Smart parking market to witness 11% growth


Technology research company Technavio forecasts the global automated parking systems market to grow by more than 11% between 2017 and 2021.

Technavio says trends in smart parking, increases in demand for smart parking from luxury residential buildings and improvements in services will drive the market growth.

The deployment of advanced sensor technologies and innovations in wireless communications, data analytics, induction loops and smart parking meters are some of the trends impacting the smart parking market.

Stakeholders in the smart cities sector are increasingly deploying sustainable solutions for parking to reduce congestion in central business districts and to beautify city infrastructure.

Raghav Bharadwaj Shivaswamy, a lead analyst at Technavio for robotics, said: “Developers and architects are emphasising on projects that can attain Leadership in Energy and Environmental Design certifications. The certification is provided on meeting criteria regarding innovation in design, lighting, air quality, energy consumption, and others. Focus of developers on meeting the accepted benchmarks for the design, construction, and operation of buildings is expected to increase during the forecast period.”

Demand for automated parking

Technavio predict developers or owners of residential buildings such as condominiums will increase investments in smart parking infrastructure and technologies to improve customer experience.

The research company says automated parking facilitates parking in a cost-effective manner hence property owners will incorporate the infrastructure and technologies in their services to reduce parking costs for their customers.

Service improvements

“The vendors in the market are utilizing their expertise in parking solutions to create turnkey solutions for their customers. This would require modifications to standard components along with adoption of new mechanisms. Vendors will focus on improving project management capabilities to ensure that there is efficiency in documentation and product adoption as and when the market gains traction,” added Raghav.