The Smart Parking System Market Is Estimated To Record a CAGR of Around 22.54% During The Forecast Period
Evolve Business Intelligence has published a research report on the Global Smart Parking System Market, 2023–2033. The global Smart Parking System market is projected to exhibit a CAGR of around 22.54% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Smart Parking System Market: Continental, Amano McGann Inc, Aisin Corporation, IEM SA, TKH Group, Robert Bosch GmbH, Smart Parking Ltd, SWARCO, Urbiotica, APCOA, IPS Group Inc.
Market Highlights
The Smart Parking System market is projected to be valued at USD 33.41 Billion by 2033, recording a CAGR of around 22.54% during the forecast period. A Smart Parking System is an advanced technological solution that uses sensors, real-time data, and communication networks to efficiently manage parking spaces. It provides real-time information to drivers about the availability of parking spots, allowing them to make informed decisions and reduce the time spent searching for parking. Through sensors embedded in parking spaces, entrances, and exits, the system monitors occupancy and relays data to a central management platform. This platform processes the data to optimize parking utilization, improve traffic flow, reduce congestion, and enhance the overall parking experience, while also enabling authorities to analyze trends and make data-driven decisions for urban planning and resource allocation.
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The COVID-19 pandemic unexpectedly catalyzed a positive impact on the Smart Parking System market as urban areas sought safer and more efficient parking solutions, leading to increased adoption of contactless payment methods, advanced reservation systems, and real-time occupancy monitoring to minimize physical interactions and enhance overall parking management in a post-pandemic world.
Segmental Analysis
The global Smart Parking System market has been segmented based on Type, Technology, Application, and region.
Based on the Type, the Smart Parking System market is segmented based on Off-street, and On-street. Off-street is expected to have the largest market share throughout the forecast period, while On-street is expected to grow at the fastest rate.
Based on the Technology, the global Smart Parking System market has been divided into Internet of Things (IoT), Ultrasonic, and RFID. The Portable segments are anticipated to dominate the market.
Based on the Application, the global Smart Parking System market has been divided into Security and surveillance, Smart payment systems, E-parking, and License plate recognition. The Security and surveillance segments are anticipated to dominate the market.
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Regional Analysis
The Smart Parking System market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. North America with high urbanization rates, technological advancements, and a focus on improving city infrastructure has driven the adoption of Smart Parking Systems. The need for efficient parking solutions in busy urban centers has led to substantial growth. European cities’ emphasis on sustainable urban development, coupled with the need to address traffic congestion and pollution, has propelled the growth of Smart Parking Systems. Stringent environmental regulations and technological innovation have played key roles. Asia-Pacific rapid urbanization and population growth in countries like China and India have created significant parking challenges. Smart Parking Systems offer a way to optimize parking space usage, reduce congestion, and enhance user convenience, leading to substantial growth. Latin America has increasing urbanization, along with expanding vehicle ownership, has intensified parking issues in Latin American cities. Smart Parking Systems provide a solution to efficiently manage limited parking space while accommodating growing vehicular traffic.
