U.S. to emerge as a pioneer of smart parking industry, collaborations between automotive and tech giants to transform the market dynamics
Category: #world  By Ojaswita Kutepatil  Date: 2017-04-11
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U.S. to emerge as a pioneer of smart parking industry, collaborations between automotive and tech giants to transform the market dynamics

Global smart parking market is reportedly going hi-tech to tide over the parking problems for good. Coming up in line is BMWs ConnectedDrive, all set to demonstrate a solution for street parking with Real-Time Traffic Information System (RTTI) and Connected Navigation. A few years back, BMWs iVenture invested a huge capital for the parking startup - JustPark and 13 such start-up companies, which are now offering mobility services. JustPark has recently announced MINI to be the first car brand that will allow a person to book parking space directly from the dashboard. The establishment of more such pet projects is expected to propel worldwide smart parking industry, say experts.

Ford has run series of experiments in London and Atlanta to come up with smart parking features in their connected cars. Smart parking market is also witnessing strategic alliances to provide optimized parking products, such as the one between CivicSmart and Current. Such acquisitions aid other players including 3M, BMW Group, Siemens, and Audi to expand their foothold and acquire a significant stake in smart parking industry.

A survey by IBM Global Parking Index 2011 stated that an urban motorist is likely to spend extra 20 minutes on road due to parking congestion. Numerous initiatives have been undertaken to set up advanced traffic management systems to correct haphazard parking & road mishaps. In consequence, intelligent transport systems (ITS) market notices major penetration in parking management applications, which is foreseen to exhibit over USD 47.5 billion by 2022. The importance of controlling parking spaces as an integral element of the ITS industry is likely to spur smart parking industry expansion over the coming years.

The deployment of advanced sensor technologies will continue to be the foundation of smart parking market. The deployment of smart parking systems to significantly reduce the time required for searching parking space will also lead to extensive roll outs in smart parking industry, especially across the densely-populated cities. Increasing traffic congestions in North America have contributed over 40% toward global smart parking market share. The SFpark program implemented by the San Francisco Corporation has sped up the search for parking spots by 5 minutes in comparison to the conventional parking method. With this program as a benchmark, many other organizations have launched new parking programs to improve parking conditions.

U.S., with the help of various parking apps, is likely to access about 2.7 million garage parking spaces & on-street spaces across the cities. One such smart parking mobile app – ParkAide, has expanded its footprints by joining the parking revolution. This app helps in booking a parking spot, even before leaving home and will also assist in addressing day-to-day problems faced by drivers. Rapid development in launching new smart phone apps with this technology integration is likely to contribute to the growth of smart parking industry.

With a multitude of projects in the pilot stage, smart parking market is forecast to exhibit significant growth, driven by the execution of full scale city projects by start-ups and SMBs. This revolutionary step will rapidly transit the face of smart parking industry, much like the robotic valet parking, over the years.



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Ojaswita Kutepatil

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Ojaswita Kutepatil

Ojaswita Kutepatil, a mechanical engineer by qualification, presently develops content for Market Size Forecasters, Algosonline, and other similar platforms. Having had a prior experience in Business Development and Technical Engineering, she now pens down articles pe...

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