Smart Parking Systems Market Size & Growth Analysis to 2030

The global smart parking systems market size is anticipated to register a higher CAGR of 21.3% during the forecast period from 2021 to 2027 and valued at USD 4.3 billion in 2020. The increasing adoption of integrated automated systems in developed economies across the globe is a primary factor to drive the market growth. Moreover, the increasing number of personal vehicles in emerging economies has increased the demand for smart parking systems due to the fewer parking spaces in metro cities. Furthermore, the growing traffic congestion is expected to increase the demand for smart parking systems to manage vehicles crowding on the road.

Market Drivers:

Increasing Urbanization: With the rapid growth of urban areas, parking spaces have become scarce and congested. Smart parking systems offer an efficient solution by optimizing parking space utilization and reducing traffic congestion. The need to address parking challenges in densely populated cities is a significant driving factor for the adoption of smart parking systems.

Growing Vehicle Ownership: The increasing number of vehicles on the road has led to a surge in demand for parking spaces. Smart parking systems help optimize parking operations by providing real-time information about available parking spaces, guiding drivers to vacant spots, and reducing the time spent searching for parking. This enhanced convenience appeals to vehicle owners, leading to the adoption of smart parking systems.

Technological Advancements: Advancements in technology, such as the Internet of Things (IoT), artificial intelligence (AI), and data analytics, have significantly improved the capabilities of smart parking systems. IoT sensors, mobile applications, and cloud-based platforms enable real-time monitoring of parking spaces, efficient management of parking operations, and seamless user experiences. These technological advancements have made smart parking systems more reliable and user-friendly, driving their adoption.

Government Initiatives and Regulations: Governments and municipal authorities are increasingly recognizing the benefits of smart parking systems in terms of traffic management, reducing pollution, and improving the overall quality of urban life. As a result, many cities are implementing smart city initiatives that include smart parking solutions. Government incentives, regulations, and partnerships with technology providers have been driving the adoption of smart parking systems in various regions.

Cost and Time Savings: Smart parking systems optimize parking operations by reducing the time spent searching for parking spaces, which saves drivers both time and fuel costs. Additionally, efficient parking management can maximize the utilization of parking spaces, allowing parking operators to generate more revenue. The cost and time savings associated with smart parking systems are compelling factors for both drivers and parking operators.

Integration with Mobility Solutions: The integration of smart parking systems with other mobility solutions, such as mobile applications, navigation systems, and ride-sharing platforms, further enhances their appeal. Drivers can easily locate and reserve parking spaces in advance, integrate parking information into their navigation systems, and seamlessly connect parking with other transportation modes. The integration with mobility solutions provides a holistic and convenient user experience, driving the adoption of smart parking systems.

Environmental Sustainability: Smart parking systems contribute to environmental sustainability by reducing traffic congestion, minimizing vehicle emissions, and promoting efficient space utilization. By guiding drivers to available parking spaces directly, smart parking systems help reduce unnecessary driving and circling around congested areas, thus reducing carbon emissions. The focus on sustainability and environmental impact has become an important factor driving the adoption of smart parking systems.

Market Attributes:

Market Insights:

The global smart parking systems market is bifurcated into component, type, application, and geography. On the basis of type, the market is further segmented into on-street and off-street systems. The market is dominated by the off-street segment in 2020 and accounted to hold the largest revenue share over two-third percent of the market. The segment growth is attributed to the increasing adoption of off-street parking systems due to low availability of parking spaces around the crowded areas. The on-street segment is accounted to grow at a significant growth rate over the forecast period due to the increasing use of smartphone applications to track empty parking spaces in real-time.

By application, the smart parking systems market is fragmented into commercial, government, and transport transit. The commercial segment dominated the market in 2020 and accounted to hold the largest market share around half of the market in terms of revenue. The increasing adoption of smart parking systems at various public and private places such as shopping malls, commercial buildings, theaters, sports complexes, and others has contributed to the segment growth and expected to drive the segment growth over the forecast period.

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The smart parking systems comprehensive study offers an in-depth analysis of industry trends, market size, competitive analysis, and market forecast – 2020 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market, and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The smart parking systems market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Market Segmentation:

By Component:

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

By Type:

• On-street
• Off-street

By Application:

• Commercial
• Government
• Transport Transit

By Region:

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

Geographic Coverage:

Geographically, North America dominated the market in 2020 and accounted to hold the major market share of over one-third percent of the market in terms of revenue. The early adoption of the latest technologies and the growing number of vehicles are some major factors to drive the market growth in the region. Furthermore, the rapid growth in industrialization and urbanization is further expected to fuel the market growth over the forecast period. Moreover, the increasing investment by some major players is anticipated to propel eh market growth in the region. In contrast, the Asia Pacific is expected to grow at a significant growth over the forecast period due to the increasing number of vehicles in emerging economies.

Market Competition Assessment:

Some of the major players operating in the global smart parking systems market are Cisco Systems, Inc., Amano McGann, Inc., Smart Parking Ltd., Urbiotica, and Skidata AG. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• Cisco Systems, Inc.
• Amano McGann, Inc.
• Smart Parking Ltd.
• Urbiotica
• Skidata AG
• Swarco AG
• Parkmobile, LLC
• Nedap N.V
• Kapsch
• Xerox Corp.
• Parkmobile, LLC

Key Questions Answered by Smart Parking Systems Market Report:

• Global smart parking systems market forecasts from 2021-2027
• Regional smart parking systems market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East and Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the aforementioned regions
• Smart parking systems submarket forecasts from 2021-2027 covering the market by component, by type, by application, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis pertaining to the smart parking systems market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level smart parking systems markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the smart parking systems market