Global Smart Parking Systems Market is to Rise at an Impressive Growth Rate of 20.2% CAGR Due to Rising Number of Vehicles

Smart parking system provides real-time information about the availability of parking space in a particular location, thereby enabling hassle-free vehicle parking while saving on time, cost, and fuel. It consists of low-cost sensors, real-time data collection and analytics, and automated payment systems that allow people to find parking in desired locations and pay for it in advance.

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Once deployed, the Smart Parking System helps in reducing exhaust emissions from cars in urban cities by reducing the needless circling of city blocks in the search of parking space. It also efficiently manages the availability of parking space for cities and controls illegal parking. The rapid growth in the number of vehicles worldwide is increasing the scarcity of parking space, which is further magnifying the need for smart and innovative parking systems. Whether at airports or shopping centers, parking issues are a regular occurrence, in turn hurting the local business and affecting the quality of life of the city residents. These intelligent parking management systems provide high levels of convenience to the drivers while simplifying and automating the parking site operations.

Deploying smart parking systems in cities requires data collection and management, integration with mobile phones, and various software and hardware innovations. Furthermore, there is a need for cooperation among various parking stakeholders such as off and on-street parking operators, transport authorities, municipalities, as well as customers. The smart parking market is growing significantly with numerous advanced solutions being adopted by major global cities such as Los Angeles, San Francisco, Stockholm, Shanghai, Beijing, and Sao Paulo. In the long run, smart parking can significantly transform these and other cities by making them friendlier to citizens. Smart parking systems are expected to open up opportunities for the reuse of commercial as well as municipal parking garages Hence, smart parking systems contribute toward making urban cities cleaner, greener, compact, and thereby more freely walkable and drivable.

This research report provides in-depth analysis of the global smart parking systems market based on parking site types, components, application areas, and geography. In terms of geographical regions, the report segments the global smart parking systems market into North America, Europe, Asia Pacific, the Middle East and Africa (MEA), and Latin America; these are analyzed in terms of revenue generation. North America is further segmented into the U.S. and Rest of North America, while Europe is divided into EU7, CIS, and Rest of Europe. Moreover, the analysis for Asia Pacific is subdivided into Japan, China, South Asia, Australasia, and Rest of Asia Pacific. Likewise, MEA is further segmented into GCC countries, South Africa, and Rest of MEA, while Latin America is subdivided into Brazil and Rest of Latin America.

The report analyzes the factors that drive and restrain the growth of the smart parking systems market. The report also identifies prospective growth opportunities, prevailing market trends, and major strategies enhancing the popularity of smart parking systems. It also provides market estimates and forecasts for all the segments in terms of revenue. The global smart parking systems market is categorized based on parking site types as on-street parking and off-street parking. The market is also segmented on the basis of components that include sensor and network hardware, software, and services. The report further subdivides the smart parking services market into system integration and installation, parking management, and maintenance.

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This research report provides complete insight into different application areas of the smart parking systems market including airports, government and municipalities, and corporate and commercial institutions. The report also includes profiles of major players engaged in providing these smart parking systems. Key business strategies adopted by the major players, their market positioning, and various recent developments have also been identified in the research report. Besides, market positioning of key players in the smart parking systems market has also been provided. The major players in the smart parking systems market include Streetline, Inc., Cisco Systems, Inc., ParkMe, Inc., Urbiotica, Skidata AG, Amano McGann, Inc., Swarco AG, Smart Parking Ltd, Nedap N.V., and Parkmobile, LLC.

The global smart parking systems market is segmented as below:

Smart Parking Systems Market

By Parking Site Type

On-Street Parking
On-Street Parking

By Component

Sensor and Network Hardware
Software (Management and Analytics Software and Mobile Applications)
Services
System Integration and Installation
Parking Management
Maintenance

By End-use Industry

Airports
Government and Municipalities
Corporate and Commercial Institutions

By Geography

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

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