Smart Parking Market is anticipated to achieve a compound annual growth rate (CAGR) of 19.80% between 2022-2030 fuelled by urbanization, rising vehicle ownership, limited parking space, and the demand for efficient parking management solutions.
02 Aug, 2023

Renub Research has recently published a report named "Smart Parking Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2030," providing a detailed industry analysis that consists of market share insights. Furthermore, the report encompasses a study of competitors and regions and the recent growth in the Smart Parking Market.

Smart Parking Market size is expected to reach approximately US$ 23.56 Billion by 2030. The growing globalization and financial growth worldwide have generated a demand for smart parking control answers. As residing standards enhance, extra individuals can manage to pay for automobiles, causing a sizeable boom in parking demanding situations, specifically in city areas where space is limited. The idea of a "Smart Parking System" has gained sizeable interest because of its substantial packages and blessings in today's society. This shrewd parking help system proves useful for parking zone owners, managers, and car customers alike, addressing the urgent need for green and convenient parking answers in an increasingly crowded world. Sensors come across automobile presence, supplying real-time parking availability statistics for short navigation. Data management structures and cloud computing enable real-time get right of entry to information and handy charge alternatives.

Advanced analytics and AI algorithms optimize parking space allocation, enhancing machine efficiency. Integration with different smart town projects and transportation structures guarantees seamless connectivity and coordinated operations. IoT complements conversation, allowing dependable records trade and facilitating smart parking device operations.

The combination of 5G networks and smart parking is set to convert cities. With faster speeds, lower latency, and extra capacity, 5G networks allow lightning-rapid downloads and real-time conversation. Smart parking, reduces congestion, and improves air excellent. By running collectively, 5G networks provide the vital high-speed connection for smart parking structures to optimize traffic go with the flow. The collaboration among 5G networks and smart parking has sizeable capability to beautify city mobility and elevate the excellent of life in cities.

The urbanization and population increase in cities pressure the need for smart parking solutions market. Smart parking market analysis the systems which provide actual-time records, lowering congestion. Sustainability efforts promote the adoption of smart parking, reducing gas intake and emissions. Governments guide smart parking through projects and regulations. Mobile technology revolutionizes parking interactions, permitting real-time access, reservations, and convenient bills. Smart parking's touch fewer options align with publish-pandemic needs for protection and hygiene.

The dominance of off-road type is expected to persist inside the smart parking market.

Off-avenue parking is a desired desire in urban regions with confined area, providing handy and stable parking. It maximizes ability the usage of smart technology, optimizing traffic waft, and enhancing the user enjoy. Value-added services like reserved areas, EV charging, and mobile apps attract customers. The increase of off-street parking is pushed by way of smart city initiatives, smart transportation systems, and reputation of its advantages in decreasing traffic, enhancing air first-rate, and enhancing urban mobility. Its alignment with those goals fuels its increase inside the global smart parking market.

The worldwide adoption of smart parking answers has boosted hardware element demand, inclusive of sensors, cameras, gateways, and meters.
Hardware components capture real-time parking information, display areas, and facilitate computerized bills. Technological advancements have caused state-of-the-art and efficient hardware, consisting of accurate sensors for advanced detection. Hardware integration permits seamless verbal exchange among sensors, systems, and interfaces. Durable additives make sure machine security and reliability, preventing tampering and unauthorized get admission to. Sustainability and power efficiency are driving the adoption of green sensors and coffee-energy conversation technology within the worldwide smart parking marketplace.

Smart meters enable computerized and handy charge structures, improving the user experience. With accurate monitoring, they optimize parking availability and turnover. Smart meters provide advanced functions like mobile charge integration and information analytics, offering insights for operators to optimize operations. They improve revenue collection and enforcement performance with the aid of automating payments and decreasing manual enforcement. Moreover, smart meters align with the trend of digitalization and smart town tasks, permitting integration with different systems for a unbroken parking revel in.

The growing complexity and class of smart parking systems have created a need for specialized engineering offerings.

Engineering offerings are essential for growing and imposing advanced smart parking structures, integrating components like sensors, statistics management systems, and user interfaces. They customise answers to optimize parking performance and consumer revel in, ensuring compatibility and seamless integration with current infrastructure. Engineering offerings force innovation with the aid of staying up to date with technological improvements and adapting systems to satisfy market wishes. The developing demand for sustainability and electricity efficiency in smart parking structures similarly fuels the growth of engineering services, as engineers develop solutions that optimize resource utilization and decrease environmental impact, aligning with the goals of parking operators and urban planners.

Report Details:

Commercial institutions, such as buying malls, workplace complexes, and airports, are leading within the smart parking market.

Commercial establishments, with their excessive parking demand and sufficient resources, discover smart parking answers attractive for green control and an more advantageous enjoy. They put money into infrastructure and technologies, optimizing utilization, imposing efficient payments, and increasing revenues. Dedicated parking control groups make sure easy operations, addressing inquiries and technical issues. Customer pride is prioritized, aligning with the convenience offered by smart parking. Scalability fits establishments with huge parking facilities, accommodating high automobile volume.

United States is foremost in the global smart parking market with strong economy and innovative technology companies.

The companies in the United States have the resources and expertise to develop advanced solutions. The high urbanization and vehicle ownership rates in the US create a significant demand for efficient parking management, especially in densely populated areas. The well-developed infrastructure supports seamless integration of smart parking systems. The US government supports smart city initiatives and intelligent transportation systems through funding and partnerships. The United States culture embraces innovation and early adoption of technology, with consumers valuing convenience and sustainability. The established ecosystem of industry players promotes collaboration and tailored solutions for the United States market.

Competitive Landscape

Major companies in the smart parking market include IBM, Xerox, ASM International, Siemens Technology, Continental AG, Cisco, 3M Corporate, and Vodafone Group.

Market Summary

• Type - By type, the Smart Parking Market, breakup in 2 viewpoints (Off-Street, and On-Street).
• Components - The Report covers Smart Parking Market, by components in 2 viewpoints (Hardware (Pucks (Wireless Sensors), Cameras & LPRs, Smart Meters, Signage, and Parking Gates), and Software).
• Services - By services, the Smart Parking Market, breakup in 3 viewpoints (Consulting Services, Engineering Services, and Mobile App Parking Services).
• End-User - Renub Research report covers the Smart Parking Market, by end-user in 4 viewpoints (Commercial Institutions, Governments and Municipalities, Transport Transit, and Corporate Institutes).
• Region - The Smart Parking Market by region breakup in 25 viewpoints (United States, Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, India, Israel, Italy, Japan, Mexico, Netherlands, Saudi Arabia, South Africa, Spain, Switzerland, United Kingdom, Turkey, South Korea, U.A.E, Egypt, and Rest of the world).
• Key Players - All the major players in the Smart Parking Market have been covered from 3 Viewpoints (Overview, Recent Developments, and Revenue) IBM, Xerox, ASM International, Siemens Technology, Continental AG, Cisco, 3M Corporate, and Vodafone Group.

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