Africa Smart Parking Market—Allied Market Research

The Africa smart parking market is augmented by rapid technological advancements, rise in awareness among end users about increasing deployment of smart parking systems, and surge in adoption of competitive pricing strategies by key players. Smart parking is an efficient system of managed parking, which has gained immense popularity in the continent, with government and commercial end users investing significantly toward growth of the market.  

The Africa smart parking market is expected to show substantial growth due to driving factors such as rapid urbanization and improved safety needs for drivers & vehicles. Moreover, increase in government initiatives, such as investing in roads & infrastructure, better parking management systems & technology, and improved capacity-building initiatives, is expected to augment the market growth in the coming years. In addition, efforts to reduce pollution through effective parking management systems, increased deployment of Internet of Things (IoT) enabled smart parking solutions, and utilization of advanced technologies generate significant traction in the market. On the contrary, lack of technological awareness among end users, especially in rural areas of the continent, and high installation costs of smart parking solutions act as the market restraints. In addition, stringent regulatory policies in several African countries negatively influence the market growth. 

The major players in the Africa smart parking market focus on developing & deploying technologically advanced and affordable products in the African market with the aim to compete and obtain a dominant position. Parking solutions using Artificial Intelligence (AI) and machine learning technologies are being developed continuously to bolster the implementation of smart parking solutions in the continent, which is further expected to boost the Africa smart parking market. To gain a competitive edge in the market, companies focus on R&D and product innovation. Several market players, such as IBM, Vivatech, and Smart Parking, have introduced advanced products in the market with enhanced capabilities, such as automated sensors, license plate recognition (LPR) technology, and cloud-based solutions. Vendors develop affordable smart parking solutions to tap into the potential in rural markets of Africa and gain a stronger foothold in the market. Moreover, companies offer attractive discounts and innovative pricing strategies to gain high market share. Using the digital platform, for instance, to reach a large customer base and obtain visibility of their products, companies invest in digital marketing tools such as social media, search engine optimization, or e-mail marketing. 

To gain a stronghold in the Africa smart parking market, leading market players focus on various strategies, including product development & innovation, financial investment, acquisition, market development, consumer-centric approaches, segmentation, and diversification. Leading players in the Africa smart parking market capitalize on financial resources and invest heavily in mergers, acquisitions, and strategic partnerships to strengthen their product portfolios and expand their market presence. In addition, companies invest in their product portfolio through the addition of new & more refined features to existing products to ensure an edge over competitors. Further, these initiatives are geared toward strengthening their presence within the external market, with a designated focus on growing economies of Africa. Furthermore, to increase their market presence, suppliers rely on development of progressive technologies such as IoT, Radio Frequency Identification (RFID), ultrasonic sensors, and AI. Overall, the Africa smart parking market intends to be driven by a strong product portfolio, technological advancements, competitive pricing, and strategic partnerships during the forecast period. Growth opportunities in the continent are supported by rise in demand for smart & more efficient parking solutions from government and commercial end users. Market players are expected to focus on new product development & innovation to stay ahead of competitors and strengthen their market presence. 

The Africa smart parking market is segmented on the basis of type, technology, application, and end user. By type, the market is bifurcated into off-street and on-street. The on-street segment is dominating the market, and is expected to exhibit high growth rate during the forecast period, as parking solutions on the street are gaining high traction due to the ease of managing available parking space.