PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485718
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485718
Smart Parking Market size was valued at USD 7,456.71 Million in 2023, expanding at a CAGR of 21.5% from 2024 to 2032.
Smart parking represents a technology-driven approach to parking management, employing sensors, cameras, or mobile applications to detect available parking spaces in real time. This data is then relayed to drivers through applications or digital signage, directing them to open spots and reducing time spent searching. Additionally, smart parking systems may integrate payment functionalities, enabling users to conveniently pay for parking directly through their mobile devices. This comprehensive system benefits drivers by saving time and alleviating frustration, while cities can optimize parking space utilization and potentially increase revenue.
Smart Parking Market- Market Dynamics
Increased government investment in smart city projects and initiatives aimed at alleviating traffic congestion to propel market demand
The market's growth can be attributed to increased government investment in smart city projects and initiatives aimed at alleviating traffic congestion. Moreover, advancements in Internet of Things (IoT) technology, coupled with substantial investments by market players in research and development for innovative product development, are expected to significantly propel industry growth through 2030. The COVID-19 pandemic adversely impacted market growth in 2020 due to stringent lockdown measures implemented by various governments to mitigate virus transmission. However, starting in early 2021, the market witnessed robust growth fueled by substantial investments by several governments in infrastructure development initiatives and the transportation sector to bolster the country's economy.
Smart Parking Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 21.5% over the forecast period (2024-2032)
Based on Hardware segmentation, smart meters were predicted to show maximum market share in the year 2023
Based on Software segmentation, parking guidance systems were the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Smart Parking Market is segmented based on Hardware, Software, Services, Product Type, Application, and Region.
The market is divided into five categories based on Hardware: Pucks (Wireless Sensors), Smart Meters, Cameras & LPRs, Signage and Parking Gates. In 2023, the smart meters segment dominated the market. As urbanization continues to rise globally, the demand for on-street parking spaces in various cities has increased, leading to widespread adoption of parking meters. These meters utilize sensors and mobile applications to track available spaces and monitor parked vehicles. With many vehicles parked on streets for extended periods, governments are deploying smart parking meters to facilitate convenient payments for on-street parking slots.
The market is divided into two categories based on Software: Parking Guidance Systems and Analytics Solutions. The parking guidance systems segment contributed significantly to revenue in 2023. These systems are efficient because of their ability to assist drivers in locating vacant slots, providing parking guidelines, available space counts, and duration information, ultimately saving drivers time. Industry players are focusing on introducing cutting-edge guidance systems to bolster their market share. For example, in June 2021, parking solution provider Quercus Technologies launched SC Outdoor, an outdoor parking guidance system aiding drivers in locating spaces on rooftops and other outdoor parking facilities, complementing their BirdWatch parking management software.
Smart Parking Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Market players are investing resources in research and development to support growth and improve internal operations. They are engaging in mergers, acquisitions, and partnerships to enhance their products and gain a competitive edge. By developing new products and enhancing existing ones, companies aim to increase market share. Strategic alliances with automotive manufacturers enable the integration of smart parking solutions into vehicles, providing seamless parking assistance to drivers. Additionally, investments in research and development, along with mergers and acquisitions, drive market growth and expansion.
In July 2021, Westfalia Parking introduced the Westfalia Parking app, an integrated consumer parking solution designed to enhance the efficiency and safety of automated parking facilities. This contactless application allows users to track their vehicles and call them from home, hotel, or office, facilitating a seamless parking experience.
GLOBAL SMART PARKING MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHT
Altiux Innovations
Amano McGann, Inc.
Amco S.A.
BMW AG (ParkNow GmbH, Parkmobile LLC)
Cisco Systems, Inc.
CivicSmart, Inc.
Deteq Solutions
Flowbird
gtechna
INDECT Electronics & Distribution GmbH
Kapsch TrafficCom
Libelium Comunicaciones Distribuidas S.L.
Meter Feeder, Inc.
Others