Global Smart Parking System Market Overview
Introduction:
Smart Parking System Market was valued at US$ 9.6 billion in 2024 and is projected to grow at a CAGR of 3.30% to reach US$ 81.1 billion by 2034.
A smart parking system is a technologically advanced solution designed to efficiently manage and optimize parking spaces in urban or crowded areas. It relies on sensors, cameras, and software applications to provide real-time data on parking availability, enable reservations, facilitate payment processes, and enhance the overall user experience. Sensors installed in parking spaces detect vehicle presence and transmit occupancy information to a central management system, which then disseminates this data to users through mobile apps, websites, or electronic signage. Users can reserve parking spaces in advance, pay digitally, and receive real-time directions to available spaces, reducing traffic congestion and emissions. Operators can remotely monitor and manage parking facilities, optimize space allocation, and implement dynamic pricing strategies based on demand. Overall, smart parking systems offer numerous benefits, including improved user experience, increased revenue, enhanced safety, and reduced environmental impact.
Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.
Global Smart Parking System Market Dynamics
Smart Parking System Market Key Drivers:
Increase in parking issues across the Globe
Finding empty parking space especially during peak hours at airports, hospitals, universities is a big challenge nowadays. Residential parking and building or society parking are also becoming difficult due to urbanization and more people shifting, growing population. Improved technology such as receiving notification through SMS of accessible free space and real time updates on space bookings might reduce this problem and help addressing the issue. Automating the identification of ideal parking floor and location, their system reduces the amount of time spent by a user in haunting for parking and parking spot.
For instance, in September 2023, The Pit Parking System takes a different approach by utilizing vertical space. It involves creating multiple levels of parking below the ground. This is suitable for places with less horizontal space but ample vertical room, like residential areas, malls, and hotels.
Rising vehicle ownership
With the growing affluence and availability of affordable automobiles, the number of vehicles on the roads continues to increase. This surge in vehicle ownership underscores the need for effective parking solutions to accommodate the rising demand. Advances in sensor technology, Internet of Things (IoT), artificial intelligence (AI), and data analytics have greatly enhanced the capabilities and efficiency of smart parking systems. These innovations enable real-time monitoring, predictive analysis, and seamless integration with other urban infrastructure systems and also might solve the challenge of less parking spaces and more requirements. The use of technologies such as smart parking meters, License Plate Recognition (LPR) cameras, and parking guidance systems for parking has facilitated the ease of vehicle parking, thereby reducing the wastage of time and fuel. These factors, along with the rising vehicle sales globally, are expected to boost the growth of the smart parking system market.
For instance, in November 2020, Park+, a smart parking solution company, partnered with MyGate, a community & security service provider, to develop RFID-equipped smart parking solutions for the residential market.
Smart Parking System Market Restrains:
Lack of awareness regarding the smart parking benefits is the main restraint for the growth of the market during the forecast period. Further, the smart parking solutions equipped with RFID tags face disruption in signals due to electromagnetic interference. Electromagnetic interference causes disturbance in the tracking signal, due to which vehicles are faultily detected. This is expected to create numerous challenges for operators and drivers in the forecast period.
Global Smart Parking System Market Segmentation
Smart Parking System Market is segmented based on parking site, component, end user, and region.
Parking Site Insights
- Off-street: : Off street segment tends to dominate the smart parking system market over the forecast period. The off-street parking segment refers to parking facilities located away from public roads, typically in parking garages, parking lots, or dedicated parking structures. This segment plays a significant role in urban parking management, catering to a wide range of users, including commuters, shoppers, tourists, and residents.
- On-street: On street segment is also the fastest growing segment in smart parking systems market over the forecast period. The on-street parking system refers to parking spaces located along public roads or streets, typically marked by designated parking meters, signage, or painted lines.
Component Insights
- Hardware: Hardware segment tends to dominate the smart parking system market over the forecast period. Hardware segment encompasses the physical components and devices deployed to enable various functionalities such as vehicle detection, data transmission, and user interaction. It includes sensors, cameras, LPRs, smart meters etc. The smart meters segment held the major share of over 40% in 2022.
- Software: Software segment is growing fast in smart parking system market over the forecast period. It plays a crucial role in managing and optimizing parking spaces efficiently. It encompasses various applications, algorithms, and platforms that process data collected by hardware components, provide real-time information to users, enable reservations and payments, and optimize parking operations. The parking guidance systems segment accounts for greatest revenue from this segment in the targeted market. The increase in technology-based companies is expected to enable easy parking, booking, and paying for slots at various parking sites, thereby increasing the demand for analytics solutions.
- Service: service segment significantly contributes in smart parking system market over the forecast period. The service segment in the smart parking system market encompasses a range of offerings designed to support the implementation, operation, and maintenance of smart parking solutions. These services complement the hardware and software components of the system and play a crucial role in ensuring its effectiveness and efficiency.
End user Insights
- Residential: Residential segment also significantly contributes to smart parking system market over the forecast period due to increase private vehicles and urbanization. People in societies find it difficult to park and in finding parking slots. Thus, smart parking systems are much needed in residential areas to avoid the chaos which in turn boost the smart parking systems market.
- Government: Government segment dominates the smart parking system market in the region. Increasing adoption of the smart parking system by government in smart cities favors the growth of the market.
- Commercial: Commercial segment also significantly contributes to smart parking system market over the forecast period. It refers to the deployment and operation of parking solutions in commercial environments such as shopping malls, office complexes, retail centers, entertainment venues, airports, and other commercial properties.
Regional Insights:
Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.
Smart Parking System Market Regional Insights
- North America held the major share of smart parking systems market over the forecast period. The increasing number of vehicles is expected to grow the regional smart parking systems market. Many public-private collaborative efforts have been undertaken to introduce smart parking solutions in various cities in North America owing to increasing traffic congestion. The governments are also taking supportive initiatives together with smart parking systems service providers to provide safe & legal parking for private & commercial vehicles. Furthermore, the increasing adoption of smart city initiatives is driving the implementation of smart parking systems in the region.
- The Asia Pacific smart parking systems market is expected to expand at a significant rate in the forecast period, owing to the increasing focus of regional governments on improving parking management and reducing air pollution & traffic congestion. Further, significant penetration by key market players and rising startups in the region is expected to drive the Asia Pacific smart parking systems market.
- Europe is also expected to show significant contribution in smart parking system market over the forecast period due to stringent government regulations in search for sustainable environment owing to increase pollution.
Report Scope:
|
Attribute |
Details |
|
Market Size 2024 |
US$ 9.6 billion |
|
Projected Market Size 2034 |
US$ 81.1 billion |
|
CAGR Growth Rate |
3.30% |
|
Base year for estimation |
2023 |
|
Forecast period |
2024 – 2034 |
|
Market representation |
Revenue in USD Billion & CAGR from 2024 to 2034 |
|
Market Segmentation |
By Parking Site - On-street and Off-street By Component - Hardware, Software, and Service By End User - Residential, Government, Commercial |
|
Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
|
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the Smart Parking System Market report based on parking site, component, end user, and region:
Smart Parking System Market, By Parking Site:
- On-street
- Off-street
Smart Parking System Market, By Component:
- Hardware
- Software
- Service
Smart Parking System Market, By End user:
- Residential
- Government
- Commercial
Smart Parking System Market, By Region:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
Global Smart Parking System Market Key Players
The key players operating the Smart Parking System Market includes, 3M Company, Amano Corporation, Cubic Corporation, Thales Group, Kapsch TrafficCom AG, Nortech Control Systems Limited, Siemens AG, Swarco AG, Fujica System Co.,Ltd., Altiux Innovations, and Continental AG.
Global Smart Parking System Market Key Issues Addressed
Recent Development:
- In February 2023, Eleven-x, a Canadian-based IoT company, recently been selected for one of the largest municipal smart parking installations in North America. The project, located in Arlington County, Virginia, aims to bring a new level of efficiency and convenience to parking for both residents and visitors. The smart parking system will utilize eleven-x’s wireless technology to monitor parking spots and provide real-time data on availability. This will enable drivers to quickly find available spots and reduce the amount of time spent circling the block in search of parking. The data will also be used to optimize parking enforcement and reduce congestion in the area.
- In September 2023, Approximately 3,300 parking sensors have been successfully installed across key districts of Doha, marking the completion of the first phase of the Smart Parking Management System. State-of-the-art vehicle parking technology aims to alleviate congestion and enhance urban living in alignment with Qatar’s Vision 2030. The newly installed sensors are part of an ambitious strategy to accommodate over 18,000 vehicles in areas such as West Bay, Corniche and Central Doha.
- In November 2023, Dhaka North City Corporation (DNCC) in collaboration with Dhaka Metropolitan Police (DMP) on Wednesday launched the "DNCC Smart Parking” mobile app to revolutionize the country’s parking system. The service is provided through Public Private Partnership (PPP) and this is one of the initiatives to build smart Bangladesh. The app will cover 272 parking spots across eight different roads in the Gulshan area. It will be fully digital payment-based. So, Point of Sale (POS) machines will be installed at the parking locations will facilitate payment processing.
Global Smart Parking System Market Company Profile
- 3M Company*
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Amano Corporation
- Cubic Corporation
- Thales Group
- Kapsch TrafficCom AG
- Nortech Control Systems Limited
- Siemens AG
- Swarco AG
- Fujica System Co.,Ltd.
- Altiux Innovations
- Continental AG.
“*” marked represents similar segmentation in other categories in the respective section
Global Smart Parking System Market Table of Contents
Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
Market Preview
- Executive Summary
- Key Findings—Global Outlook for medical carts Strategies
- Key Questions this Study will Answer
- Market Snippet, By Parking Site
- Market Snippet, By Components
- Market Snippet, By End User
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restrains
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
Smart Parking System Market, By Parking Site, Forecast Period up to 10 Years, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
- Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
- Segment Trends
- On-street
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Off-street
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
Smart Parking System Market, By Component, Forecast Period up to 10 Years, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
- Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
- Segment Trends
- Hardware
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Software
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Service
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
Smart Parking System Market, By End User, Forecast Period up to 10 Years, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
- Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
- Segment Trends
- Residential
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Government
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Commercial
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
Smart Parking System Market, By Region, Forecast Period up to 10 Years, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
- Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
- Regional Trends
- North America
- Market Size and Forecast (US$ Bn), By Parking Site, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Component, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By End user, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Bn), By Parking Site, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Component, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By End user, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- UK
- France
- Germany
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Bn), By Parking Site, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Component, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By End user, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- India
- Japan
- South Korea
- China
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Bn), By Parking Site, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Component, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By End user, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Bn), By Parking Site, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Component, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By End user, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- GCC
- Israel
- South Africa
- Rest of Middle East
Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
Company Profiles
- 3M Company
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Amano Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Cubic Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Thales Group
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Kapsch TrafficCom AG
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Nortech Control Systems Limited
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Siemens AG
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Swarco AG
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Fujica System Co. Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Altiux Innovations
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Continental AG.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
The Last Word
- Future Impact
- About Us
- Contact
FAQs
The smart parking system market report segmented into parking site, component, end user, and region.
Factors driving market growth include the increasing adoption of smart city initiatives, the need for efficient parking management solutions, and advancements in sensor and communication technologies.
Global restraints may involve high initial implementation costs, challenges in integrating with existing infrastructure, and concerns related to data privacy and security.
The report covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is estimated to dominate the Smart Parking System Market, witnessing a significantly high revenue share over the forecast period.
Key players in the global smart parking system market includes, 3M Company, Amano Corporation, Cubic Corporation, Thales Group, Kapsch TrafficCom AG, Nortech Control Systems Limited, Siemens AG, Swarco AG, Fujica System Co.,Ltd., Altiux Innovations, and Continental AG.