PUBLISHER: KBV Research | PRODUCT CODE: 1709945
PUBLISHER: KBV Research | PRODUCT CODE: 1709945
The Latin America, Middle East and Africa Smart Parking System Market would witness market growth of 23.7% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Smart Parking System Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $540.3 million by 2031. The Argentina market is showcasing a CAGR of 25.5% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 22.5% during (2024 - 2031).
Autonomous parking solutions enable self-driving vehicles to find and park themselves in designated smart parking areas. The paper "Impact of Self-parking Autonomous Vehicles on Urban Traffic Congestion" investigates how AVs with self-parking capabilities affect urban traffic. The study suggests that AVs can drop passengers at destinations and then park themselves, potentially reducing the need for parking spaces in high-demand areas and alleviating congestion caused by drivers searching for parking.
Additionally, the adoption of smart parking systems necessitates careful consideration of data privacy and security. As these systems collect and process large volumes of data, including vehicle license plate numbers, payment information, and user locations, ensuring data protection and privacy is paramount.
The LAMEA region is driven by growing urbanization, increasing vehicles, and the need for improved parking management in major cities. The United Arab Emirates has emerged as a major adopter of smart parking technologies, driven by its vision to create technologically advanced, sustainable cities. The increasing demand for smart parking systems in Saudi Arabia is consistent with the country's Vision 2030 reform plan, which is designed to modernize infrastructure and diversify the economy. Brazil's National Smart Cities Strategy and the Sao Paulo Smart City Program have accelerated the adoption of intelligent parking systems. South Africa is steadily advancing in smart parking, particularly in its major urban centers like Johannesburg, Cape Town, and Durban. The government's Integrated Urban Development Framework (IUDF) promotes smarter, more sustainable city planning, which includes intelligent transportation management systems. Hence, the region's investment in IoT, AI-driven analytics, and cashless payment technologies, combined with public-private partnerships, is propelling this market forward, positioning LAMEA as a promising area for future growth in this sector.
Based on Software, the market is segmented into Parking Guidance System, and Analytics Solutions. Based on Type, the market is segmented into On-street, and Off-street (Garage Parking, and Lot Parking). Based on Service, the market is segmented into Consulting Service, Engineering Service, and Mobile App Parking Service. Based on Hardware, the market is segmented into Smart Meters, Cameras & LPRs, Pucks (Wireless Sensors), Signage, and Parking Gates. Based on Application, the market is segmented into Commercial, Government, and Transport Transit. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
List of Key Companies Profiled
LAMEA Smart Parking System Market Report Segmentation
By Software
By Type
By Service
By Hardware
By Application
By Country