Smart Parking Market Size, Share, Forecast, & Trends Analysis by Offering, Application, Parking Site, End User & Geography

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List of Tables

Global Smart Parking Market by Offering (Hardware, Software, Services), Application (Parking Management, Payment, Vehicle Identification, Security & Surveillance, Others), Parking Site, End User (Commercial, Residential) & Geography-Forecasts to 2031

The research report titled, 'Global Smart Parking Market by Offering (Hardware, Software, Services), Application (Parking Management, Payment, Vehicle Identification, Security & Surveillance, Others), Parking Site, End User (Commercial, Residential) & Geography-Forecasts to 2031', provides in-depth analysis of smart parking market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.

The smart parking market is projected to reach $22.9 billion by 2031, at a CAGR of 18.2% from 2024 to 2031. The growth of this market is driven by escalating traffic congestion caused by improper parking, increasing investments in smart parking facilities, and the growing demand for parking spaces. However, the high implementation costs of smart parking systems restrain the growth of this market.

Moreover, the increasing investment in smart cities, the emergence of the parking-as-a-service business model, and the proliferation of EV charging stations are expected to create growth opportunities for stakeholders in this market. However, the lack of standardization in smart parking systems, resulting in interoperability and compatibility issues, and vulnerability to climatic conditions & vandalism are some of the challenges impacting the market's growth.

Additionally, the integration of the Internet of Things (IoT) and sensor technologies and the rising demand for AI-powered parking solutions are prominent trends in the smart parking market.

The global smart parking market is segmented by offering (hardware (sensors, smart cameras parking gates, signages, pay & display machines, other hardware), software (on-premise, cloud-based), services (professional services, managed services)), application (parking management, payment, enforcement, security & surveillance, and vehicle identification), parking site (off-street, on-street), end user (commercial (transit hub, retail & entertainment, EV charging station, office spaces, other commercial spaces), residential). The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on offering, the global smart parking market is broadly segmented into hardware, software, and services. In 2024, the hardware segment is expected to account for the largest share of the global smart parking market. This segment's large market share can be attributed to the rising adoption of pay-and-display machines and parking meters at parking facilities, the increased integration of surveillance cameras and monitoring systems to bolster vehicle safety and security, and the growing utilization of parking sensors for detecting parking occupancy.

However, the services segment is projected to register the highest CAGR during the forecast period. The growth of this segment can be attributed to the rising integration of IoT and sensors in parking spaces to enhance efficiency, the increasing adoption of wireless and digital payment technologies to augment revenue generation, and the proliferation of smart public parking facilities. For instance, in April 2024, Batic Investments and Logistics Co. (BATIC) (Saudi Arabia) signed a framework agreement with Arabian Internet and Communications Services Company (Saudi Arabia) for the operation and maintenance of smart public parking spaces in Riyadh City.

Based on application, the global smart parking market is segmented into parking management, payment, enforcement, security & surveillance, and vehicle identification. In 2024, the parking management segment is expected to account for the largest share of over 33.0% of the global smart parking market. This segment's large share can be attributed to the widespread adoption of sensors in parking spaces for spot identification, the increased use of parking gates and signage to manage and regulate traffic flow, and the rising utilization of Automatic Number Plate Recognition (ANPR) technology for revenue generation at parking facilities. For instance, in November 2024, Teesside Park (U.K.), a retail and leisure park in England, announced plans to utilize ANPR cameras in parking areas to impose fines on vehicle owners exceeding a four-hour parking limit.

However, the security & surveillance segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the rising deployment of smart cameras in parking areas to prevent crime, gather evidence, and enforce parking regulations. Additionally, the proliferation of on-street parking networks in densely populated cities contributes to the segment's growth.

Based on parking site, the global smart parking market is segmented into off-street and on-street. In 2024, the off-street segment is expected to account for a larger share of over 70.0% of the global smart parking market. This segment's market share is attributed to urbanization and the proliferation of pay-and-park facilities in congested areas aimed at mitigating traffic congestion and generating revenue.

Moreover, the off-street segment is projected to register a higher CAGR during the forecast period. The growth of this segment is driven by the rising need to address traffic congestion issues, the increasing utilization of pay-and-park services, and the proliferation of smart meters and pay-and-display machines in commercial parking facilities.

Based on end user, the global smart parking market is broadly segmented into commercial and residential. In 2024, the commercial segment is expected to account for the larger share of over 80.0% of the global smart parking market. This segment's large market share can be attributed to the heightened emphasis of commercial establishments on enhancing parking experiences by incorporating technologies like ANPR, signage, and pay-and-display machines. Additionally, the increasing adoption of smart parking solutions in commercial spaces to address security concerns, tackle obstructive parking, and identify unallocated parking spots efficiently contributes to the significant market share of this segment.

Moreover, the commercial segment is projected to register the highest CAGR during the forecast period.

The growth of this segment is driven by the proliferation of electric vehicle charging facilities integrated with smart car parking technologies such as smart meters, pay-and-display machines, and cameras. For instance, in May 2024, ST Engineering (Singapore) collaborated with Nanyang Technological University (Singapore) to deploy Singapore's first integrated smart car park and electric vehicle charging system, GoParkin, at NTU's main campus.

Based on geography, the smart parking market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of over 41.0% of the global smart parking market. North America's significant market share can be attributed to increasing investments by cities and municipalities in smart parking initiatives within densely populated urban areas, the rising number of vehicles in the region, mounting challenges in urban mobility and infrastructure, and the proliferation of online parking reservation services across the region. For instance, in February 2024, Eleven-x (Canada) was chosen for a municipal smart parking project in Virginia, U.S. The project encompasses a smart parking system leveraging Eleven-x's wireless technology to monitor parking spots and generate real-time availability data.

However, the market in Asia-Pacific is projected to register the highest CAGR of 20.0% during the forecast period. The growth of this regional market can be attributed to the region's densely populated cities, escalating congestion issues in urban areas, and the increasing focus of municipalities on developing smart parking solutions to alleviate congestion problems. For instance, in February 2024, the Chandigarh Municipal Corporation (India) issued a request for proposal (RFP) for the design, development, and maintenance of smart parking lots based on a PPP (public-private partnership) model. As part of this initiative, 89 paid parking lots will be operated using smart facilities.

Key Players:

Some of the key players operating in the smart parking market are Cisco Systems, Inc. (U.S.), Siemens AG (Germany), Swarco AG (Austria), Robert Bosch GmbH (Germany), Amano Corporation (Japan), PRECISE PARKLINK INC. (Canada), Nedap N.V. (Belgium), Libelium Comunicaciones Distribuidas S.L. (Spain), Meter Feeder, Inc. (U.S.), ST Engineering (Singapore), TKH Security B.V. (Netherlands), CivicSmart, Inc. (U.S.), FLOWBIRD (France), SKIDATA GmbH (Austria), and Smart Parking Limited (U.K.).

Key questions answered in the report-

Which are the high-growth market segments based on offering, application, parking site, and end user?
What was the historical market for smart parking?
What are the market forecasts and estimates for the period 2024-2031?
What are the major drivers, restraints, and opportunities in the smart parking market?
Who are the major players in the smart parking market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the smart parking market?
What are the different strategies adopted by the major players in the smart parking market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global smart parking market, and how do they compete with the other players?

Scope of the Report:

Smart Parking Market Assessment-by Hardware

Hardware
- Sensors
- Smart Cameras
- Parking Gates
- Signages
- Pay & Display Machines
- Other Hardware
Software
- On-premise
- Cloud-based
Services
- Professional Services
- Managed Services

Smart Parking Market Assessment-by Application

Parking Management
Payment
Enforcement
Security & Surveillance
Vehicle Identification

Smart Parking Market Assessment-by Parking Site

Off-street
On-street

Smart Parking Market Assessment-by End User

Commercial
- Transit Hub
- Retail & Entertainment
- EV Charging Station
- Office Spaces
- Other Commercial Spaces
Residential

Smart Parking Market Assessment-by Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Sweden
- Switzerland
- Netherlands
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Australia
- Malaysia
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- Israel
- UAE
- Rest of Middle East & Africa

Product Code: MRICT - 1041134

1. Introduction

1.1. Market Definition & Scope
1.2. Currency & Limitations
- 1.2.1. Currency
- 1.2.2. Limitations

2. Research Methodology

2.1. Research Approach
2.2. Process of Data Collection and Validation
- 2.2.1. Secondary Research
- 2.2.2. Primary Research/Interviews with Key Opinion Leaders of the Industry
2.3. Market Sizing and Forecast
- 2.3.1. Market Size Estimation Approach
- 2.3.2. Growth Forecast
2.4. Assumptions for the Study

3. Executive Summary

3.1. Overview
3.2. Market Analysis, by Offering
3.3. Market Analysis, by Application
3.4. Market Analysis, by Parking Site
3.5. Market Analysis, by End User
3.6. Market Analysis, by Geography
3.7. Competition Analysis

4. Market Insights

4.1. Overview
4.2. Factors Affecting Market Growth
- 4.2.1. Drivers
  - 4.2.1.1. Escalating Traffic Congestion Caused by Improper Parking
  - 4.2.1.2. Increasing Investments in Smart Parking Facilities
  - 4.2.1.3. Growing Demand for Parking Spaces
- 4.2.2. Restraints
  - 4.2.2.1. High Implementation Costs of Smart Parking Systems
- 4.2.3. Opportunities
  - 4.2.3.1. Increasing Investment in Smart Cities
  - 4.2.3.2. Emergence of the Parking-as-a-Service Business Model
  - 4.2.3.3. Proliferation of EV Charging Stations
- 4.2.4. Challenges
  - 4.2.4.1. Lack Of Standardization in Smart Parking Systems, Resulting in Interoperability and Compatibility Issues
  - 4.2.4.2. Vulnerability to Climatic Conditions & Vandalism
4.3. Key Trends
- 4.3.1. Integration of Internet of Things (IoT) and Sensor Technologies
- 4.3.2 Rising Demand for AI-powered Parking Solutions
4.4. Porter's Five Forces Analysis
- 4.4.1. Bargaining Power of Buyers
- 4.4.2. Bargaining Power of Suppliers
- 4.4.3. Threat of Substitutes
- 4.4.4. Threat of New Entrants
- 4.4.5. Degree of Competition
4.5. Vendor Selection Criteria/Factors Influencing Buying Decisions
4.6. Value Chain Analysis

5. Smart Parking Market Assessment-by Offering

5.1. Overview
5.2. Hardware
- 5.2.1. Sensors
- 5.2.2. Smart Cameras
- 5.2.3. Parking Gates
- 5.2.4. Signages
- 5.2.5. Pay & Display Machines
- 5.2.6. Other Hardware
5.3. Software
- 5.3.1. On-premise
- 5.3.2. Cloud-based
5.4. Services
- 5.4.1. Professional Services
- 5.4.2. Managed Services

6. Smart Parking Market Assessment-by Application

6.1. Overview
6.2. Parking Management
6.3. Payment
6.4. Enforcement
6.5. Security & Surveillance
6.6. Vehicle Identification

7. Smart Parking Market Assessment-by Parking Site

7.1. Overview
7.2 Off-street
7.3 On-street

8. Smart Parking Market Assessment-by End User

8.1. Overview
8.2. Commercial
- 8.2.1. Transit Hub
- 8.2.2. Retail & Entertainment
- 8.2.3. EV Charging Station
- 8.2.4. Office Spaces
- 8.2.5. Other Commercial Spaces
8.3. Residential

9. Smart Parking Market Assessment-by Geography

9.1. Overview
9.2. Europe
- 9.2.1. U.K.
- 9.2.2. Germany
- 9.2.3. France
- 9.2.4. Italy
- 9.2.5. Spain
- 9.2.6. Sweden
- 9.2.7. Switzerland
- 9.2.8. Netherlands
- 9.2.9. Rest of Europe
9.3. Asia-Pacific
- 9.3.1. China
- 9.3.2. Japan
- 9.3.3. India
- 9.3.4. South Korea
- 9.3.5. Singapore
- 9.3.6. Australia
- 9.3.7. Malaysia
- 9.3.8. Rest of Asia-Pacific
9.4. North America
- 9.4.1. U.S.
- 9.4.2. Canada
9.5. Latin America
- 9.5.1. Brazil
- 9.5.2. Mexico
- 9.5.3. Rest of Latin America
9.6. Middle East & Africa
- 9.6.1. Israel
- 9.6.2. UAE
- 9.6.3. Rest of Middle East & Africa

10. Competition Analysis

10.1. Overview
10.2. Key Growth Strategies
10.3. Competitive Benchmarking
10.4. Competitive Dashboard
- 10.4.1. Industry Leaders
- 10.4.2. Market Differentiators
- 10.4.3. Vanguards
- 10.4.4. Emerging Companies
10.5. Market Ranking by Key Players

11. Company Profiles

11.1. Cisco Systems, Inc.
11.2. Siemens AG
11.3. Swarco AG
11.4. Robert Bosch GmbH
11.5. Amano Corporation
11.6. PRECISE PARKLINK INC.
11.7. Nedap N.V.
11.8. Libelium Comunicaciones Distribuidas S.L.
11.9. Meter Feeder, Inc.
11.10. ST Engineering
11.11. TKH Security B.V.
11.12. CivicSmart, Inc.
11.13. FLOWBIRD
11.14. SKIDATA GmbH
11.15. Smart Parking Limited

12. Appendix

12.1. Available Customization
12.2. Related Reports