Smart Parking Market Size, Share 2022, Industry Statistics & Trends, Growth Rate (13.4%), Research Report 2027

Smart Parking Market Report 2022-2027

The latest report by IMARC Group, titled "Smart Parking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," offers a comprehensive analysis of the industry, which comprises insights on the global smart parking market. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global smart parking market reached a value of US$ 3.97 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 8.52 Billion by 2027, exhibiting at a CAGR of 13.4% during 2022-2027.

Smart parking refers to an intelligent parking solution that assists drivers with safe parking. It includes in-ground smart parking and pavement sensors to determine the occupancy, cameras, automatic number plate recognition readers (ANPR), and vehicle counting equipment that is usually embedded in parking spots to detect and transmit data. It optimizes parking space through parking guidance systems (PGS), ticketing systems, parking reserving barriers and automated access control systems. Smart parking aids in detecting parking space availability, reducing traffic, promoting smooth flow of traffic, enhancing user experience, increasing safety, decreasing management costs, limiting the cases of illegal parking, and optimizing on-street parking in garages, basements, and cities. As compared to traditional parking systems, smart parking assists users in finding available parking slots by navigating them via a smartphone application and preventing vehicle theft.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Request Free Sample Report: https://www.imarcgroup.com/smart-parking-market/requestsample

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Valeo S.A.
• Continental AG
• Robert Bosch GmbH
• Kapsch TrafficCom AG
• Cubic Corporation
• TKH Group-Park Assist.
• Streetline Inc.
• Cisco Systems Inc.
• ParkMe Inc.
• Urbiotica
• Skidata AG
• Amano McGann Inc.
• Swarco AG
• Smart Parking Ltd
• Nedap N.V.
• Delphi Automotive PLC
• Aisin Seiki Co. Ltd
• Siemens AG
• Xerox Corporation

Global Smart Parking Market Trends:

The increasing production and sales of vehicles and rising traffic congestion across the globe are creating a positive outlook for the market. Smart parking systems are widely used to optimize parking due to the limited space for the smooth flow of traffic. In line with this, the increasing demand for luxurious and comfortable vehicles due to the rising disposable incomes and growing urbanization, especially in emerging economies, is favoring the market growth. Apart from this, the introduction of automated valet parking robots that assists in safely parking the vehicle and improving space utilization is also providing a thrust to the market growth.

Additionally, the widespread product adoption due to the rising environmental consciousness is positively impacting the market growth. Smart parking assists in reducing pollution and unnecessary paper consumption by replacing cash payments for parking with digital invoices sent directly on the user's smartphone. Other factors, including the increasing adoption of the Internet of Things (IoT) and applied technology, development of green and smart cities and the implementation of various government initiatives for safe and legal parking, are anticipated to drive the market toward growth.

Explore Full Report with TOC & List of Figures: https://www.imarcgroup.com/smart-parking-market

Key Market Segmentation:

Breakup by System:
• Guided Park Assist System
• Smart Park Assist System

Breakup by Technology:
• Ultrasonic Sensors
• Radar Sensors
• Image Sensors
• IoT
• Others

Breakup by Component:
• Hardware
• Software
• Services

Breakup by Vertical Type:
• Government and Municipalities
• Commercial Institutions
• Corporate Institutions
• Transport Facilities
• Others

Breakup by Solution:
• Security and Surveillance
• Valet and Parking Reservation
• License Plate Recognition

Breakup by Parking Site:
• Off-Street Parking
• On-Street Parking

Breakup by Region:
• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the Report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

Explore Latest Research Reports by IMARC Group:

• Pea Protein Market Report 2022: https://www.imarcgroup.com/pea-protein-market

• Personal Protective Equipment Market Report 2022: https://www.imarcgroup.com/personal-protective-equipment-market

• Process Analyzer Market Report 2022: https://www.imarcgroup.com/process-analyzer-market

• Rainwater Harvesting Market Report 2022: https://www.imarcgroup.com/rainwater-harvesting-market

• Shrimp Market Report 2022: https://www.imarcgroup.com/prefeasibility-report-shrimp-processing-plant

IMARC Group

30 N Gould St, Ste R
Sheridan, WY (Wyoming) 82801 USA
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.