The Global Smart Parking Systems Market Analysis and Global Forecast 2023-2033

Smart Parking Systems Market Overview

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.

Global Smart Parking Systems Market Synopsis

COVID-19 Impact Analysis

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

Global Smart Parking Systems Market Dynamics

The major factors that have impacted the growth of Smart Parking Systems are as follows:

Drivers:

⮚      Technological Advancements

The rapid advancement of technology, particularly in areas such as IoT (Internet of Things), cloud computing, and AI (Artificial Intelligence), has paved the way for innovative smart parking solutions. These technologies enable real-time monitoring, data analysis, and automation, improving the efficiency and convenience of parking systems.

Restraint:

• Privacy and Data Security Concerns

Smart parking systems collect a vast amount of data, including vehicle movements, license plate information, and payment details. Ensuring the privacy and security of this data is critical to gaining public trust and regulatory compliance. However, concerns about data breaches, unauthorized access, and misuse of personal information may hinder the adoption of smart parking technologies.

Opportunity:

⮚      Data-driven Insights and Decision-making

Smart parking systems generate vast amounts of data on parking patterns, user behavior, and operational performance. Leveraging advanced analytics and machine learning techniques, this data can provide valuable insights for urban planning, transportation management, and policy formulation. By harnessing the power of data-driven decision-making, cities can optimize parking policies, allocate resources more efficiently, and enhance overall urban governance.

Smart Parking Systems Market Segment Overview

By Offerings

Based on the Offerings, the market is segmented based on Hardware, Software and Service. Hardware emerges as the frontrunner in the smart parking system market, offering cutting-edge technology and robust infrastructure to optimize parking efficiency and revolutionize urban mobility.

By Hardware

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.

By Software

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.

By Services

Based on Services the market has been divided into Consulting Service, Engineering, Service and Others. Consulting Service is poised to dominate the market due to its expertise-driven approach, tailored solutions, and ability to navigate complex challenges, ensuring clients achieve optimal outcomes and sustained success.

By Type

Based on Type, the market has been divided into On-street and Off-street. On-street parking solutions are set to dominate the market due to their ability to optimize urban spaces, enhance traffic flow, and provide convenient parking options, meeting the increasing demands of urbanization and smart city initiatives.

By Application

Based on Application, the market has been divided into Commercial, Government and Transport Transit. Commercial is poised to dominate the market due to its strategic innovations and robust infrastructure, aligning seamlessly with evolving consumer needs and driving unparalleled growth in diverse sectors.

Global Smart Parking Systems Market Regional Analysis

Based on region, the market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The area of North America is anticipated to dominate the market for the usage of Smart Parking Systems, followed by those in Asia-Pacific and Europe.

Smart Parking Systems Market North America Market

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.

Smart Parking Systems Market Asia Pacific Market

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.

Competitive Landscape

The competitive landscape includes key players (tier 1, tier 2, and local) having a presence across the globe. Companies such as WORLDSENSING, Nedap, ParkMobile, Siemens, and Amano McGann, Inc. are some of the leading players in the global Smart Parking Systems Industry. These players have adopted partnership, acquisition, expansion, and new product development, among others as their key strategies.

Key Market Players:

• WORLDSENSING
• Nedap
• ParkMobile
• Siemens
• Amano McGann, Inc.
• Continental AG
• IPS Group Inc
• Klaus Multiparking Systems
• Robert Bosch GmbH
• SMART PARKING LIMITED

Key Development:

Smart Parking Limited, which is a new solution for smart parking, was launched in 2017 to meet the requirements of the city operators.

Amano McCann announced its collaboration with a company called ITR in 2017 at the Fistral Beach.

Scope of the Report

Global Smart Parking Systems Market, by Offerings

• Hardware
• Software
• Service

Global Smart Parking Systems Market, by Hardware

• Sensors
• Cameras
• Smart Meters
• Parking Gates
• Others

Global Smart Parking Systems Market, by Software

• Parking Guidance System
• Analytics Solutions

Global Smart Parking Systems Market, by Services

• Consulting Service
• Engineering Service
• Others

Global Smart Parking Systems Market, by Type

• On-street
• Off-street

Global Smart Parking Systems Market, by Application

• Commercial
• Government
• Transport Transit

Global Smart Parking Systems Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: $6.40 Billion
CAGR	21.38% CAGR (2023-2033)
Base year	2022
Forecast Period	2023-2033
Historical Data	2021
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Offerings, Hardware, Software, Services, Type, Application
Geographies Covered	North America, Europe, Asia-Pacific, Latin America, Middle East, Africa
Key Vendors	WORLDSENSING, Nedap, ParkMobile, Siemens, Amano McGann, Inc., Continental AG, IPS Group Inc, Klaus Multiparking Systems, Robert Bosch GmbH, SMART PARKING LIMITED
Key Market Opportunities	Increase in the number of new parking spaces, and multi-story car parking has also been introduced at various placesIncreased investments in the technologiesIncrease in vehicles’ manufacturing in developing countries
Key Market Drivers	Increasing at a fast pace. Safe parking is one of the significant challenges being faced in big citiesIntroduction of mobile applications to search for car parking areas and photos and other information

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Smart Parking Systems Industry trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities analysis in the future
• Historical market size for the year 2021, and forecast from 2023 to 2033
• Smart Parking Systems market share analysis for each segment
• Competitor analysis with a comprehensive insight into its product segment, financial strength, and strategies adopted.
• Identifies key strategies adopted by the key players including new product development, mergers and acquisitions, joint ventures, collaborations, and partnerships.
• To identify and understand the various factors involved in the global Smart Parking Systems market affected by the pandemic
• To provide year-on-year growth from 2022 to 2033
• To provide short-term, long-term, and overall CAGR comparison from 2022 to 2033.
• Provide Total Addressable Market (TAM) for the Global Smart Parking Systems Market.