Smart Parking Management System Market Promising Growth and by Platform Type, Technology and End User Statistics, Scope, Demand by 2032

Smart Parking Management System Market was valued at USD 6.49 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 22.1% from 2023 to 2030.
Smart parking systems help drivers find accessible parking places to lessen traffic congestion as well as local administrations manage dispersed parking spaces effectively. Additionally, the integration of transportation systems, GIS systems, and parking data from wireless sensors has been made possible by the ongoing technological improvements. The ease of car parking has been facilitated by the adoption of technology such as smart parking metres, License Plate Recognition (LPR) cameras, and parking guidance systems for parking, which has reduced the loss of time and fuel. The market for smart parking systems is anticipated to expand as a result of these factors and the increased vehicle sales around the globe.
An intelligent parking technology called "smart parking" helps drivers park safely. Using embedded software and sensors, a sign or symbol denotes the availability of a parking place. Due to the efficient administration of the vehicle, the driver is correctly informed when a space becomes available. This system detects the presence or absence of automobiles using a variety of sensors installed as hardware in the parking space. The use of a smart parking system enables drivers to accommodate a nearby parking place without interfering with other vehicles by providing real-time data on its availability.

Market Dynamics
During the COVID-19 epidemic, people are likely to use their cars for solitary travel and shun shared transportation, including public transportation. Many major cities around the world are likely to experience traffic congestion as a result of this. The demand for smart parking solutions is anticipated to increase throughout the predicted period due to an increase in traffic congestion. The need for smart parking systems, which might help municipal administrations manage dispersed parking spaces better and assist drivers in locating available parking spaces, is anticipated to increase in response to increasing traffic congestion. The ability of these systems to provide the essential flexibility and scalability is also anticipated to boost market expansion.
The increased use of integrated automation solutions, together with advancements in wireless and digital payment technologies, are anticipated to support market expansion. Successful systems incorporate a variety of technologies, including machine-to-machine (M2M) communication, data analytics, sophisticated sensors, smart parking metres, and mobile applications for slot reservation and payment. These technologies aid in figuring out if a parking lot is empty or full, as well as in analysing and sending the data to mobile and web apps. Market growth is projected to be fueled by developments in these technologies.

Poor traffic management is a primary contributor to car overpopulation in many metropolitan areas across the world. This leads to congestion on the roads, which causes air and noise pollution and can stifle economic activity. By enabling real-time data collection and monitoring the availability of parking lots, smart parking systems can help address these challenges while also saving customers' money and time. By preventing cars from having to drive around city blocks looking for parking spaces, these systems can significantly reduce the amount of pollutants produced by vehicles. Numerous governments around the world are undertaking concerted campaigns to encourage the usage of such systems as they are aware that they may also assist reduce traffic congestion and pollution. Thus, it is anticipated that favourable government policies in this industry will significantly accelerate market expansion.

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Global Smart Parking Management System Market: Segmentations

Global Smart Parking Management System Market: By Types
Close Parking System
Middle Distance Parking System
Long - Distance Parking System

Global Smart Parking Management System Market: By Applications
Enterprises and Institutions
Schools
Hospitals
Factory
Others

Global Smart Parking Management System Market: Major Players
Guangdong AKE Technology
Siemens
AMCO
Streetline
Horoad
Jieshun
Dongyang Menics
Adax Security Systems
COMP9

Global Smart Parking Management System Market: By Regions
North America (United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Australia, and Rest of Asia-Pacific)
South America (Brazil, Argentina, Rest of South America)
Middle East & Africa (Turkey, Saudi Arabia, UAE, Rest of Middle East & Africa)

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