Acknowledging the kind of traction gained by this market, Industry Data Analytics recently published a study report asserts the global Smart Parking System Market size is projected to accrue voluminously by 2027 registering a phenomenal CAGR of 20.5% during the review period (2022 to 2027).
Smart Parking System Market Overview
The smart parking systems market share will grow considerably owing to profits, such as real-time information about the availability of spaces in desired locations, thus saving time, energy, and fuel. It eliminates the drivers’ need to search for a parking spot by going around the desired areas. It professionally achieves empty and filled spaces and limits illegal parking issues, which in turn favors the smart parking systems market size from 2022 to 2027.
However, post the COVID-19 pandemic, people are plausible to use their vehicles for solo travel and avoid shared mobility, including public transportation. This is projected to fuel traffic congestion in numerous metro cities across the globe. The increase in traffic overcrowding is predictable to propel the demand for smart parking solutions over the forecast period. The knowledge for smart parking systems, which can assist city managements inefficiently management distributed parking spaces and help drivers in finding available parking spaces, is also expected to rise with increasing traffic congestion. The capability of these systems to ensure the necessary plasticity and scalability is further predictable to trigger market development. The mounting adoption of integrated automated solutions, combined with the advancements in wireless as well as digital payment knowledge, is anticipated to contribute to market growth. Technologies utilized to implement effective systems include Machine-to-Machine (M2M) communication, data analytics, advanced sensors, smart parking meters, along mobile applications for slot uncertainties and online expenses.
The commercial sector is expected to grow at a significant rate during the forecast timeframe owing to increasing tourist attractions such as shopping malls, amusement parks, museums, theaters, sports complexes, and IT hubs, where there is a dire need for efficient parking systems.
Who are the Major Players in Smart Parking System Market?
The Global Smart Parking System Market study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Altius Innovations, Amano McGann, Inc., Amco S.A., BMW AG (Par know GmbH, Park mobile LLC), Cisco Systems, Inc., Civic Smart, Inc., Deteq Solutions, Flow bird, gtechna, INDECT Electronics & Distribution GmbH, Kapsch TrafficCom, Libelium Comunicaciones Distribuends S.L., Meter Feeder, Inc., Middeck, Valeo and Cisco, Municipal Parking Services, Inc., Nedap N.V., Park Assist, ParkHelp Technologies, ParkJockey, ParkMe Inc., Robert Bosch GmbH, Siemens AG, SKIDATA AG, Smart Parking Ltd., Spot Hero, Inc., SW arco AG, Urbiotica, S.L.
Industry News and Update
L&T Technology Develops An Ai Solution For Smart Parking
May 18, 2021: L&T Technology Services announced the development of a smart parking solution working in collaboration with the Intel Corporation. The solution leverages the efficient capabilities of AI and has four key components according to the company. They are an operator portal that hosts user information; a mobile application for end-user interface; a digital signage module to ensure safe and secured access; and a digital camera. All these components are connected through the AWS cloud platform, hence making it easily available and accessible to people.
What are the major Applications, Types, and Regions for Smart Parking System Market?
The market is segmented based on the type, applications, companies, and regions.
By Type, it is segmented into
By Application, it is segmented into
- Residential Building
- Commercial Building
- Other
Smart Parking System Market Regional Analysis
North America dominated the global market in 2022 and reported a revenue share of over 35%. The market is expected to witness significant growth owing to the increasing number of vehicles in the region. Civic authorities in Canada and the U.S. are making efforts to reduce traffic congestions, which has been getting more and more severe with the increase in vehicle ownership. Part of the efforts is the increased adoption of smart parking systems, which help provide safe and legal parking for profitable and private vehicles. The growing adoption of the smart cities concept and related knowledge such as autonomous vehicles are further expected to drive regional market development. Some portion of the efforts is the increased application of smart parking systems. This assists in offering officially permitted as well as safe parking for private and profitable vehicles. The rising reception of the smart cities idea and associated technologies like autonomous vehicles are, additionally, estimated to impel the market for smart parking systems, within the region.
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East & Africa
- Latin America
What is our Smart Parking System Market report scope?
Report Attributes
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Report Details
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Forecast Period 2022 to 2028 CAGR
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CAGR of 20.5% during the review period (2022 to 2027).
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By Type
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By Application
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- Residential Building
- Commercial Building
- Other
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By Companies
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Altius Innovations, Amano McGann, Inc., Amco S.A., BMW AG (Par know GmbH, Park mobile LLC), Cisco Systems, Inc., Civic Smart, Inc., Deteq Solutions, Flow bird, gtechna, INDECT Electronics & Distribution GmbH, Kapsch TrafficCom, Libelium Comunicaciones Distribuends S.L., Meter Feeder, Inc., Middeck, Valeo and Cisco, Municipal Parking Services, Inc., Nedap N.V., Park Assist, ParkHelp Technologies, ParkJockey, ParkMe Inc., Robert Bosch GmbH, Siemens AG, SKIDATA AG, Smart Parking Ltd., Spot Hero, Inc., SW arco AG, Urbiotica, S.L.
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Regions Covered
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- North America
- Europe
- Asia-Pacific
- Rest of the World
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Countries Covered
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- US
- Canada
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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Base Year
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2022
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Historical Year
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2017 to 2021
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Forecast Year
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2022 to 2027
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Number of Pages
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135
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Customization Available
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Yes, the report can be customized as per your needs
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Key Takeaways from this Smart Parking System Market Report
- Evaluate Smart Parking System Market potential through analyzing growth rates (CAGR %), Volume (Units), and Value ($M) data given at country level - for product types, end-use applications, and by different industries verticals.
- Understand the different dynamics influencing the market - growth driving factors, specific challenges, and hidden opportunities.
- Get in-depth insights on your competitor's performance – revenue, shares, business strategies, financial benchmarking, product benchmarking, SWOT analysis, and more.
- Analyze the sales and distribution channels across geographies to enhance top-line revenues.
- Understand the demanding supply chain with a deep dive on the value augmentation at each, in order to optimize value and bring efficiencies in your processes.
- Get a quick outlook on the Smart Parking System Market entropy - M&As, deals, partnerships, product launches of all key players for the past 5 years.
- Evaluate the import-export statistics, supply-demand, and competitive landscape for more than the top 20 countries globally for the market.
Frequently Asked Questions
What is the study period of this market?
The Smart Parking System Market is studied from 2017 - 2027.
What is the growth rate of Smart Parking System Market?
The Smart Parking System Market is growing at a CAGR of 20.5% over the next 5 years.
Who are the leading key players in Smart Parking System Market?
Altius Innovations, Amano McGann, Inc., Amco S.A., BMW AG (Par know GmbH, Park mobile LLC), Cisco Systems, Inc., Civic Smart, Inc., Deteq Solutions, Flow bird, gtechna, INDECT Electronics & Distribution GmbH, Kapsch TrafficCom, Libelium Comunicaciones Distribuends S.L., Meter Feeder, Inc., Middeck, Valeo and Cisco, Municipal Parking Services, Inc., Nedap N.V., Park Assist, ParkHelp Technologies, ParkJockey, ParkMe Inc., Robert Bosch GmbH, Siemens AG, SKIDATA AG, Smart Parking Ltd., Spot Hero, Inc., SW arco AG, Urbiotica, S.L.
What regions regions does this Smart Parking System Market report covers?
North America (the United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
What are the significant types of Smart Parking System Market?
Off-Street, On-Street
What are the significant Applications of Smart Parking System Market?
Residential Building, Commercial Building, Other
All our reports are custom made to your company's needs to a certain extent, we do provide 5 free consulting hours along with the purchase of each report, and this will allow you to request any additional data to customize the report as your needs.
