parking systems market worldwide. The proliferation of IoT and the need for scalable, flexible, space efficient, and easy parking systems are factors expected to boost the market, especially in the developing economies of the world.
With novel technologies being introduced at an exceptional rate, there are numerous opportunities for key market players to invest in them. To be successful in such a dynamic environment, organizations need to grow through innovation. Innovation and rapid development in technology have made huge strides forward in the market, thereby giving rise to the rapidly growing trend of IoT and smart cities, in turn propelling the adoption of smart parking systems.
Parking is a challenging issue, especially in urban areas where over one-third of all traffic congestion is majorly caused by people struggling to find a parking space. In addition, limited data availability to guide driver's decision-making further fuels the parking woes in urban landscape. In addition, finding a parking space leads to environmental damage owing to increase in CO2 emissions and sound pollution.
In addition, smart parking technology is emerging rapidly and is expected to be adopted by most of the major cities globally in order to increase the probability of sustainable development. Smart parking systems provide users with real-time information in order to allow them to find a parking space conveniently, thereby saving fuel, time and effort. IoT is a network of physical objects connected to each other through sensors, electronic devices and software that enables the collection and exchange of data. IoT has witnessed rapid growth across numerous end-user segments.
Technological progressions such as use of mobile applications for parking coupled with enhanced payment and ticketing solutions are expected to propel the demand for off-street smart parking solutions. This type of parking proves beneficial to both short- and long-term parking users. During the last decade municipalities worldwide have been focusing on the parking management of urban areas so as to reduce traffic congestion and manage the ever-rising vehicle population efficiently. Initially municipalities had installed parking meters to ensure pay-and-park. However, this technology became obsolete owing to a number of glitches in the system. Thus, over time, the need for smart parking systems rose across municipalities owing to rapidly transforming cities and the introduction of more and more on-road vehicles, in turn leading to a shortage of parking spaces and highlighting the need for modern infrastructure and technology to cope up with the dynamically changing environment.
However, the lack of funding by the government to the municipalities restricts the implementation of smart parking systems solely to the municipalities. Thus, the municipalities have collaborated with private organizations for the efficient management of parking spaces. Hence, cities can have a private – public partnership where both government municipalities and private organizations will benefit, and restraints like a lack of funding for municipalities won't hinder the growth of the market in developing cities either. For instance, organizations such as Cisco Systems, Inc. have partnered with state municipalities to improve and enhance parking conditions.
The implementation cost of the smart parking technology is expensive as compared to other non-technical parking methods, thereby it is currently being primarily adopted by the developed countries. In addition, off-street smart parking systems require a number of physical changes as compared to on-street smart parking system. This factor further hampers the market growth as a number of regions globally are lagging in the development of a robust telecom and overall infrastructure.
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