2023 Latest Trends, Insights in the Global Smart Parking Market: Comprehensive Market Research Report by 2028

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 modern technological solution designed to alleviate the challenges of urban parking by leveraging advanced sensors, data analytics, and communication technologies. It aims to improve the overall parking experience for drivers while optimizing the utilization of available parking spaces in urban areas. It consists of various components, including sensors installed in parking spaces to detect occupancy, data collection devices, and a central management platform.

These sensors can be embedded in the ground or attached to parking meters, and they provide real-time information about the availability of parking spaces. It offers additional benefits, such as the ability to monitor and analyze parking patterns, which can help city planners make informed decisions about parking policies, pricing, and infrastructure improvements.

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Global Smart Parking Market Trends:

The smart parking market is driven by the rapid urbanization and the ever-increasing number of vehicles on the roads. As cities become more densely populated, the demand for efficient parking solutions has increased. Smart parking systems, equipped with advanced sensors and real-time data analysis, offer a seamless parking experience, reducing traffic congestion and improving overall transportation efficiency.

Moreover, the rising adoption of Internet of Things (IoT) technology and connected devices has significantly contributed to the growth of the smart parking market. Furthermore, the increasing focus on sustainability and smart city initiatives has bolstered the adoption of smart parking solutions. Besides, public-private partnerships and collaborations between technology providers and local governments have played a significant role in accelerating the growth of the smart parking market.

By the IMARC Group, Some of the Top Competitive Landscape Operating in the Market are Given Below:

• 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

Explore the Full Report with Charts, Table of Contents, and 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

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.

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.