Automated Parking Management Systems Market: Integrated Solutions Streamlining Traffic Movement
Parking has always been at best a stress-ridden activity and at worst a chaos for drivers. Receding urban spaces on one hand and the burgeoning numbers of cars on the other have overburdened the commercial parking infrastructure. The parking management system itself has been struggling for reducing the hassle, where utilization of available spaces is an ever-increasing challenge. Maneuvering in small spaces as well getting a parking space has been debilitating concern for proponents of smart city infrastructure. In this backdrop, the trend of automation in parking management has picked up steam to address several of the problems. A number of hardware, software, and slew of services have flooded the marketspace. Automated parking management systems market projections find that the valuation was pegged at US$ 2.23 Bn in 2020
Several Advantages of Automated Parking Expanding Horizon for Smart City Infrastructure
Urban planners are showing significant interest in parking management solutions that automate the processes. A bevy of parking management solutions have enriched the value chain of software developers and hardware equipment makers in the automated parking management systems market.
To tap into the rising revenue potential, industry players in the automated parking management systems market are ebulliently expanding array of solutions notably that allow integrated payments, vehicle detection, and space reservation. A slew of monitoring & reporting services have been adopted, expanding frontiers for them. This has added a degree of convenience in finding the right parking space in both pay-and-park system and reserved parking facilities. The demand for such services is likely to fuel sales projections in automated parking management systems industry.
Moreover, advancements in RFID and sensor technologies have immensely catalyzed the growth prospects of automated parking management systems market over the past few years. A case in point is FASTag, an electronic toll collection system gathering traction for enabling automated parking management in India. Research report on automated parking management systems industry find that the global market valuation is projected to surpass a whopping US$ 10.47 Bn in 2031.
Multi-sensor Tech Becomes the Key
Sensor technology-based parking system is one of the fastest growing automated parking management systems market markets. Integrated, smart solutions have extended the canvas for product advancements in the automated parking management systems. In part, the trend of digitization of multi-tenant and multi-level parking management has expanded profitable avenues for providers of end-to end parking management systems. Such solutions in the automated parking management systems market are gaining adoption in airports, municipalities, and shopping and retail centers.
Automated parking management systems equipped with multi-sensing technologies that allow management of vehicular traffic, while ensuring optimal lighting and space utilization are attracting the attention of stakeholders in automated parking management systems market. IoT has become a key enabler as well as accelerant for generating promising avenues in the market. IoT-based parking and energy management solutions are gathering steam in automated parking management systems market. These solutions have witnessed rapid adoption in commercial spaces such as malls in cities.
The growing application of multi-level car parking system in commercial and office parking spaces has resulted in higher footfalls, as facility managers have confirmed. Advanced analytics collected through IoT sensors in automated parking management systems bear a great value in understanding the parking needs at times of peak hours. These have increasingly helped adopters make efficient utilization. A lot of such information is reflected in car touchscreen infotainment systems. Solution providers are geared toward to make installation of solutions easier and faster—typically enabling a semi-automated solution to up and running within a few weeks in a large commercial facility.
Increasing efforts to penetrate the transportation industry has led developers in the automated parking management systems market to harness the power of IoT-enabled connected solutions. Leading players in the of automated parking management systems market are offering top-notch technologies for next-gen connected and automated mobility. The deployment of such systems will be a key entity in the fabric of constantly expanding smart city infrastructure.