Smart Parking Systems Market By Type (On-street, Off-street); By Technology (Internet of Things (IoT), Ultrasonic Sensor, RFID, Radar Sensor); By Application (Security & Surveillance, Smart Payment System, E-parking, License Plate Recognition); By End-User (Commercial, Government); By Component (Parking Sensors, Steering Angle Sensors, Electronic Control Unit (ECU), Display Unit); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032

Smart Parking Systems Market Key Highlights

The global smart parking systems market size was valued at around USD 4.8 billion in 2022 and is projected to grow at a compound annual rate of growth (CAGR) of around 20.9% from 2022 to 2032.The market size is projected to succeed in USD 32.2 billion by 2032. Smart parking refers to new advancements in technology that provide comfort for motorists and car park operators through fully integrated and end-to-end parking experience transformation solutions. Smart parking systems consist of a sensor network, screen displays, and live gateways, operated by an interactive framework built on the Internet. SmartCloud services, SmartParking app, SmartMap, SmartSensors, SmartSigns, and smart car counters, among others, are integral parts of smart parking systems that enhance accessibility, escape the congestion, and deliver efficient urban mobility. Internet of Things (IoT) adoption has resulted in dramatically rapid developments in smart parking systems by reducing development time, reducing maintenance costs, and providing versatile integration of various technologies to deliver smart parking solutions.

Increased Parking Concern across the Globe

The ever-increasing production of automobiles has increased traffic congestion, especially in urban areas, posing a difficult task for government and municipal authorities to control and manage traffic. It is very difficult for many drivers to find vacant parking spaces during peak hours in areas such as hospitals, hotels & shopping centers, airports, universities, and exhibition & convention centers. In addition, the increase in the number of vehicles worldwide has led to problems related to parking spaces in both residential and commercial areas. The problem is solved by using improved features such as notification of free space available on smart devices & live space reservation updates using smart parking technology. This technology reduces the amount of time spent by the user to find the vacant parking space and automates the process of finding the optimum parking space, thus creating a huge demand for the smart parking market.

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Increase in the Number of Vehicles

Rising disposable income in many developed or developing countries results in a rapid increase in vehicle sales. The increase in the number of vehicles will lead to problems such as limited car parking facilities and traffic, along with inadequate management of parking space. Governments from different countries take the initiative by raising funds for new infrastructure that helps solve such crisis-related parking. As a result, increasing numbers of vehicles leading to vehicle parking management system demand further boost market demand for a smart parking system. Due to fast and accurate parking availability data, its area of application in commercial infrastructures has been widened.

In addition, advances in autonomous cars and smart park technology will create several opportunities over the coming years for key players on the smart parking system market. Also allowing for more adaptable systems including cameras, wireless communications, data analytics, induction loops, smart parking meters, and advanced algorithms is a wide variety of other technology innovations. This in turn has opened several doors of opportunities in the years to come for the smart parking system market.

The growth of the global smart parking system market is hampered by major factors such as high installation costs, lack of awareness of the benefits of smart parking systems, especially in underdeveloped regions. However, the high initial investments in multimodal, fully integrated smart parking development are likely to curb market growth.

Smart Parking Systems Market Segmentation Analysis

By Type
• On-street
• Off-street

By Technology
• Internet of Things (IoT)
• Ultrasonic Sensor
• RFID
• Radar Sensor

By Application
• Security & Surveillance
• Smart Payment System
• E-parking
• License Plate Recognition

By End-User
• Commercial
• Government

By Component
• Parking Sensors
• Steering Angle Sensors
• Electronic Control Unit (ECU)
• Display Unit

By Geography:

• North America (U.S. & Canada)
• Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
• Latin America (Brazil, Mexico and Rest of Latin America)
• Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa and Rest of the Middle East & Africa)

Smart Parking Systems Market Regional Outlook

The global smart parking systems market is segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.

North America is expected to dominate the market due to the presence of key players and high adoption of technology in the region. The US and Canada are major contributors to the market growth in this region.

Europe is also a significant contributor to the market growth due to the increasing adoption of smart technologies and supportive government initiatives. The UK, Germany, and France are the major countries contributing to the market growth in this region.

Asia Pacific is expected to experience a significant growth rate due to the increasing urbanization and growing demand for efficient parking solutions in the region. China, Japan, and South Korea are the major countries contributing to the market growth in this region.

Middle East & Africa is expected to experience a moderate growth rate due to the increasing focus on smart cities and supportive government initiatives in the region. The UAE, Saudi Arabia, and South Africa are the major countries contributing to the market growth in this region.

South America is expected to experience a moderate growth rate due to the increasing focus on smart cities and supportive government initiatives in the region. Brazil and Argentina are the major countries contributing to the market growth in this region.

Competitive Analysis

The report also covers detailed competitive analysis of major market players of the global smart parking system market such as Altiux Innovations, Amano McGann Inc., BMW AG (ParkNow GmbH), CIVICSMART INC., Conduent Incorporated, Cisco Systems, Kapsch TrafficCom, Meter Feeder Inc., Municipal Parking Services Inc, WorldSensing S.L.N.E and other major & niche players. The global market for smart parking system is witnessing a wide range of industry activities such as product launch, innovation, acquisition, partnership, research & development, and expansion across the globe.

Competitive landscape analysis provides a detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development, and other market activities). The study also provides the company’s positioning and market share of the overall market.

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Smart Parking Systems Market Drivers

1. Increasing Urbanization: With the rise in urbanization, the demand for efficient parking solutions has increased significantly. Smart parking systems help manage the limited parking spaces in urban areas, thereby reducing the traffic congestion and parking woes.
2. Government Support: Governments across the world are supportive of smart parking systems due to their ability to improve traffic flow, reduce air pollution, and enhance urban livability. The government support through initiatives and funding is expected to drive the market growth.
3. Technological Advancements: The integration of IoT, AI, and cloud computing technologies in smart parking systems has increased their efficiency and accuracy. The advancements in technology are expected to drive the market growth.
4. Cost-effectiveness: Smart parking systems provide a cost-effective solution for managing parking spaces. The use of technology reduces the need for manual labor, thus reducing operational costs.
5. Increased Awareness: The increased awareness about smart parking systems and their benefits has led to an increased demand for these systems. The increasing demand is expected to drive the market growth.
6. Growing Demand for Connected Cars: The growing demand for connected cars has increased the demand for smart parking systems. Connected cars equipped with parking assistance systems require smart parking infrastructure to operate effectively. This is expected to drive the market growth.

Smart Parking Systems Market Challenges

• High Implementation Costs: The high costs associated with the implementation of smart parking systems is a major challenge for the market growth. The high costs associated with the installation and maintenance of these systems can be a hindrance for small-scale users.
• Technical Challenges: The integration of multiple technologies in smart parking systems can result in technical challenges. The compatibility issues between different technologies can lead to errors in the system, reducing its efficiency.
• Data Privacy and Security Concerns: The collection of sensitive information through smart parking systems raises concerns about data privacy and security. The fear of data breaches and hacking is expected to hinder the market growth.
• Resistance to Change: There is a resistance to change among people who are used to traditional parking methods. The resistance to change and lack of awareness about the benefits of smart parking systems can be a challenge for the market growth.
• Regulation and Standardization: The lack of standardization and regulation of smart parking systems can lead to compatibility issues between different systems. The lack of standardization and regulation is expected to be a challenge for the market growth.
• Limited Parking Space: The limited parking space in urban areas can be a challenge for the growth of the smart parking systems market. The limited availability of parking spaces can limit the growth potential of these systems.

Key Questions Answered in the Global Smart Parking System Industry Report

• What is the overall market size in 2021? What will be the market growth during the forecast period i.e. 2022-2032?
• Which region would have a high demand for products in the upcoming years?
• What are the factors driving the growth of the market?
• Which sub-market will make the most significant contribution to the market?
• What are the market opportunities for existing and entry-level players?
• What are the various long-term and short-term strategies adopted by the market players?