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

Market Definition 

By integrating technology, smart parking transforms conventional parking management. It uses cameras, sensors, and data analytics to trace the availability of parking spaces in real-time. Drivers are then efficiently guided to open places using digital signage or smartphone apps that provide this information. Advanced systems' extra features, which include reservation options, payment methods, and navigation support, improve the user experience. 

Furthermore, data analytics are crucial in optimizing parking policies and infrastructure planning, enabling cities to make informed decisions. Smart parking reduces the time spent searching for parking and alleviates traffic congestion and pollution associated with circling for spaces. It creates more sustainable and liveable urban environments by aligning with broader smart city initiatives.

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.

North America Smart Parking Market:

Through 2032, the market for North American innovative parking systems will be anticipated to expand due to the growing number of automobiles. Due to growing traffic congestion, numerous public-private partnerships have been formed to implement smart parking solutions in different North American cities. Governments are also launching encouraging efforts in collaboration with providers of smart parking systems to ensure safe and authorized parking for private and commercial vehicles. In addition, the region's support of smart city projects propels the installation of smart parking systems.

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