Smart Parking Market by Technology, Component, Vertical, Application, Ownership

List of Tables

The Smart Parking Market was valued at USD 10.79 billion in 2023, expected to reach USD 12.42 billion in 2024, and is projected to grow at a CAGR of 14.74%, to USD 28.25 billion by 2030.

The smart parking market encompasses advanced systems and technologies that aim to enhance parking management through automation and real-time data collection. These systems are crucial in urban regions plagued by traffic congestion and limited parking space, optimizing usage and reducing inefficiencies. Applications of smart parking span across various end-use sectors including commercial, residential, municipal, and transportation hubs like airports and shopping complexes. The market benefits significantly from the increasing adoption of IoT, enhanced data management capabilities, and the push for smart city initiatives by governments worldwide. Growth is majorly driven by the increasing need for streamlined traffic management, consumer demand for convenience, and reduced environmental impact through lower carbon emissions. Emerging opportunities lie in the integration of electric vehicle (EV) charging stations into smart parking solutions and the development of mobile app-based platforms that offer real-time data analytics and predictive parking availability. However, challenges such as high initial setup costs, data privacy concerns, and resistance to change from conventional parking management practices limit growth. To overcome these, businesses could innovate by focusing on user-friendly technologies, cybersecurity measures, and cost-effective solutions. Innovations should also concentrate on machine learning and AI for dynamic pricing models and better space forecasting. The smart parking market is currently characterized by a mixed nature, dominated by both large established corporations and agile startups, with vast potential for partnerships and collaborations to drive technological advancements. Navigating these challenges and seizing these opportunities could propel significant advancements and adoption rates, suggesting that research and development focused on energy-efficient technologies, integrated mobility solutions, and cross-sectoral collaboration will be paramount for future sustainability and growth in the smart parking sector.

KEY MARKET STATISTICS
Base Year [2023]	USD 10.79 billion
Estimated Year [2024]	USD 12.42 billion
Forecast Year [2030]	USD 28.25 billion
CAGR (%)	14.74%

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving Smart Parking Market

The Smart Parking Market is undergoing transformative changes driven by a dynamic interplay of supply and demand factors. Understanding these evolving market dynamics prepares business organizations to make informed investment decisions, refine strategic decisions, and seize new opportunities. By gaining a comprehensive view of these trends, business organizations can mitigate various risks across political, geographic, technical, social, and economic domains while also gaining a clearer understanding of consumer behavior and its impact on manufacturing costs and purchasing trends.

Market Drivers
- Increasing number of vehicles and need for commercial and public parking spaces
- Rising investments and initiatives toward smart city development
Market Restraints
- High implementation cost of smart parking systems
Market Opportunities
- Growing penetration of IoT-based solutions for fully automated parking systems
- Significant emergence of robotic parking systems and driverless parking technology
Market Challenges
- Unavailability of supporting infrastructure and technical challenges associated with smart parking systems

Porter's Five Forces: A Strategic Tool for Navigating the Smart Parking Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the Smart Parking Market. It offers business organizations with a clear methodology for evaluating their competitive positioning and exploring strategic opportunities. This framework helps businesses assess the power dynamics within the market and determine the profitability of new ventures. With these insights, business organizations can leverage their strengths, address weaknesses, and avoid potential challenges, ensuring a more resilient market positioning.

PESTLE Analysis: Navigating External Influences in the Smart Parking Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the Smart Parking Market. Political, Economic, Social, Technological, Legal, and Environmental factors analysis provides the necessary information to navigate these influences. By examining PESTLE factors, businesses can better understand potential risks and opportunities. This analysis enables business organizations to anticipate changes in regulations, consumer preferences, and economic trends, ensuring they are prepared to make proactive, forward-thinking decisions.

Market Share Analysis: Understanding the Competitive Landscape in the Smart Parking Market

A detailed market share analysis in the Smart Parking Market provides a comprehensive assessment of vendors' performance. Companies can identify their competitive positioning by comparing key metrics, including revenue, customer base, and growth rates. This analysis highlights market concentration, fragmentation, and trends in consolidation, offering vendors the insights required to make strategic decisions that enhance their position in an increasingly competitive landscape.

FPNV Positioning Matrix: Evaluating Vendors' Performance in the Smart Parking Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the Smart Parking Market. This matrix enables business organizations to make well-informed decisions that align with their goals by assessing vendors based on their business strategy and product satisfaction. The four quadrants provide a clear and precise segmentation of vendors, helping users identify the right partners and solutions that best fit their strategic objectives.

Key Company Profiles

The report delves into recent significant developments in the Smart Parking Market, highlighting leading vendors and their innovative profiles. These include CivicSmart, Inc., Conduent Incorporated, FlashParking, Inc., Libelium Comunicaciones Distribuidas S.L., Intercomp S.p.A., UKCPS Ltd, SmartParkZone, SL, Happiest Minds Technologies Limited, Larsen & Toubro Limited, Smart Parking Limited, Stanley Robotics SAS, Robert Bosch GmbH, Wohr Parking Systems Pvt. Ltd., Cisco Systems, Inc., LeddarTech Inc., SKIDATA AG, Delphi Technologies by BorgWarner Inc., Huawei Technologies Co. Ltd., Continental AG, Aisin Corporation, T2 Systems, Inc., Barcelona Smart Technologies, S.L., ABB Ltd., Siemens AG, Streetline, Klaus Multiparking GmbH, JustPark Parking Limited, IPS Group, Inc., EnR Consultancy Services, Robotic Parking Systems, Inc., Amano Corporation, Honeywell International Inc., Qualcomm Technologies, Inc., Zhejiang Dahua Technology Co., Ltd., Flowbird Group, Total Parking Solutions Ltd., Cubic Corporation, hIOTron, SWARCO AG, Parklio, Cleverciti Systems GmbH, IEM SA, ZKTeco Co., Ltd, Oracle Corporation, Digiteum LLC, Nedap N.V., Thales Group, Parkeagle B.V., ParkMobile, LLC by EasyPark AB, INRIX, Inc., International Business Machines Corporation, and TKH Group N.V..

Market Segmentation & Coverage

This research report categorizes the Smart Parking Market to forecast the revenues and analyze trends in each of the following sub-markets:

Based on Technology, market is studied across Counter Technology, Ground-sensor Technology, and Overhead Sensor/Camera-Based Technology.
Based on Component, market is studied across Hardware, Services, and Software. The Hardware is further studied across Cameras & License Plate Recognition, Parking Gates, Sensors, Signage Systems, and Smart Meters. The Services is further studied across Consultancy Services, Engineering Services, and R&D. The Software is further studied across Parking Guidance System, Parking Management Software, and Parking Reservation Management.
Based on Vertical, market is studied across Commercial and Residential.
Based on Application, market is studied across Off-Street and On-Street.
Based on Ownership, market is studied across Private and Public.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

The report offers a comprehensive analysis of the market, covering key focus areas:

1. Market Penetration: A detailed review of the current market environment, including extensive data from top industry players, evaluating their market reach and overall influence.

2. Market Development: Identifies growth opportunities in emerging markets and assesses expansion potential in established sectors, providing a strategic roadmap for future growth.

3. Market Diversification: Analyzes recent product launches, untapped geographic regions, major industry advancements, and strategic investments reshaping the market.

4. Competitive Assessment & Intelligence: Provides a thorough analysis of the competitive landscape, examining market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, and technological advancements of key players.

5. Product Development & Innovation: Highlights cutting-edge technologies, R&D activities, and product innovations expected to drive future market growth.

The report also answers critical questions to aid stakeholders in making informed decisions:

1. What is the current market size, and what is the forecasted growth?

2. Which products, segments, and regions offer the best investment opportunities?

3. What are the key technology trends and regulatory influences shaping the market?

4. How do leading vendors rank in terms of market share and competitive positioning?

5. What revenue sources and strategic opportunities drive vendors' market entry or exit strategies?

Product Code: MRR-43539E5D3496

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing number of vehicles and need for commercial and public parking spaces
  - 5.1.1.2. Rising investments and initiatives toward smart city development
- 5.1.2. Restraints
  - 5.1.2.1. High implementation cost of smart parking systems
- 5.1.3. Opportunities
  - 5.1.3.1. Growing penetration of IoT-based solutions for fully automated parking systems
  - 5.1.3.2. Significant emergence of robotic parking systems and driverless parking technology
- 5.1.4. Challenges
  - 5.1.4.1. Unavailability of supporting infrastructure and technical challenges associated with smart parking systems
5.2. Market Segmentation Analysis
- 5.2.1. Component: Growing usage of hardware for facilitating the physical infrastructure and supporting intelligent functionalities
- 5.2.2. Vertical: Growing potential of smart parking across the commercial sector to address parking needs for business environments
5.3. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. PESTLE Analysis
- 5.4.1. Political
- 5.4.2. Economic
- 5.4.3. Social
- 5.4.4. Technological
- 5.4.5. Legal
- 5.4.6. Environmental
5.5. Client Customization
- 5.5.1. Regulatory Framework
- 5.5.2. Parking Reservation Management
- 5.5.3. Valet Parking Management
- 5.5.4. License Plate Recognition

6. Smart Parking Market, by Technology

6.1. Introduction
6.2. Counter Technology
6.3. Ground-sensor Technology
6.4. Overhead Sensor/Camera-Based Technology

7. Smart Parking Market, by Component

7.1. Introduction
7.2. Hardware
- 7.2.1. Cameras & License Plate Recognition
- 7.2.2. Parking Gates
- 7.2.3. Sensors
- 7.2.4. Signage Systems
- 7.2.5. Smart Meters
7.3. Services
- 7.3.1. Consultancy Services
- 7.3.2. Engineering Services
- 7.3.3. R&D
7.4. Software
- 7.4.1. Parking Guidance System
- 7.4.2. Parking Management Software
- 7.4.3. Parking Reservation Management

8. Smart Parking Market, by Vertical

8.1. Introduction
8.2. Commercial
8.3. Residential

9. Smart Parking Market, by Application

9.1. Introduction
9.2. Off-Street
9.3. On-Street

10. Smart Parking Market, by Ownership

10.1. Introduction
10.2. Private
10.3. Public

11. Americas Smart Parking Market

11.1. Introduction
11.2. Argentina
11.3. Brazil
11.4. Canada
11.5. Mexico
11.6. United States

12. Asia-Pacific Smart Parking Market

12.1. Introduction
12.2. Australia
12.3. China
12.4. India
12.5. Indonesia
12.6. Japan
12.7. Malaysia
12.8. Philippines
12.9. Singapore
12.10. South Korea
12.11. Taiwan
12.12. Thailand
12.13. Vietnam

13. Europe, Middle East & Africa Smart Parking Market

13.1. Introduction
13.2. Denmark
13.3. Egypt
13.4. Finland
13.5. France
13.6. Germany
13.7. Israel
13.8. Italy
13.9. Netherlands
13.10. Nigeria
13.11. Norway
13.12. Poland
13.13. Qatar
13.14. Russia
13.15. Saudi Arabia
13.16. South Africa
13.17. Spain
13.18. Sweden
13.19. Switzerland
13.20. Turkey
13.21. United Arab Emirates
13.22. United Kingdom

14. Competitive Landscape

14.1. Market Share Analysis, 2023
14.2. FPNV Positioning Matrix, 2023
14.3. Competitive Scenario Analysis
- 14.3.1. SKIDATA and Kopernikus Automotive Forge Partnership to Elevate Smart Parking solutions
- 14.3.2. Quercus Technologies takes the parking experience to the next level, launching the new version of SC Indoor guidance sensors.
- 14.3.3. Parking Startup Metropolis Raises USD 1.7B, Buys SP Plus
- 14.3.4. Airtel Payments Bank, Park+ partner for FASTag-based Smart Parking Solution at Varanasi Airport
- 14.3.5. ParkMobile to Partner with the Town of Secaucus to Offer Digital Parking Payment Solution
- 14.3.6. Macquarie to invest in Austrian car park company Best in Parking
- 14.3.7. Neuron Mobility has Unveiled its Augmented Reality (AR) Parking Assistant to Help Ensure e-Scooters are Parked Responsibly
- 14.3.8. Synguard and Nedap Identification Systems Expand Partnership to Deliver Integrated Vehicle Access Control Solution for the Security Market
- 14.3.9. KT, Amano Korea Join Hands to Develop Smart Parking Solutions
- 14.3.10. Olimpia Parking Uses ABB Technology for Electric Vehicles Charging and Smart Buildings
- 14.3.11. Park+ Bags INR 140 Cr To Expand Parking Solutions To 100+ Cities
- 14.3.12. Qualcomm Builds Global Momentum in Advanced Driver Assistance and Autonomous Driving Segment with Snapdragon Ride Platform Portfolio
- 14.3.13. Libelium and SECO Join Forces in the Sensor Space
- 14.3.14. Smart parking start-up ParkMate raises undisclosed funding from We Founder Circle
- 14.3.15. Flowbird Group Acquire's UK's Leading Parking Technology Provider YourParkingSpace

Companies Mentioned

1. CivicSmart, Inc.
2. Conduent Incorporated
3. FlashParking, Inc.
4. Libelium Comunicaciones Distribuidas S.L.
5. Intercomp S.p.A.
6. UKCPS Ltd
7. SmartParkZone, SL
8. Happiest Minds Technologies Limited
9. Larsen & Toubro Limited
10. Smart Parking Limited
11. Stanley Robotics SAS
12. Robert Bosch GmbH
13. Wohr Parking Systems Pvt. Ltd.
14. Cisco Systems, Inc.
15. LeddarTech Inc.
16. SKIDATA AG
17. Delphi Technologies by BorgWarner Inc.
18. Huawei Technologies Co. Ltd.
19. Continental AG
20. Aisin Corporation
21. T2 Systems, Inc.
22. Barcelona Smart Technologies, S.L.
23. ABB Ltd.
24. Siemens AG
25. Streetline
26. Klaus Multiparking GmbH
27. JustPark Parking Limited
28. IPS Group, Inc.
29. EnR Consultancy Services
30. Robotic Parking Systems, Inc.
31. Amano Corporation
32. Honeywell International Inc.
33. Qualcomm Technologies, Inc.
34. Zhejiang Dahua Technology Co., Ltd.
35. Flowbird Group
36. Total Parking Solutions Ltd.
37. Cubic Corporation
38. hIOTron
39. SWARCO AG
40. Parklio
41. Cleverciti Systems GmbH
42. IEM SA
43. ZKTeco Co., Ltd
44. Oracle Corporation
45. Digiteum LLC
46. Nedap N.V.
47. Thales Group
48. Parkeagle B.V.
49. ParkMobile, LLC by EasyPark AB
50. INRIX, Inc.
51. International Business Machines Corporation
52. TKH Group N.V.