Smart Parking Management System Market Forecast
The market size of global parking system is expected to reach USD 368.7 million by 2020. Favorable government initiative and increasing public sector funding will favor the growth and adoption of smart parking systems for the forecast period. The industry is supposed to witness an increase in demand for smart parking system in transport transit and commercial applications segment, and it is subsequently expected to impel the improvement in the industry.
This smart parking management technology effectively addresses traffic congestion issues and parking related concerns. Smart parking solutions helps in reducing fuel usage and subsequently minimizes vehicular emissions. The Parking management industry is looking gain momentum owing to the inclusion of reliable features such as voice guidance, handicapped parking, and auto-payment options enabled through smartphone applications.
An increasing number of automotive and lack of smart parking system is affecting the availability of parking areas and is subsequently driving the demand for these technologies across the world. Such smart parking management systems offer several opportunities for reuse of commercial and municipal parking spaces and garages. Hence, these smart parking systems help in making the cities greener, cleaner, and technologically sound and advanced.
Smart parking solution offers an extensive range of products to the parking industry covered all the latest technology like Chip coin parking systems, Chip coin parking solutions, bar code and chip coin. The chip coin parking solution of the system includes entry and exit mechanism, automated pay mechanism, manual and central cashier, and industrial grade parking server. Taking about the system robustness are rugged maintenance friendly cabinet design, limited use of intelligent subsystems and mechanical, components, and centralized intelligence in management system. System intelligence benefits are superior reliability, minimal upfront investment, and low total costs of ownership.
Demand for smooth traffic flow is the significant driving factor for the adoption of smart parking management system and chip coin parking solution across metro cities. Chip coin parking system and Smart Parking management system reducing hardware and connectivity cost and it is also provides advantages in terms of revenue to the parking site owners. Thus, revenue generation and smoothing of the traffic flow are the factors driving the adoption of parking management systems.