Smart Parking Market Analysis Report 2023: Size, Share, Growth, Trends, Top Companies, Revenue, Forecast 2028

According to the latest report by IMARC Group, titled "Smart Parking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," 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 size reached US$ 4.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.6 Billion by 2028, exhibiting a growth rate (CAGR) of 12.9% during 2023-2028.

Smart parking is a computer-operated parking establishment that enables humans to achieve a faster and easier way to park their vehicles. It consists of sensors, real-time data interference, and smart mobile applications that allow users to keep track of available and unavailable parking spots. It assists in the smooth flow of traffic in congested areas, provides a systematic parking operation, and guides users regarding the available parking slots by navigating them via a smartphone application. Besides, it helps parking site operators provide various parking conveniences to their customers, such as time-saving, cashless payment options, pre-booking of parking spots, and enhanced vehicle security. Additionally, it aims to offer a seamless driving experience, safety, less traffic and pollution, and proper space utilization to the masses.

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Global Smart Parking Market Trends:

The increasing traffic congestion is primarily driving the global smart parking market. Moreover, a significant rise in automated parking solutions integrations, coupled with the rapid advancement in wireless and digital payment technologies is catalyzing the market. Besides this, continuous innovation in wireless sensor-based technology, dynamic messaging, parking sensors, and administrative facilities for viewing data on parking, provision of real-time parking data to citizens, and instant regulation of parking areas, are impacting the market favorably. Furthermore, increasing investments in developing driverless vehicles and numerous government initiatives to build smart cities across the globe are augmenting the market.

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

Moreover, the escalating support by the governments for the adoption of smart parking systems, as they help in reducing air pollution, traffic congestion, and carbon emissions, is strengthening the demand. Additionally, the rising implementations to improve traffic flow and reduce traffic congestion across urban cities are acting as another growth-inducing factor. Furthermore, smart parking systems help reduce the cost associated with parking management, such as enforcement, maintenance, and operation expenses, making it an attractive option for cities and parking lot owners, thereby catalyzing the demand globally. Apart from this, the continuous development of IoT, AI, based technologies has led to the development of more sophisticated smart parking systems that can provide real-time information and automated parking management, this is creating a positive market outlook.

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 (2017-2022)
• Market Outlook (2023-2028)
• 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

TOC for the Report:

• Preface
• Scope and Methodology
• Executive Summary
• Introduction
• Global Market
• SWOT Analysis
• Value Chain Analysis
• Price Analysis
• 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.

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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.

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