Smart Parking Market Forecasted to Reach US$ 13.8 Billion by 2032, With a 11.3% CAGR - [Research Report 2024]

According to the latest report by IMARC Group, titled "Smart Parking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032," 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.

How Big is the Global Smart Parking Market:

The global smart parking market size reached US$ 5.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 13.8 Billion by 2032, exhibiting a growth rate (CAGR) of 11.3% during 2024-2032.

Market Overview:

Smart parking is a computer-operated technology that is widely adopted to manage parking systems efficiently. This parking strategy combines human innovation and technology to achieve easier, faster and denser parking of vehicles. It provides local turn-by-turn guidance and real-time data while aiding in reducing traffic and vehicle emissions. It is widely used across the globe due to its several advantages, such as simplifying the flow of urban traffic, enhancing operational efficiency, guiding residents and visitors to available parking and offering drivers a more enjoyable and time-saving experience. It is gaining widespread prominence among the masses as it helps to simplify the parking experience and adds value for parking stakeholders, such as merchants and drivers.

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Global Smart Parking Market Trends:

The global market is primarily driven by the increasing traffic congestion. This can be attributed to rapid urbanization and the growing population rate across several countries. Coupled with the rising adoption of personal vehicles on account of inflating disposable income levels of the masses, this is creating a positive market outlook. Apart from this, continual technological advancements and the introduction of the internet of things (IoT), sensors, machine learning and artificial intelligence (AI) are significantly supporting the demand for smart parking systems across the globe.

Along with this, the growing need to manage the carbon footprint level and rising environmental concerns among individuals have encouraged the uptake of smart parking solutions on the global level. Moreover, the increasing investments by private and public agencies in smart city projects are considered to be a growth-inducing factor. Other factors, including the penetration of high-speed internet connectivity, rapid digitization and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market.

By the IMARC Group, Some of the Top Competitive Landscape Operating in the Global Smart Parking Industry 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 (2018-2023)
• Market Outlook (2024-2032)
• 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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This release was published on openPR.