Market Overview

Crowdsourced smart parking is a system that helps drivers to identify parking spots via smartphones or electronic street panels. This system provides data regarding unoccupied parking spaces available for parking, which is helpful for avoiding congestion on-street as well as off-street. This system can be installed in public places such as shopping malls, airports, hospitals, office buildings, and residential communities among others. The goal of the system is to automate and decrease time spent on manually searching for a parking spot.

Growing concern for parking along with increasing adoption of vehicles are factors driving growth of the market

Major factors driving growth of the crowdsourced smart parking market include increasing demand for vehicles, globally. For instance, according to International Organization of Motor Vehicle Manufacturers statistics (OICA), the total number of vehicles sold in 2016 was 94 million units, which increased to 96 million units in 2017, globally. Rising adoption of vehicles is resulting in high traffic congestion, which in turn, is increasing the demand for crowdsourced smart parking to ease traffic congestion, which further helps save the time, cost, and fuel. The adoption of crowdsourced smart parking systems helps users in determining the available parking spaces and reserving the spot in advance, reducing the time required to avail parking and reduces human error in parking.

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Market Dynamics

On the basis of applications, the commercial use segment accounted for the largest market share of the global crowdsourced smart parking market in 2017. This growth is attributed to the rising number of shopping malls, large commercial hubs, and sports entertainment hubs being constructed in the region. For instance, according to Coherent Market Insights’ analysis, in 2016, the number of shopping malls in Germany was 474, which increased to 482 in 2017. Public place require appropriate parking of a large number of vehicles to avoid congestion. In such situations, crowdsourced smart parking solutions provide directions and accuracy to the drivers for parking vehicles. This in turn, is expected to propel growth of the commercial use segment.

The market for crowdsourced smart parking in North America accounted for largest share in the global market in 2017. The U.S. and Canada are the major growth engine in the market in North America, owing to the increasing sales of vehicles in these countries. For instance, according to the OICA (International Organization of Motor Vehicle Manufacturers), the total vehicle sales of passenger cars in the U.S. was 7.5 million in 2013, which increased to 7.6 million in 2014. Similarly, in Canada, the total sales of passenger cars was 755 thousand units in 2013, which increased to 760 thousand units in 2014. The increasing adoption of vehicles in turn, is expected to increase the demand for high-end automation solutions and software for managing parking payments and guidance.

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Major players operating in the global crowdsourced smart parking market include 3M, Amano Corporation, Cubic Corporation, Thales Group, Kapsch TrafficCom AG, Nortech Control Systems Limited, Siemens Swarco AG, Fujica, Imtech, and Xerox Corporation.

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