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The technologies in smart parking have undergone significant change in recent years, from short parking space to larger parking space. The rising wave of new technologies such as remote parking technology, global positioning system (GPS), and machine vision are creating significant potential for smart parking due to reduction in stress while searching for a parking space, takes away the unpredictability of finding a parking spot, and will reduce search traffic on streets.
In smart parking market, various technologies are used which include IoT (Internet of Things), ultrasonic, and RFID (radio frequency identification). Rapidly increasing traffic congestion leading to limited space for smooth flow of traffic, and increasing problems related to land utilization and proper parking management are the key issue of overcrowded cities are creating opportunities for various smart parking technologies.
This report analyzes technology maturity, degree of disruption, competitive intensity, market potential, and other parameters of various technologies in the smart parking market. Some insights are depicted below by a sample figure. For more details on figures, the companies researched, and other objectives/benefits on this research report, please download the report brochure.