The global parking management market is anticipated to grow at a CAGR of 7.28% during the forecast period (2023–2030). The market growth is attributed to the growing demand for Intelligent parking management system based on an Advanced RISC Machine (ARM) platform with wireless sensor networks. There is a considerable increase in the publication of several studies and projects concerning the development of intelligent parking management systems. For instance, in 2022, Hindawai Mobilt Information Systems published a research report which aims to develop an intelligent parking management system based on ARM and ZigBee wireless sensor networks, lowering the time it takes customers to discover parking places and raising parking space utilisation.
This study constructed and transferred the Linux embedded operating system to the ARM host controller. An energy-balancing-based routing enhancement algorithm was developed, and a ZigBee wireless sensor network was built. Parking space detection and licence plate recognition are the two primary functionalities that are implemented by the developed system. Through a ZigBee wireless sensor network, the ARM main controller receives the data gathered by the ultrasonic sensor. Licence plate recognition, using a computing stick and the ARM host controller, the paper processes video from security cameras in a parking lot in real time using deep learning algorithms and then uses OpenCV tools to perform plate recognition to calculate how long each vehicle has been parked. This localised offline computing approach eliminates the need for a host computer or cloud platform. For instance, in February 2020, According to COX Today, iRAM announced its powerful Smart Sensor Wireless Network (SSWN) is generally accessible. Specific sensors, controllers, actuators, gateways, and signal repeaters and boosters are included in this network. The Smart Parking Management System, Streetlight Management Systems, and Environment Monitoring Stations are a few of the Smart City applications now being employed on the network. Other Smart City applications, such as Smart Bins, Vehicle Tracking, Smart Buildings, etc., are currently undergoing interoperability testing.
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Market Coverage
- The market number available for – 2022-2030
- Base year- 2022
- Forecast period- 2023-2030
Segment Covered-
- By Offering
- By Parking Site
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- includes 3M Co., Bond Mortgage LLC, Cubic Corp, Flashparking, Inc., Infocomm Group LLC, and others.
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Parking Management Market Report Segment
By Technology
- Solutions
- Parking Guidance Solution
- Parking Reservation Management
- Parking Permit Management
- Parking Enforcement Management
- Parking Access and Revenue Control (PARC)
- Parking Security and Surveillance
- Parking Analytics
Services
- Professional Service
- Consulting and Training
- System Integration and Deployment
- Support and Maintenance
- Managed Service
By Parking Site
- Off-street Parking
- On-street Parking
Parking Management Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- 3M Co.
- Bond Mortgage LLC
- Cubic Corp
- Flashparking, Inc.
- Infocomm Group LLC
- International Business Machines Corp
- Kapsch Trafficcom AG
- Q-Free AsA
- Rober Bosch GmbH
- SAP SE
- Siemens Ltd.
- Skidata, Inc.
- Swarco AG
- Tiba Parking Systems
- Undersun Fitness
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