Global Smart Parking Market

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 News

  • 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.
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FAQs

Global Smart Parking Market size was valued at USD 7.98 Billion in 2022 poised to grow from USD 9.37 Billion in 2023 to USD 28.81 Billion by 2031, growing at a CAGR of 17.4% in the forecast period (2024-2031). 

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. '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.'

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.

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.

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.

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Global Smart Parking Market

Report ID: SQMIG45M2018

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