This report provides Transforma Insights’ view on the Parking Space Monitoring market. This segment comprises of both public and private parking spaces.
Drivers spend an average of 20 minutes daily looking for a parking space; this is responsible for almost 30% of all traffic congestion in urban areas and causes 28 million tonnes of CO2 emissions every year. Smart parking solutions are being introduced to counter this situation
and help drivers find a parking spot easily and without any delays. These solutions have been shown to reduce CO2 emissions by more than 2% and traffic volume by 8% in Europe. Smart Parking devices use a host of Short Range technologies, such as RFID (for scanning
tags on the vehicles), Wi-Fi, NB-IoT, and other Cellular technologies to communicate the status of parking lots to drivers and operators in realtime.
The report provides a detailed definition of the sector, analysis of market development and profiles of the key vendors in the space. It also provides a summary of the current status of adoption and Transforma Insights’ ten-year forecasts for the market. The forecasts include analysis of the number of IoT connections by geography, the technologies used and revenue.
A full set of forecast data, including country-level forecasts, sector breakdowns and public/private network splits, is available through the IoT Forecast tool.
This section of the report first begins with the challenges faced by drivers in finding suitable parking space, which in turn, leads to increased traffic congestion in urban areas and emission on GHGs into the atmosphere. For instance, looking for a parking space is responsible for almost 30% of all traffic congestion in urban areas and emits 28 million tonnes of CO2 every year. It then explains how smart parking solutions can alleviate these problems. For example, these solutions allow drivers identify the nearest vacant parking space. Some of them also have integrated payments and can control the entry and exit barriers to the parking lot.
In a tabular format, the report then charts some important countries, cities, and deployment statistics of smart parking solutions. These countries include the US, Argentina, Switzerland, Slovenia, France, Belgium, the Netherlands, Austria, Poland, Romania, Spain, Germany, Italy, San Marino, Portugal, India, China, the UAE, Australia, New Zealand, Ireland, Wales, the
UK, Ethiopia, and Canada. The report then examines key factors that are influencing the development of the parking space monitoring market, including:
This section of the report discusses in detail how a range of communication technologies are used to monitor parking spaces (such as short-range or wide area connectivity is used to monitor a specific space or using RFID tags and ANPR cameras to monitor the entrance of parking garages). It also discusses at length how the deployment of RFID tags and ANPR cameras can prove to be beneficial (like automating the parking process) for parking space monitoring.
It also discusses specific communication technologies (such as LPWA, Wi-Fi, and Cellular), their respective pros and cons, and how they can be deployed to ensure better experiences for users. For instance, although Wi-Fi costs low, it can offer connectivity only up to a short distance.
This section of the report discusses the primary challenges about the deployment of parking space monitoring devices (such as the governments of different countries taking aggressive measures to reduce parking spaces to encourage the use of public transport among citizens to reduce emissions and promote sustainability) and the increasing adoption of autonomous vehicles, among many others.
It also provides a few examples of relevant IoT deployments in this application, including the municipality of Valletta using smart parking software for parking management and Park & Control using Vodafone Business IoT solution to monitor parking spaces in Europe.
The key vendors section lists some of the main providers of products and services related to the parking space monitoring market, such as Cleverciti, Jieshun, Get My Parking, Interparking Group, Smart Parking, China Mobile, and Urbiotica. The report provides profiles of the various vendors including aspects most relevant to this Application Group, such as product offerings, pricing, financial results, and technology.
In the market forecasts section, we provide a summary of the parking space monitoring forecasts from the Transforma Insights IoT Forecast Database:
The report charts the growth in the number of parking space monitoring devices which will grow from 3.5 million in 2024 to 5.5 million in 2034.
Transforma Insights forecasts are compiled on a country-by-country basis. This report includes a regional summary, showing splits between Australasia, Greater China, North America, Europe, Japan, Latin America, MENA, Russia & Central Asia, South East Asia, South Korea, India & South Asia, and Sub-Saharan Africa.
Transforma Insights’ IoT forecasts include splits between the various connectivity technologies as follows: 2G, 3G, 4G, 5G mMTC, 5G non-mMTC, LPWA (non-mMTC), Satellite, Short Range, and Other.
This section discusses which technologies will be used in the Parking Space Monitoring Application Group.
This part of the report discusses the market growth in terms of revenue (module revenue, service wrap revenue, and VAC revenue). Transforma Insights estimates that the revenue in the Parking Space Monitoring Application Group will grow at a CAGR of 6%.
