Smart Parking Systems Market

According to Stratistics MRC, the Global Smart Parking Systems Market is accounted for $6.98 billion in 2023 and is expected to reach $19.28 billion by 2030 growing at a CAGR of 15.6% during the forecast period. Smart parking is an intelligent parking system that assists drivers in safe parking. Available space in parking slots is indicated by signs or symbols with the help of embedded software and sensors. The vacant space is notified to the driver correctly due to the proper management of the vehicle. This technology uses different types of sensors as a hardware component in the parking slot to detect the presence or absence of vehicles. A smart parking system provides real-time data information regarding the availability of nearby parking spaces and allows drivers to accommodate that slot without any interference from other vehicles.

According to the GSM Association, successful mobile IoT implementation for intelligent parking gives an 8% reduction in traffic congestion. Finding a parking spot results in a 30% reduction in miles driven. Finding a parking place takes 43% less time.



Market Dynamics:

Driver:

Growth in demand for internet of things (IoT)-based technology

The Internet of Things (IoT) is a network of interconnected computing devices that may exchange data and carry out certain tasks without the need for direct human or computer contact. Real-time data collection and insightful analysis of usage patterns, occupancy rates, and parking availability are made possible by IoT-enabled sensors and devices. The management of parking spaces is then optimized, traffic is lessened, and drivers' parking experiences are generally improved. As more cities and organizations attempt to upgrade their parking systems, the adoption of IoT-based technologies is anticipated to continue driving the growth of the smart parking market.

Restraint:

High implementation cost

A smart parking system is an extremely sophisticated and cutting-edge piece of equipment. It will require a substantial investment in infrastructure, technology, and upkeep in general to implement. It must also be operated by qualified employees who have received the necessary training. Although this approach is being adopted by government authorities in affluent nations, many emerging economies are reluctant to do so because of its astronomically expensive cost. Therefore, it is anticipated that these issues will limit the growth of the global market for smart parking systems.

Opportunity:

Rising adoption by municipalities

Smart parking systems are becoming more popular among local governments in numerous locations across the world. In order to invest in the newest technology and enhance the customer experience, these authorities are increasingly willing to raise parking prices while keeping them relatively modest. A smart parking system boosts operational productivity and offers clients long-term value. Fewer attendants are required, throughput is increased, collection is improved, utilization is improved, and emissions are decreased. The ability to see parking operations as one of the primary sources of revenue is something that smart parking providers and some governments are significantly developing.

Threat:

Interoperability and system integration issues

Due to the range of hardware and software platforms involved, system integration is the main difficulty with smart parking systems. System scalability issues are raised by the wide variety of available solutions and the lack of interoperability between them. Permit and enforcement (P&E) and parking access and revenue control (PARC) systems are examples of technology platforms that include a variety of hardware sensors, messaging systems, traffic control devices, wired and wireless telecommunications systems, hardware and server drivers, and application interfaces. Getting all of these devices configured on one platform is really difficult because they are all from various vendors.

Covid-19 Impact:

The COVID-19 had a negative impact on the smart parking market owing to the strict lockdowns and social distancing to contain the spread of the virus. The economic uncertainty, partial shutdown of the business and low consumer confidence impacted demand for smart parking market. The supply chain got hampered during the pandemic along with delay logistics activities. However, smart parking market is expected to regain its pace during the post pandemic scenario due to the easing on the restrictions.

The engineering service segment is expected to be the largest during the forecast period

The engineering service segment held the largest share in the market owing to the increasing demand. Over the projection period, the usage of autonomous and semi-autonomous vehicles increased, notably in industrialized nations. These vehicles require parking garages and lots that have been specifically planned, as well as robotic engineering facilities and instrumentation systems. It is projected that smart parking systems will be widely adopted over the projection period in countries with large autonomous car production industries, including the U.S., India, Germany, and China. For the Stuttgart Airport, Robert Bosch GmbH and Mercedes-Benz created an automated parking system with a pre-booking feature.

The on-street segment is expected to have the highest CAGR during the forecast period

During the projection period, the on-street segment is expected to have the greatest CAGR. Because cars are parked close to their destinations, on-street parking allows for shorter times between works and stops. By using this sort of parking, parking spaces and fees are decreased. It is ideal for slow-moving traffic because accidents are more likely to occur in fast-moving traffic. Additionally, this kind of parking offers clearly visible vehicle entry for short-term parking. Due to the rising number of businesses and industries, as well as crowded regions, on-street parking is more in demand in nations like the U.S.

Region with largest share:

The North America region market is estimated to witness the highest share of the global Smart Parking Systems market during the forecast period. The regional market for smart parking systems is anticipated to expand due to the rising number of automobiles. Due to the growing traffic congestion, numerous public-private collaboration initiatives have been made to implement smart parking solutions in different cities across North America. To offer safe and legal parking for private and commercial vehicles, governments are also implementing supportive actions in collaboration with smart parking system service providers. Additionally, the region's adoption of smart city projects is encouraging the development of smart parking systems.

Region with highest CAGR:

The Asia Pacific region is expected to have the highest growth rate over the forecast period. Because regional governments are concentrating more on enhancing parking management and lowering air pollution and traffic congestion. The Asia Pacific smart parking systems market is also anticipated to be driven by significant regional and international market entrant penetration. For instance, in September 2022, ParkMate, an Indian provider of smart parking solutions, obtained undisclosed money through the international accelerator program Evolvex to expand the scope of its smart parking solution offering.



Key players in the market

Some of the key players in Smart Parking Systems market include Altiux Innovations, Amano McGann, Inc., Amco S.A., BMW AG (ParkNow GmbH, Parkmobile LLC), Cisco Systems, Inc., CivicSmart, Inc., Deteq Solutions, Flowbird, Gtechna, Indect Electronics & Distribution GmbH, Kapsch TrafficCom, Libelium Comunicaciones Distribuidas S.L., Meter Feeder, Inc., Mindteck, Municipal Parking Services, Inc., Nedap N.V., Park Assist, ParkHelp Technologies, ParkJockey, ParkMe Inc., Robert Bosch GmbH, Siemens AG, Skidata AG, Smart Parking Ltd., SpotHero, Inc., Swarco AG and Urbiotica, S.L.

Key Developments:

In January 2023, Robert Bosch GmbH signed an agreement with APCOA to Provide Automated Valet Parking Technology in Parking Garages across Germany. Both companies planned to make up to four parking spaces per parking garage ready for automated valet parking

In December 2022, TKH Group through its subsidiary TKH Security (formerly Park Assist) awarded a contract from Raleigh-Durham International Airport for Automated Parking Guidance System. Its new smart-sensor M5 camera-based APGS provides travelers with an effective method to successfully find an available parking space

In October 2022, Amano McGann, Inc. entered into a partnership with Soldier Field in Chicago to deploy New Parking Technology. This system delivers lower maintenance costs, seamless updates, and intuitive Quick-Scan Onboarding

In April 2022, the first carmaker to deploy Cisco wireless backhaul technology for pre-production vehicles' high-speed, real-time performance testing was General Motors. GM engineers analyse crucial vehicle data right away and make data-driven decisions with Cisco's industrial wireless networking

Types Covered:
• On-street
• Off-street

Hardwares Covered:
• Pucks (Wireless Sensors)
• Cameras & LPRs
• Smart Meters
• Signage
• Parking Gates

Softwares Covered:
• Parking Guidance System
• Analytics Solutions

Services Covered:
• Consulting Service
• Engineering Service
• Mobile App Parking Service

Solutions Covered:
• Security and Surveillance
• Parking Reservation Management
• Valet Parking Management
• License Plate Recognition

Sensor Technologies Covered:
• Ultrasonic Sensor
• Radar Sensor
• Image Sensor

Applications Covered:
• Commercial
• Government
• Transport Transit
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

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