Pune, India -- (SBWIRE) -- 10/21/2020 -- The global smart parking system market size is likely to expand during the forecast period states Fortune Business Insights, in its latest report, titled “Smart Parking System Market Size, Share & Industry Analysis, By Type (Off-Street Parking, On-Street Parking), By Component (Sensor, Cameras, Parking Meter, Central Server, Management Software, Mobile App), By End-User (Private, Government) Others and Regional Forecast, 2019-2026.” This is ascribable to factors such as rapid urbanization and advancement in technology across the globe.

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What does the Report Include?

The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. Moreover, the report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market.

The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.

Drivers and Restraints:

Integration of IoT-enabled Parking Lots to Promote Growth

In the fast-paced life often, we face hurdles when it involves parking our cars. During emergencies such as meeting a client or attending a scheduled meeting, it can be a task sometimes to find parking lots that are not occupied. However, innovative parking technology along with IoT connectivity ensures that one can locate an empty parking lot within no time. IoT sensors in the parking lot transmit data over a wireless connection across a cloud server.

This data is then extracted and further analyzed to provide the user with real-time data on the available parking spaces around him. This saves fuel and is less time consuming. Increasing demand for the IoT-enabled parking lots owing to its efficiency is anticipated to drive the market growth during the projected horizon.

Parking Solutions Installed through Global Pandemic, COVID-19

The global situation is grim and brought to a standstill amid the chaos caused due to the novel coronavirus. Every sector is reeling under this eminent threat and its repercussion has been felt across the globe as the economy has come to standstill. However, in UK, WPS, a parking solutions company, is striving to deliver solutions such as maintaining and installing parking infrastructures for key sectors such as essential utilities and healthcare. It is working to provide 24-hour availability of parking spaces for the customers in dire needs.

Regional Analysis:

Increasing Number of Vehicles in North America to Surge Demand

Among the regions, North America is expected to remain at the forefront during the forecast period. This is ascribable to factors such as increasing number of vehicles plying on the road and increasing demands to ease traffic congestion. On the other hand, Asia-Pacific is anticipated to rise significantly and register promising smart parking system market revenue during the projected horizon.

This is attributable to factors such as development of advanced technologies such as IoT to reduce environmental impact owing to pollution caused by vehicles. The market in Europe will expand backed by strict governmental regulations to limit pollution levels in the forthcoming years.

Competitive Landscape:

Nordecon AS Joint Venture with Road Administration to Drive the Market

In April 2020, Nordecon AS, a leading private sector Company, signed a deal with Road Administration (Maanteeamet) to construct a traffic junction at Vao, located in the eastern district of Tallinn in Lasnamae. This deal is estimated to be around EURO 20.6 million that involves installation of smart systems along with designated truck parks to reduce traffic congestion. Janar Tukk, Maintenance Head, says, “Presently, the Vao intersection is among the busiest junction in Estonia with around 49,000 cars plying through it daily.

The deal is aimed at increasing the capacity of the junction and making it safe for road users” Adoption of strategies such as joint ventures, collaboration, and merger and acquisition by the key players to gain maximum share will contribute to the growth of the market during the forecast period.

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List of the Companies Proliferating in the Market:



- Intercomp S.p.A.

- Seimens AG

- Indect Electronics & Distribution GmbH

- Continental AG

- Comarch SA.

- Among others