USD 5 Billion
Smart Parking Systems Market Size, Share, Growth Analysis, By Type(off-street parking and on-street parking), By Component(sensors, cameras, parking meter, a central server), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2233 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
64
|Figures:
75
Smart Parking Systems Market Insights
Smart Parking Systems Market size was valued at USD 6.49 billion in 2022 and is poised to grow from USD 7.92 billion in 2023 to USD 39.14 billion by 2031, growing at a CAGR of 22.1% during the forecast period (2024-2031).
Smart parking systems play a crucial role in efficiently managing dispersed parking spaces for cities and assisting drivers in finding available spots, thereby reducing traffic congestion. The integration of transport systems, geospatial data, and wireless sensor information has been made possible through technological advancements, enabling the use of smart parking meters, License Plate Recognition (LPR) cameras, and parking guidance systems. These technologies have streamlined vehicle parking, saving time and fuel and driving the growth of the smart parking system market alongside the increasing global vehicle sales.
The challenges posed by the growing urban population, including traffic congestion, are being addressed through the development of smart cities, offering governments opportunities to tackle these issues effectively. Various countries like India, the U.S., South Korea, China, Australia, Japan, Germany, and Brazil have initiated smart city projects, creating a favorable outlook for the smart parking system market. Notably, Indonesia's PT PP (Persero) Tbk collaborated with South Korea's LG CNS to plan a smart city project for Indonesia's new capital Nusantara, highlighting the industry's trend.
The market growth is further driven by the integration of automated parking solutions with advanced wireless and digital payment technologies. These solutions incorporate technologies like advanced sensors, data analytics, smart parking meters, Machine-to-Machine (M2M) communication, and mobile applications for slot reservations and online payments. The continuous advancements in these technologies are expected to fuel the growth of the smart parking systems market.
Despite the positive outlook, the main restraint for market growth during the forecast period is the lack of awareness about the benefits of smart parking solutions. Additionally, electromagnetic interference disrupts RFID-tagged smart parking solutions, leading to inaccuracies in vehicle detection. Overcoming these challenges, market players are collaborating with technology providers to develop innovative solutions. For instance, Park+ partnered with MyGate to create RFID-equipped smart parking solutions tailored for the residential market in November 2020.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
sensors
Fastest Growth
Growth Rate
22.1% CAGR
Global Smart Parking Systems Market ($ Bn)
Country Share for North America Region (%)
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Smart Parking Systems Market Segmental Analysis
Global smart parking system market has been segmented based on the type, component, end-user, and region. Based on the type, the further market has been segmented into the off-street parking and on-street parking. Based on component, further, the smart parking system market has been segmented into sensors, cameras, parking meter, a central server, management software, and mobile app. By the end-user, further, the market has been segmented into private and government. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By type
Off-street parking, encompassing parking garages, lots, and structures, has captured the market's attention with its unmatched convenience and efficiency. As urbanization escalates and the number of vehicles on the roads continues to surge, the demand for well-organized parking solutions has never been more pronounced. Off-street parking facilities offer designated spaces, allowing drivers to find parking spots easily and securely, saving valuable time and effort. Furthermore, the integration of cutting-edge smart technologies has accelerated the growth of off-street parking. Real-time data and digital apps provide drivers with up-to-date information on available parking spaces, ensuring a seamless parking experience. This smart integration not only benefits drivers but also optimizes parking space usage, leading to improved traffic flow and reduced congestion in busy urban areas.
Moreover, as cities strive for sustainability and efficient land use, off-street parking aligns perfectly with these goals. By centralizing parking spaces within structures, this segment helps reduce unnecessary vehicle idling and circling, thus curbing harmful emissions and fostering a cleaner, greener environment. With urbanization showing no signs of slowing down and smart technologies becoming increasingly prevalent, the off-street parking segment is poised for continuous growth and prosperity. Its ability to provide unmatched convenience, seamless integration of smart features, and alignment with sustainable practices make it the most attractive and lucrative sector in the global smart parking system market, promising a brighter and more efficient future for urban mobility.
Analysis By Component
Sensors, the largest segment, are at the forefront of the smart parking revolution, redefining how parking spaces are managed. These state-of-the-art sensors are strategically placed in parking lots, garages, and on-street parking areas to monitor the occupancy status of individual parking spaces in real-time. With their precision and efficiency, sensors offer drivers the convenience of finding available parking spaces with ease, minimizing the time spent searching for a spot. This heightened level of accessibility and user-friendliness has positioned sensors as a crucial component in smart parking solutions across the globe.
On the other hand, the mobile app segment represents the fastest-growing sector in the market, rapidly gaining popularity among tech-savvy drivers. Mobile apps empower users with a seamless and personalized parking experience, allowing them to reserve parking spaces in advance, make cashless payments, and receive real-time parking availability updates. With the rising adoption of smartphones and the growing reliance on digital solutions, mobile apps are becoming an indispensable part of modern urban mobility. The convenience and time-saving features of mobile apps have captivated both drivers and city administrators alike, driving the rapid growth of this segment.
As the global smart parking system market continues to witness remarkable growth, the dominance of sensors and the exponential rise of mobile apps are testament to the transformative power of innovative technologies in revolutionizing the parking landscape. With their unmatched capabilities and user-centric design, these two segments are poised to reshape urban mobility, paving the way for a smarter and more efficient parking experience for drivers worldwide.
Global Smart Parking Systems Market By Component type
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Smart Parking Systems Market Regional Insights
In North America, smart parking systems have taken the urban landscape by storm, revolutionizing the way cities manage their parking spaces. With the rise in urbanization and an increasing number of vehicles on the roads, the demand for efficient parking solutions has surged. North America, with its tech-savvy population and advanced infrastructure, has been quick to adopt smart parking technologies. Cities across the region are leveraging state-of-the-art sensors, cameras, and management software to optimize parking space usage, alleviate traffic congestion, and enhance the overall parking experience for drivers. The region's early adoption and commitment to technological innovation make it the dominating force in the global smart parking systems market.
Meanwhile, the Asia-Pacific region stands out as the fastest-growing segment, with a soaring demand for smart parking solutions. As urbanization continues to escalate and mega-cities emerge, the challenges of traffic management and parking have become more pressing than ever. In response, governments and private entities across the Asia-Pacific region are investing heavily in smart parking technologies to address these issues. Rapidly expanding economies, a surging population, and the growing penetration of smartphones are all contributing to the immense potential for smart parking system adoption in the region. Asia-Pacific's remarkable growth trajectory in embracing smart parking systems solidifies its position as the fastest-growing region in the global market.
Global Smart Parking Systems Market By Geography
- Largest
- Fastest
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Smart Parking Systems Market Dynamics
Drivers
Escalating numbers of vehicles
- The main driving force behind the growth of the smart parking market is the escalating number of vehicles, which has led to mounting concerns regarding parking solutions. Additionally, the positive impact of government initiatives aimed at managing traffic congestion has further contributed to the market's expansion.
Restraints
High cost
- Market growth is expected to face obstacles due to the high implementation costs and the rising expenses associated with vehicles. Moreover, a lack of awareness regarding the benefits of smart parking is projected to pose challenges to the smart parking market during the forecast period.
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Smart Parking Systems Market Competitive Landscape
The Global Smart Parking Systems Market is fiercely competitive, driven by key players vying to establish their dominance in this rapidly expanding industry. Companies are investing significantly in research and development to innovate and enhance their smart parking solutions, aiming to provide cutting-edge technologies and seamless user experiences. Additionally, strategic partnerships, mergers, and acquisitions are commonplace as businesses seek to expand their product portfolios and strengthen their market presence. Key players are also focusing on collaborations with governments and municipalities to implement smart parking systems in urban areas, leveraging their expertise to address traffic congestion and parking challenges. As the market continues to evolve, competition is intensifying, compelling companies to differentiate themselves by offering cost-effective, efficient, and sustainable solutions that cater to the diverse needs of customers worldwide. The competitive landscape is driving continuous advancements in smart parking technologies, making it an exciting and dynamic industry to watch.
Top Player’s Company Profile
- 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 June 2023, the IPMI Parking & Mobility Conference & Expo showcased IPS Group's Fully Integrated Smart Parking Ecosystem, highlighting its transformative impact on parking operations and user experience. By seamlessly connecting technologies from the ground up, the ecosystem offers a uniform and efficient user interface, operational streamlining, and scalability. Through automatic real-time reporting, analytics, KPIs, and visualization capabilities, agencies gain comprehensive data insights from all technology partners. Centralizing data empowers parking staff to focus on critical matters while efficiently managing the entire operation. The ecosystem's predictive abilities enable effective inventory management, demand-based pricing, and optimized operational efficiency, benefiting law enforcement, maintenance, and collections.
- In March 2023, Mangalore Smart City Limited (MSCL) revealed plans to deploy smart parking systems, enabling users to reserve parking spaces via a smartphone app. Working in conjunction with Mangalore City police and Mangalore City Corporation (MCC), the project considers options like Mission Street Road, Nellikai Road, and Rosario Church Road for creating designated parking lots for 280 four-wheelers. The MSCL is developing a convenient payment system, allowing users to pay for parking through their phones or credit cards. The project is expected to be completed within four months and will be facilitated through the website 1touchmangaluru.com. This initiative is set to transform parking management in Mangalore, offering a seamless and tech-savvy parking experience for its residents and visitors.
Smart Parking Systems Key Market Trends
- The Global Smart Parking Systems Market is experiencing significant growth and transformation, driven by key market trends that are reshaping urban mobility and parking solutions. One prominent trend is the integration of advanced technologies, such as Internet of Things (IoT) sensors and Artificial Intelligence (AI), to create smart and connected parking spaces. These technologies enable real-time monitoring of parking availability, efficient space utilization, and data-driven insights for better traffic management. Another essential trend is the increasing adoption of mobile apps and digital platforms, allowing drivers to reserve parking spaces in advance, make cashless payments, and receive real-time updates on available parking spots. Additionally, the growing emphasis on sustainability and environmental conservation is driving the implementation of smart parking solutions, which reduce traffic congestion, minimize vehicle emissions, and contribute to greener urban environments. As cities worldwide face the challenges of urbanization and limited parking spaces, the embrace of these key trends in the global smart parking systems market is instrumental in revolutionizing the way we park, commute, and navigate urban spaces.
Smart Parking Systems Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Deployment modes team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analyses, The Global Smart Parking Systems Market is experiencing robust growth and is poised for significant expansion in the coming years. The rising number of vehicles on the roads and the increasing challenges of finding parking spaces in urban areas are driving the demand for efficient and innovative parking solutions. Smart parking systems, incorporating technologies such as sensors, cameras, management software, and mobile apps, are revolutionizing the parking landscape, providing real-time data on parking availability and optimizing space utilization. Governments' initiatives to manage traffic congestion and promote sustainable urban development further propel the market's growth. Moreover, the integration of advanced technologies like Internet of Things (IoT) and Artificial Intelligence (AI) is enhancing the efficiency and effectiveness of smart parking solutions. The convenience of mobile apps for parking reservations and cashless payments is also attracting tech-savvy drivers. With key market players investing in research and development, engaging in partnerships, and focusing on product enhancements, the global smart parking systems market is set to reshape urban mobility and offer a seamless and futuristic parking experience for drivers worldwide.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 5 Billion |
| Market size value in 2031 | USD 30.16 Billion |
| Growth Rate | 22.1% |
| 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 Systems 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 Systems 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 Systems 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 Systems 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 Systems Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Smart Parking Systems 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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