Market Highlights
The global Smart Parking Systems market was valued at $6.40 Billion in 2022 and is anticipated to grow at a CAGR of 21.38% from 2023 to 2033. Smart Parking Systems are digital platforms that manage city-wide parking resources in real-time, providing multiple services to drivers and parking operators. They utilize cameras, sensors, signage, smart parking meters, computers, and communication devices to enhance conventional parking structures and make them more efficient. The market for Smart Parking Systems is driven by the increasing demand for automobiles, the development of new technologies and applications, and the need for efficient parking management in urban areas. However, the market faces challenges such as high installation costs and the complex process of integration. The market is segmented by type, application, and component, with the commercial application segment dominating the market due to the high demand for parking spaces in commercial establishments such as corporate buildings, office spaces, shopping malls, and theatre complexes. The services segment dominates the component segment due to the need for parking maintenance and monitoring, system integration, mobile application services, and consulting services.
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The Smart Parking Systems market experienced a detrimental effect due to the Covid-19 pandemic. The COVID-19 pandemic had a significant impact on the Smart Parking Systems market, with the market expected to grow by USD 5.22 billion during 2020-2024, progressing at a CAGR of 13.5%. The pandemic led to a decline in the use of public transportation and an increase in private vehicle usage, leading to an increased demand for parking spaces. However, the market was also affected by lockdowns, social distancing measures, and reduced economic activity, which led to a decline in parking demand in some areas. The market is expected to recover as economies reopen and people return to work, with a focus on touchless and cashless parking solutions to minimize the risk of infection.
Segmental Analysis
The global Smart Parking Systems market has been segmented based on Offerings, Hardware, Software, Services, Type, Application
Based on the Offerings, the market is segmented based on Hardware, Software and Service.
Based on Hardware, the market has been divided into Sensors, Cameras, Smart Meters, Parking Gates and Others. The hardware segment is expected to dominate the market due to the increasing demand for sensors and cameras to detect parking space availability.
Based on the Software, the market has been divided into Parking Guidance System and Analytics Solutions. The software segment is also expected to grow significantly due to the increasing demand for data analytics and mobile applications to manage parking spaces.
Based on Services the market has been divided into Consulting Service, Engineering, Service and Others.
Based on Type, the market has been divided into Commercial, Government and Transport Transit.
Based on Application, the market has been divided into Consulting Service, Engineering, Service and Others.
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Regional Analysis
The Smart Parking Systems market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. The North American region holds a dominant position in the Smart Parking Systems market In the next years, North America will lead the world with the biggest share of the smart parking market. North America is home to the majority of the smart parking system vendors. In addition, North America has almost 800 million parking spots accessible. For that reason, in the next years, this region’s growth rate will be the highest. The Asia-Pacific region is witnessing rapid growth and emerging as a significant market for the Smart Parking Systems industry. In the upcoming years, Asia-Pacific’s market will rise at a profitable rate. The growth of the smart parking market is largely being driven by developing nations like China and India. The value of the smart parking market will rise as a result of rising auto production in these nations and rising major player investments. Throughout the examined predicted period, Europe will have substantial development. Growing investments in the development of these systems will greatly enhance market expansion. Finally, the Middle East and Africa make up the remainder of the globe region. Because of this, there will be significant growth in this region in the years to come.