Smart parking solutions are a need for today owing to the increasing number of vehicles and the lack of parking spaces. Many companies are investing into the smart parking management market. Streetline has been recognized by Frost & Sullivan with the global product line strategy leadership award for the year 2016. Streetline uses machine learning techniques to deploy hybrid smart parking platform in order to merge data that is collected for real time parking guidance and analytics. Streetline is considered to be a world leader in smart parking solutions and management.
North America region holds the largest market share of global Hybrid Smart Parking Platform Market followed by Europe and Asia Pacific regions. The growth is North America region is mainly dominated by U.S. and Canada and is attributed to the increasing number of vehicles on street and growing awareness about pollution measures in the region. The region also has a well-established infrastructure which allows implementation of advanced technologies and better connectivity for real time data streaming.
Hybrid smart parking platform market has been segmented on the basis of component, parking type, solution and application. The parking type segment is further bifurcated into on street parking and off street parking. On street parking refers to parking of vehicles along the streets whereas off street parking refers to parking of vehicles in the garages and parking lots. This is owning to the growing demand for smart city solutions and increasing need for parking space management in order to avoid traffic congestion and maintain better air quality by reducing the traffic problems.
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Hybrid smart parking platform helps in optimizing parking resources with continuous streaming of data from streets. It offers real time analysis of data and accurate results on parking occupancy based on multiple data sources.
The global Hybrid Smart Parking Platform Market is expected to grow at approx. USD 2,134 Million by 2023, at 18% of CAGR between 2017 and 2023.
The prominent players in hybrid smart parking platform market are – Streetline (U.S.), Libelium (Spain), Tata Elxsi (India), IPS Group, Inc. (U.S.), Kapsch TrafficCom AG (Germany), NuPark (U.S.), Siemens AG (Germany), Huawei Technologies Co. Ltd. (China), Acer Inc. (Taiwan), Robert Bosch GmbH (Germany) among others.
Market Research Analysis:
It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in hybrid smart parking platform market in North America is attributed to technological advancements and increasing demand for internet of things in that region.
Hybrid Smart Parking Platform Market Segmentation
The hybrid smart parking platform market has been segmented on the basis of component, parking type, solution and application. The application segment is further bifurcated into government, residential and commercial. The commercial segment is expected to hold the largest market share owing to the increasing number of vehicles and concerns about parking them.
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- Technology Investors
- Research/Consultancy Firms
- Infrastructure Providers
- Original equipment manufacturers (OEMs)
- OEM technology solution providers
- Smart City
- Government Organization
- Software vendors
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