Smart Parking Market is Anticipated to Increase at a Stable CAGR over the Forecast Period (2023 to 2029)

Smart Parking Market is anticipated to grow considerably at a CAGR of 16.5% during the forecast period. The key companies across the globe are adopting different business strategies including expanding their technological advancements, geographic presence, R&D activities, new product approvals, mergers & acquisitions, partnerships, and collaborations to increase market share. Among these, technological advancements are one of the major factors that are propelling the growth of the market.

For instance, in May 2021, Sony Europe has announced that its IMX500 image sensors with AI processing functionality will be at the heart of three smart city experiments starting in June in Rome, Italy, with Envision. These are designed to reduce traffic-related pollution and accidents at pedestrian crossings in the city. Its main goal is to analyze and deploy a smart parking system based on the IMX500 to reduce pollution and bottlenecks caused by people looking for a parking spot. The pilot aims to assess the effectiveness of such a system, with drivers being notified via a smartphone app before being directed to the nearest available free parking place.

Further, In March 2021, Smart Parking Ltd. has announced the launch of an application named Tessera, which is designed to manage a smart parking site. This app is harnessing the power of SmartCloud platform technology, which delivers the solutions such as vehicle detection hardware, smart city building blocks, variable message signage, customizable parking guidance & payment app, and also proper management of any car parking. The functions of the app include real-time, automatic alerts from in-ground sensors when a parking breach such as an overstay or nonpayment has occurred. Thus, the technological developments in smart parking solution by the major players for fulfilling the need of smart city project in the countries is fueling towards the growth of global smart parking market.

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Market Coverage

· The market number available for - 2021-2029

· Base year- 2021

· Forecast period- 2023-2029

Segment Covered-

· By Solution

· By Parking Site

· By Application

· By Components

Regions Covered-

· North America

· Europe

· Asia-Pacific

· Rest of the World

· Competitive Landscape- Robert Bosch GmbH, Valeo and Cisco, Bayerische Motoren Werke (BMW) AG, Siemens AG, 3M Co., Smart Parking Ltd., Nedap N.V., Altiux Innovations, Passport Labs, Inc., ParkMe, Inc., among others

Recent Activities by the Major Players for the Growth of Smart Parking Market

· In March 2021, EasryPark Group has announced the acquisition of Park Now Group to expand the coverage in digital parking. The Park Now Group operates in 11 countries under several brands, including RingGo in the UK and Park-line and Parkmobile in other countries.

· In December 2020, APT Skidata, one of the UK's leading parking solutions companies, has announced a new mobile-based digital solution to help owners and operators of single or multiple car parks improve operational efficiencies and financial returns.

· In June 2020, with machine learning, automation, and data collection, Tata Elxsi announced that its new smart parking solutions Park By Memory and Parking Slot Detection can help Indian drivers save time and make the bother of parking their car much easier. Park By Memory (PBM) is a system that allows the driver to teach the car how to park in a confined parking area, such as a narrow street or a packed parking lot. Whereas, by recognizing slot lines and monitoring slot occupancy, Parking Slot Detection (PSD) supports the motorist in locating the availability of slots.

· In December 2018, Siemens AG was selected as the technology partner of AUTOParkit to expand the company's growth in automated parking garage systems. AUTOParkit is a fully automated parking system company established in the US. The company is providing a crucial parking option for commercial growth, which is being harmed by changes in the automobile transportation business and market pressure to reduce parking space allocated.

· In November 2018, Valeo SA has announced a wide range of parking assistance systems to assist in protection from the car against accidents and incidental damage. The parking assistance systems include Valeo beep&park and Valeo park vision.

Smart Parking Market Report Segment

By Solution

· License/Registration Plate Recognition

· Parking Reservation Management

· Security and Surveillance

· Valet Parking Management

By Parking Site

· On-Street Parking

· Off-Street Parking

By Application

· Commercial

· Government

· Others (Airports, Personal)

By Components

· Display Units

· Parking Sensors

· Steering Angle Sensors

· Electronic Control Units

· Others (Parking Meters, Electronic Billing)

A full Report of Smart Parking Market is Available at: https://www.omrglobal.com/industry-reports/smart-parking-market

Smart Parking Market Report Segment by Region

North America

· United States

· Canada

Europe

· UK

· Germany

· Spain

· France

· Italy

· Rest of Europe

Asia-Pacific

· India

· China

· Japan

· South Korea

· Rest of APAC

Rest of the World

· Latin America

· Middle East & Africa

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