Development of Smart Cities Driving Smart Parking Systems Market

In 2018, the global smart parking systems market generated a revenue of $3.4 billion and is projected to reach a value of $9.1 billion in 2024, advancing at a 16.1% CAGR during the forecast period (2019-2024). The market is growing due to the rapid urbanization, rising concerns regrading parking, and development of smart cities. An intelligent parkin system which facilitates hassle-free parking is referred to as smart parking. The system gathers information on the availability of parking space in a specific area for assisting the driver to park in the available spot.

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When technology is taken into consideration, the smart parking systems market is categorized into service, hardware, and software. Out of these, the hardware category accounted for the major share of the market during the historical period (2014-2018) and is further expected to dominate the market during the forecast period. The reason for this was the critical role of devices such as cameras and sensors in spotting automobiles in the parking slots. The service category is predicted to grow at the fastest pace during the forecast period.

Among different regions, namely North America, Asia-Pacific (APAC), Europe, and Rest of the World, North America dominated the smart parking systems marketduring the historical period and is further expected to retain its position during the forecast period. This is because of the early adoption of smart parking systems in the region. The APAC region is projected to grow at the fastest pace during the forecast period due to the rising penetration of smart parking systems in China.

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In recent years, the key players in the smart parking systems market have secured client wins and engaged in partnerships and mergers and acquisitions to gain a competitive edge in the industry. For instance, in September 2019, SWARCO TRAFFIC Ltd. signed an agreement with Cambridgeshire County Council for the replacement of the existing traffic technology with new traffic guidance and parking solutions. The company will install 11 count control cabinets at Cambridge's Park & Ride sites to provide information to the drivers on parking availability. Furthermore, it will install 17 red-green-blue (RGB) matrix signs at planned locations across Cambridge and nearby areas, which will display information on the traffic and available parking spaces.

Smart Parking Systems Market Segmentation

Market Segmentation by Parking Site

Off-Street
On-Street

Market Segmentation by Technology

Hardware
Software
Service

Market Segmentation by End User

Commercial
Government
Others

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This release was published on openPR.