Smart Parking Market Report by Hardware (Pucks (Wireless Sensors), Cameras and LPRs, Smart Meters, Signage, Parking Gates), Software (Parking Guidance System, Analytics Solution), Service (Consulting Service, Engineering Service, Mobile App Parking Service), Type (Off-Street and On-Street), Application (Commercial, Government, Transport Transit), Regions and Company Analysis 2024-2032

Smart Parking Market Size

Smart Parking Market Outlook

Smart parking is an advanced technology system employed for optimizing utilization of parking spaces in real-time. The system incorporates sensors, IoT (Internet of Things), mobile apps, and data analytics for easing the search for parking for drivers. This makes searching less time-consuming as well as prevents congestion on the roads. In addition, these smart parking systems are usually accompanied by features such as self-payment, the possibility of making reservations for spaces, and notifications about space availability for the drivers.Smart parking technologies serve both urban and commercial purposes by reducing traffic, lowering carbon emissions, and even improving the overall flow of traffic in cities. Smart parking could be an opportunity for improving customer experience for businesses by providing easy parking for customers while maximizing parking efficiency. These systems can provide data that would prove invaluable to urban planners and local authorities to optimize infrastructure and make decisions. Smart parking is important because it renders urban areas sustainable and efficient using technology within everyday transport solutions.

Growth Dricers in the Smart Parking Industry

Increasing urbanization and vehicle ownership

The smart parking industry is expanding rapidly due to significant measures of rapid urbanization. Cities worldwide need help to accommodate more and more cars, causing traffic jams and a lack of parking spots. Accordingly, smart parking systems offer an answer using the best available spaces. They reduce how much time drivers spend looking for parking by using sensor systems, digital signage, and real-time data analytics to notify vehicles about available parking spots. It makes cities more orderly and relieves transportation congestion at the same time. Additionally, by using automated parking systems and well-thought-out layouts, smart parking technologies maximize the usability of parking spaces by fitting more cars into smaller spaces.

Government support is boosting the market growth

Smart parking solutions are crucial to many smart city projects that governments promote. Addressing urban issues, including traffic congestion, environmental concerns, and the effective use of urban space, motivates these projects. Moreover, governments encourage the implementation of smart parking technology through various means, including financing, policy development, and regulatory frameworks. The market is also expanding due to regulations prioritizing allocating urban space for smart parking facilities and installing smart parking systems in newly constructed commercial buildings. Furthermore, the public sector's engagement guarantees that smart parking systems align with more general urban planning and sustainability objectives, making them essential to urban growth in the future.

Technological Advancements

 Growth in the market is driven by the use of Internet of Things (IoT) technology, which makes it possible to integrate sensors and devices in parking areas and allows for real-time monitoring and control of parking spaces. In addition, the market is growing because artificial intelligence (AI) and machine learning (ML) algorithms are being used to forecast parking patterns and recommend the best management practices.

Furthermore, as these technologies continue to advance, more improvements to intelligent parking systems are anticipated, including improved user interfaces, more precise forecasts, and smoother connections with other intelligent technologies. For instance, with a vision for a new era of data-driven urban mobility, Aussie, a Sydney-based business for smart parking, brought its technology to the United States in July 2022. It creates data sets and digital tools for parking and smart city apps using real-time curbside information, such as parking limits and road laws.

USA Smart Parking Market Outlook

In North America, the United States plays an important role in the smart parking market. Due to increased urbanization and the fast-growing need to design efficient transportation systems in cities like New York, San Francisco, and Los Angeles, smart parking solutions have been rapidly adopted in the U.S. Many places use IoT sensors, real-time data analytics, and mobile apps to better manage parking space. Smart city investments by the government and increasing focus by the electric vehicle market with specific parking spaces contribute to the growth of the market in the U.S.

United Kingdom Smart Parking Market Outlook

In Europe, the United Kingdom is one of the important markets for smart parking solutions. The UK has incorporated smart parking systems in cities such as London and Manchester, in order to minimize traffic congestion and bring about sustainability. These systems utilize IoT technology to provide real-time parking space information, so it becomes easier for drivers to find available spots. The UK government supports the initiative with investments in smart city infrastructure, encouraging the transition to more sustainable, efficient solutions for urban mobility. The market is expanding along with urban modernization.

Japan Smart Parking Market Outlook

Japan dominates the smart parking market in the Asia-Pacific region, especially in cities like Tokyo, which are characterised by high population density and a shortage of parking space. Japan's technology infrastructure is highly advanced, and it is committed to smart city solutions, that has fueled the rollout of smart parking systems. The market is described in using sensors and mobile apps to optimize parking management and reduce congestion as well as improving the user experience. The focus on automation and innovation in urban planning in Japan makes it a prime market for smart parking solutions in the region.

Brazil Smart Parking Market Outlook

Brazil is an emerging market for smart parking in Latin America, especially in cities like São Paulo and Rio de Janeiro. Smart parking solutions are being adopted in the region mainly due to growing urbanization, increased traffic congestion, and insufficient parking space. Through the use of IoT-based systems and mobile applications, Brazil optimizes parking spaces, reduces search times for available parking spaces, and maximizes the overall parking experience for residents and visitors. The government's focus on smart city projects and the shift towards sustainability also drives the growth of smart parking solutions in the country.

United Arab Emirates (UAE) Smart Parking Market Outlook

It is followed by the UAE in the Middle East & Africa, with a significant following in cities such as Dubai and Abu Dhabi. The strong commitment to innovation and development of smart cities across the UAE has also led to increased implementation of advanced parking solutions. With IoT sensor sensing and data analytics, smart parking systems are designed to improve traffic flow, reduce congestion, and provide real-time parking information to drivers. The country's vision of becoming the world's leader in smart technologies and sustainability is creating a rapidly expanding market for smart parking in the UAE.

Smart Parking Company Analysis

Some leading smart parking companies are Siemens AG, Xerox Corporation, Cubic Corporation, Amano Corporation, Kapsch TrafficCom AG, Continental AG, Cisco Systems Inc., and Nedap NV.

Smart Parking Company News

Jan 2023: Robert Bosch GmbH declared that it planned to equip garages throughout Germany with automated valet parking technology.

Dec 2022: Raleigh-Durham International Airport awarded TKH Group a contract for an automated parking guiding system.

Oct 2022: Soldier Field and Amano McGann Inc. collaborated to implement new parking technologies that provide seamless updates and reduced maintenance costs.

Oct 2022: PT PP (Persero) Tbk, an investment and construction company based in Indonesia, partnered with LG CNS, a smart industrial solution provider from South Korea, to develop a smart city project for Indonesia's new capital, Nusantara. This collaboration aligns with the industry trend of smart city development.

Hardware– Market breakup in 5 viewpoints:

1. Pucks (wireless sensors)

2. Cameras and LPRs
3. Smart Meters
4. Signage
5. Parking Gates

Software- Market breakup in 2 viewpoints:

1. Parking Guidance System

2. Analytics Solution

Service- Market breakup in 3 viewpoints:

1. Consulting Service
2. Engineering Service
3. Mobile App Parking Service

Type- Market breakup in 2 viewpoints:

1. Off-Street
2. On-Street

Application- Market breakup in 3 viewpoints:

1. Commercial
2. Government
3. Transport Transit

Country – Market breakup of 25 Countries:

North America

1.1    United States

1.2    Canada

Europe

2.1    France

2.2    Germany

2.3    Italy

2.4    Spain

2.5    United Kingdom

2.6    Belgium

2.7    Netherland

2.8    Turkey

Asia Pacific

3.1    China

3.2    Japan

3.3    India

3.4    South Korea

3.5    Thailand

3.6    Malaysia

3.7    Indonesia

3.8    Australia

3.9    New Zealand

Latin America

4.1    Brazil

4.2    Mexico

4.3    Argentina

Middle East & Africa

5.1    Saudi Arabia

5.2    UAE

5.3    South Africa

All the key players have been covered from 3 Viewpoints:

• Business Overview
• Sales Analysis
• Recent Development & Strategies

Key Players Analysis:

• Siemens AG
• Xerox Corporation
• Cubic Corporation
• Amano corporation
• Kapsch TrafficCom AG
• Continental AG
• Cisco Systems Inc
• Nedap NV