The development of technology for smart sensors drives its growth. In a recent report added by Big Market Research, the market status and growth prospects for the smart parking market have been analyzed by industry experts.
The era of parking in traditional bays and multi-story lots is slowly receding. The world of smart parking is here to solve the hassles associated with stationing of vehicle in a convenient and safe place. The rising need for stress-free and inexpensive options, coupled with the growth of robotic solutions for automated systems have contributed to the emergence of smart parking market.
Smart Parking—Solution to traditional car parking glitches
The augmented rate of car ownership among the surging population has doubled the automobiles on road. Vehicle-owners across the world face confusion and conflict as to where to station their cars nearby. Traditional parking methods in garages and multi-story buildings are considered unappealing due to a lot of problems. Employing manual labor to maintain the functionality of these spaces adds to the operational costs as well. There is a lack of abundant, inexpensive, and time-saving parking choices. Inadequate car stationing spaces are affecting the local businesses and reducing the quality of life for residents. Absence of an integrated system, substandard security arrangements, and non-uniform pricing structure are a few snags associated with conventional parking options.
The emergence of automated smart parking system provides an efficient solution to all these problems. A robotic parking system is built using about half of the ground space as compared to the conventional garage to park the same number of cars. The automated vehicle stationing works on a method of improved compliance and pricing, with focus on meeting the needs of the motorists. It lowers costs and maximizes the usage of existing space, thus making smart parking market a lucrative one.
The expertise behind automated systems
The use of automated systems to enable management of on-street and off-street parking with ease employs leading research and technology. The process involves a parking service provider and billing provider to work in collaboration. Together, their computing systems stream real-time data from the on-street parking meters and in-building sensors using wireless communication technology. Through a mobile application on smartphone devices, motorists can track available parking spaces nearby. It is a closely monitored system that provides access to live status of their parking options. Online top-ups form a ticketless, barrier free payment mode, making it convenient for users to have a happy, time-saving parking experience.
The smart parking market grows at a steady pace, specifically in the developing regions. Newer technologies have spread worldwide, especially in countries like UK and U.S., where rapid urbanization has led to the development of this market. There is increased focus on the robotic systems for aiding vehicle stationing. A lot of vendors such as Parkeon, ParkHelp, and Streetline are engaged in employing the automated models. Ample opportunities in the near future will propel the popularity and share of the smart parking market.
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Country: United States