This report provides Transforma Insights’ view on the Parking Space Monitoring market. This segment comprises 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 they 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 real-time.
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.
The report 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.
This section of the report discusses the primary challenges regarding 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.
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, Inrix parking, ParkU, Get My Parking, Interparking Group, Smart Parking, and China Mobile. 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 2.53 million in 2022 to 5.13 million in 2032.
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 9%.
