USD 7.98 Billion
Smart Parking Market Size, Share, Growth Analysis, By Type (On-street, Off-street), By Hardware (Pucks, Cameras & LPRs), By Service (Consulting Service, Engineering Service) By Software (Parking Guidance System, Analytics Solutions) By Application, By End User, By Region - Industry Forecast 2025-2032
Report ID:
SQMIG45M2018 |
Region:
Global |
Published Date: November, 2024
Pages:
163
|Tables:
87
|Figures:
71
Smart Parking Market Insights
Smart Parking Market size was valued at USD 9.37 Billion in 2023 and is poised to grow from USD 11 Billion in 2024 to USD 33.82 Billion by 2032, growing at a CAGR of 17.4% during the forecast period (2025-2032).
An intelligent parking system that helps drivers park safely is known as smart parking. With the use of embedded software and sensors, available space in parking spots is displayed by signs or symbols. The driver is appropriately alerted to the available space as a result of the vehicle being properly managed. To determine if cars are there or not, this technique employs a variety of sensors as a hardware element in the parking space. A smart parking system lets drivers book a spot in advance and guarantees that no other car will block their way. It also gives real-time data on the availability of neighbouring parking spots. Furthermore, this technology is designed to address the ongoing parking issue that has an impact on the environment.
IoT facilitates the reduction of time spent locating parking lots and looking for spaces, which in turn propels industry expansion. A connected campus pilot project, for example, was unveiled in May 2020 by the University of California and NTT Corporation. The project uses IoT technology to transform the UC Berkeley Parking and Transportation Department by analyzing patterns, reducing traffic, and improving pedestrian safety in the Bancroft Way area of campus. Over the course of the forecast period, the smart parking market is expected to increase as a result of these global advancements that support the notion of smart parking.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
off-street and on-street
Fastest Growth
smart parking
Growth Rate
17.4%
Global Smart Parking Market ($ Bn)
Country Share by North America (%)
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Smart Parking Market Segmental Analysis
Global Smart Parking Market is segmented by Type, by hardware, by Software, by Service by Application and by Region. Based on Type, the market is segmented into On-street and Off-street. Based on Hardware, the market is segmented into Pucks (Wireless Sensors), Cameras & LPRs, Smart Meters, Signage, Parking Gates, and Others. Based on Software, the market is segmented into Parking Guidance System, and Analytics Solutions. Based on Service, the market is segmented into Consulting Service, Engineering Service, Mobile App Parking Service. Based on Application, the market is segmented into Security & Surveillance, Smart Payment Systems, E-Parking and License Plate Recognition. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Form Type
As per categorization by form type, the market is classified as off-street and on-street. Among these, off-street earned the largest share and continues to dominate the market. The global smart parking market is experiencing significant innovation in off-street parking solutions, driven by advanced technologies like IoT and AI, enhancing space utilization and streamlining access. Off-street parking dominates due to its scalability, ability to integrate with urban infrastructure, and efficiency in managing high vehicle volumes in urban areas.
On-street smart parking is poised to become the fastest-growing segment of the global smart parking market due to the increasing demand for efficient urban space utilization and real-time parking solutions. With cities facing congestion and limited parking availability, innovative technologies such as mobile apps, sensors, and dynamic pricing are being implemented to enhance on-street parking management. Additionally, the rise of electric vehicles and the need for seamless integration with public transport systems are further driving investments in smart on-street parking solutions, making them increasingly attractive for municipalities.
Analysis by Technology
Ultrasonic technology is revolutionizing the global smart parking market by providing precise real-time detection of parking space availability. Its dominance stems from its high accuracy, reliability, and low maintenance costs, enabling efficient space management and improved user experience. As cities seek smarter solutions, ultrasonic sensors become essential in optimizing parking operations.
The Internet of Things (IoT) technology is set to be the fastest-growing segment in the global smart parking market due to its ability to enhance connectivity and data-driven decision-making. IoT enables real-time monitoring of parking spaces, facilitating seamless communication between vehicles and parking infrastructure. As urbanization increases and demand for efficient space utilization rises, IoT-driven solutions offer automated parking management, dynamic pricing, and user-friendly applications. This integration not only improves parking efficiency but also contributes to reduced congestion and environmental impact in urban areas.
Global Smart Parking Market By Form Type (%)
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Smart Parking Market Regional Insights
Asia-Pacific is dominating the global smart parking market due to rapid urbanization, increasing vehicle ownership, and a growing middle-class population. Major cities in countries like China, India, and Japan face significant parking challenges, driving the demand for innovative parking solutions. Government initiatives promoting smart city developments and investments in IoT, and cloud-based technologies further accelerate market growth. Additionally, the region's high population density necessitates efficient space utilization, making smart parking solutions essential for managing urban congestion. The collaboration between tech companies and local governments to implement advanced parking management systems also supports the region's leading position in the smart parking landscape.
North America is emerging as the fastest-growing region in the global smart parking market, driven by technological advancements and increasing demand for efficient urban mobility solutions. The proliferation of connected devices and the Internet of Things (IoT) enables innovative parking management systems that enhance user experience and optimize space utilization. Furthermore, significant investments in smart city initiatives by government agencies and private sectors facilitate the adoption of advanced parking technologies. The region's focus on sustainability and reducing traffic congestion further propels smart parking solutions, making them attractive for urban planners and city officials. This combination of factors positions North America as a leader in the evolving smart parking landscape.
Global Smart Parking Market By Geography
- Largest
- Fastest
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Smart Parking Market Dynamics
Drivers
Global Rapid Urbanization
- Rapid urbanization is a significant driver of the global smart parking market, as increasing population density in urban areas leads to heightened demand for efficient parking solutions. As cities expand, the need for innovative technologies that optimize space utilization and reduce congestion becomes critical, prompting municipalities to invest in smart parking systems.
Technological advancements in IoT, AI, and Mobile Applications
- Technological advancements in IoT, AI, and mobile applications are propelling the global smart parking market forward. These innovations enable real-time data collection and management, enhancing user experience and operational efficiency. As smart technologies become more integrated into parking infrastructure, cities can better address the challenges of parking availability and traffic congestion.
Restraints
Lack of Standardization
- The lack of standardization in smart parking technologies hampers the global market's growth. Variability in system designs, communication protocols, and integration with existing infrastructure makes it difficult for operators to adopt cohesive solutions, leading to inefficiencies and higher costs for implementation and maintenance across different regions and platforms.
Limited Infrastructure in Developing Regions
- In developing regions, inadequate infrastructure limits the adoption of smart parking solutions. Many cities lack the technological foundation, such as reliable internet connectivity and advanced sensors, to support smart parking systems. This infrastructural gap creates challenges for widespread deployment, slowing market growth in emerging economies.
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Smart Parking Market Competitive Landscape
The competitive landscape of the global smart parking market is characterized by the presence of several key international players driving innovation and technological advancements. Companies like Siemens AG, Cisco Systems, Inc., Robert Bosch GmbH, and Kapsch TrafficCom AG are leading the market with their cutting-edge IoT solutions, real-time parking management systems, and smart city integrations. These players focus on expanding their product portfolios, forming strategic partnerships, and investing in R&D to gain a competitive edge in the rapidly growing smart parking sector.
Top Player’s Company Profiles
- 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.
- Mindteck
- Municipal Parking Services, Inc.
- Nedap N.V.
- Park Assist
- ParkHelp Technologies
- ParkJockey
- ParkMe Inc.
Recent Developments
- In July 2023, Siemens AG launched a new AI-driven smart parking solution aimed at reducing urban congestion. The system integrates with city infrastructure, providing real-time parking data and automated parking guidance. This innovation improves space management and enhances the overall efficiency of urban mobility systems worldwide.
- In March 2023, Robert Bosch GmbH introduced a cloud-based smart parking platform that uses IoT and advanced sensors to monitor parking availability. This solution enables drivers to access real-time parking data through mobile apps, improving parking convenience while reducing traffic congestion in densely populated areas.
- In May 2023, Kapsch TrafficCom AG launched an intelligent parking management system, integrating vehicle detection sensors with dynamic pricing models. This system optimizes parking space utilization in high-traffic urban zones, allowing cities to manage demand more effectively while also reducing emissions and enhancing user convenience.
Smart Parking Key Market Trends
- Integration of AI and IoT in Smart Parking Systems: The global smart parking market is witnessing a growing trend of AI and IoT integration, enhancing real-time parking management, automated space detection, and data-driven analytics. This technology-driven shift improves user experience, optimizes space utilization, and supports sustainable urban mobility solutions, fueling market growth.
- Growing Adoption of Mobile Payment Solutions: The adoption of mobile payment solutions in smart parking systems is rapidly increasing, offering users convenient, contactless parking transactions. Mobile apps equipped with real-time parking information, digital payments, and reservation options are transforming how drivers access and pay for parking, making parking experiences more efficient and user-friendly.
Smart Parking Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, in conclusion, the global smart parking market is rapidly evolving, driven by advancements in IoT, AI, and mobile applications. These innovations are transforming parking management by enhancing efficiency, space utilization, and user experience. Off-street parking solutions dominate due to their scalability, while on-street smart parking is gaining momentum as cities prioritize congestion reduction and real-time data.
Regional growth, particularly in Asia-Pacific, reflects rising urbanization and government-backed smart city initiatives. However, challenges such as limited infrastructure in developing regions and the lack of standardization must be addressed. As global developments continue, the market is poised for substantial growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 7.98 Billion |
| Market size value in 2031 | USD 28.81 Billion |
| Growth Rate | 17.4% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Smart Parking Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Smart Parking Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Smart Parking Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Parking Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Parking Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Smart Parking Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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