The increasing availability of Internet of Things (IoT) infrastructures is opening new opportunities for Smart Parking solutions, leveraging the development of cloud platforms to finally move away from the manual management of parking facilities.
According to a recent study by Fact.MR, the Smart Parking solutions market was valued at over USD 3,000 million in 2018. Smart IoT devices for parking applications are expected to exceed USD 1.5 million in 2019, dragging demand for parking management software.
North America is presently the largest geographical market, with total investments surpassing USD 900 million in 2018. Smart Parking solutions are expected to grow at an exponential rate in Japan due to rapid technological advancements in Smart City projects coupled with the scarcity of parking spaces in the most populated urban areas.
IoT platforms are also boosting demand for automated valet parking management solutions. Valet parking has become a popular trend in many big Cities, and parking operators are launching these services in public facilities to unburden traffic congestion by offering a quicker and easier parking search, as well as in private spaces to improve staff and visitors experience. Smart valet parking solutions witnessed a year-on-year growth of 9.9% from 2017-2018, says Fact.MR.