Smart Parking Market

Global Smart Parking Market Size (2023 to 2028)

The global smart parking market is expected to be valued at USD 8.44 billion in 2023 and is anticipated to reach a valuation of USD 19.23 billion by 2028. It is predicted to grow at a CAGR of 17.90% during the forecast from 2023 to 2028. 

This system locates a vacant parking zone with the help of sensors and directs the driver to the vacant space. The technologies employed in good parking systems, such as IoT, RFID, etc., are unbearable. 

MARKET DRIVERS:

The factors that are accountable for the expansion of the global smart parking market are smart cities' resolutions for connected demands and smart parking systems, which have emerged as the ideal solution to many environmental and economic problems. The globe is witnessing increasing urbanization whereas technology has been incorporated by cities for several years. However, the pace at which this adoption takes place is increasing rapidly, as unquiet digital technologies have the potential to resolve major metropolitan challenges similar to safe parking. Smart cities hold the promise to create urban areas that are more economical and safer. Smart parking is the most adopted and quickest-growing resolution across airports, universities, shopping centers, and town garages.

Growing adoption of integrated automatic solutions, in addition to the advancements in wireless technologies and the rise in digital payment technologies in the market, are foreseen to encourage business growth over the anticipated time. Technologies used for the preparation of economic systems embrace sensing devices, Machine-to-Machine (M2M) communication, smart parking meters, information analytics, mobile applications for e-reservation, and online transactions. These sensing systems not only verify whether or not tons are vacant or occupied but additionally analyze and transmit the knowledge to numerous channels, admire internet applications, mobile applications, and dynamic accumulation. As a result, rising advancements in these technologies are anticipated to fuel the global smart parking market growth over the assessed period.

MARKET RESTRAINTS:

Increasing vehicle sizes, including confined parking areas in urban cities, are predicted to act as a challenge for the marketplace for smart parking systems. Also, parking facilities need high construction prices per area, including a maintenance contract with the provider. As a result, it contributes to the high operation and maintenance prices of those facilities. Moreover, numerous factors like high implementation value and non-availability of supporting infrastructure are expected to hinder the expansion of the marketplace for smart parking systems.

REPORT COVERAGE:

This research report on the global smart parking market is segmented and sub-segmented into the following categories.  

Global Smart Parking Market - By Hardware:

• Pucks (Wireless Sensors)
• Cameras & LPRs
• Smart Meters
• Signage
• Parking Gates

By capturing a better share against software systems and services, hardware parts are probably to be the key contributor to the revenue of the global smart parking market. In 2021, the adoption of hardware parts hit the US$ 3 Billion mark, whereas smart cameras and sensors would be the well-liked hardware parts, and parking meters are observant of quicker adoption compared to different instrumentation. Software elements like parking management platforms and SDK/API additionally account for 1/4^th of the overall market share. However, there are robust probabilities that services like integration & support services and device management services would see a leap and can outgo software systems in terms of revenue towards the end of the forecast period.

Global Smart Parking Market - By Software:

• Parking Guidance System
• Analytics Solutions

The parking guidance device phase controlled the most important share in 2019. This can assist drivers with vacant slots and help them in saving their time. They can guarantee easy expertise for vehicle drivers as they monitor the standing of assorted ultra-sonic sensors and electronic signs and provide a user-friendly graphical interface for drivers.

Global Smart Parking Market - By Service:

• Consulting Services
• Engineering Services
• Mobile App Parking Services

The engineering services section accounted for the most substantial market share in 2021. Corporations providing engineering services typically provide services, like planning, development, and installation of custom-built instrumentation and solutions in line with the parking needs so as to scale back the hassles also because of the time and prices related to parking.

Global Smart Parking Market - By Type:

• On-Street
• Off-Street
  • Garage Parking
  • Lot Parking

As varied industries across the globe are undergoing digital transformation, connected technologies like the Internet of Things (IoT) are gaining ground. Combining IoT in smart parking systems improves the coverage measuring system and increases cost-efficiency with affordable sensors. Supported by a low-power wide-area network (LPWAN), IoT-based smart parking systems will be connected via mobile apps to facilitate users and parking zone house owners with economical parking solutions. With novel innovations in connected technologies, the smart parking system is determined to expand with higher security and scalability.

Global Smart Parking Market - By Application:

• Commercial
• Government
• Transport Transit

Global Smart Parking Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

The Asia Pacific region is predicted to account for the major share of the global market during the forecast period because of the presence of nations like China, Japan, and India. The high growth rate in the registration of the latest cars worldwide, with a significant call from economies like Asia Pacific (APAC), can open the window of opportunities for the smart parking business. Smart town conception may be a new approach to redesigning cities and conceiving solutions to recent urban challenges similar to traffic jams, the fast growth of the urban population, enhanced energy consumption, and increased greenhouse emissions. Smart Town aims to resolve these challenges based mostly on foundations of fine urban design, economic aggressiveness, and property practices that use rising data and communication technologies.

Europe held the second-largest share of the global market in 2022 and is expected to grow promisingly during the forecast period because of growing urbanization. The growing urbanization has LED to the enhanced demand for infrastructure as well as transportation and building. Smart cities offer higher technology through mobile technology, optimize existing infrastructure, and make land use in an associated economical method. This can result in the growing demand for smart parking in smart cities.

MARKET KEY PLAYERS:

The major players in the global smart parking market include Amano McGann, Inc. (U.S.), Smart Parking Limited (Australia), IEM SA (Switzerland), IPS Group Inc. (U.S.), Klaus Multiparking Systems (Germany), PArklayer (India), Omnitec Group (UAE), Mindteck (India), Robert Bosch GmbH (Germany), Dongyang Menics Co., Ltd (South Korea), are some of the major key players involved in this global smart parking market.

RECENT HAPPENINGS IN THIS MARKET:

• Smart Parking Limited, a renowned parking business, confirmed the sign of a new contract, having been chosen by Wilson Parking New Zealand as the preferred provider of sensor and bay-finding technology at nine new sites.
• IEM announced its Presto Sense detector in a pair of versions: surface and recessed. Integrated into quality projects of smart cities, the Presto Sense device offers multiple applications to enhance the standard of life within the town.