Driving Innovation : Smart Parking Market Projected to Reach $33.5 Billion by 2032

Allied Market Research published a report, titled, "Smart Parking Market by Type (Off-street and On-street), Technology (IoT, Ultrasonic, and RFID), Application (Security & Surveillance, Smart Payment System, E-parking, and License Plate Recognition), and End User (Commercial and Government): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global market size of smart parking industry generated $6.84 billion in 2022, and is anticipated to generate $33.51 billion by 2032, witnessing a CAGR of 17.4% from 2023 to 2032.

🔰 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/2878

𝐏𝐫𝐢𝐦𝐞 𝐝𝐞𝐭𝐞𝐫𝐦𝐢𝐧𝐚𝐧𝐭𝐬 𝐨𝐟 𝐠𝐫𝐨𝐰𝐭𝐡

Increased parking concerns across the globe, growth in demand for Internet of Things (IoT)-based technology, and increase in the number of vehicles are the major factors that propel the smart parking market growth. However, high implementation cost & configuration complexity and low rate of internet penetration in developing regions are the major factors that hamper the growth of the smart parking market. Furthermore, the rise in investment in building driverless vehicles, and government initiatives in building smart cities across the globe are the factors that are expected to offer growth opportunities for the market during the forecast period.

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐬𝐦𝐚𝐫𝐭 𝐩𝐚𝐫𝐤𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐞𝐭:

The report offers an extensive segmentation of the global smart parking market on the basis of type, technology, application, end user, and region. It also highlights the fastest growing and highest revenue generating segments among each category. This factor assists frontrunners as well as new entrants to make profitable investment decisions.

Based on type, the market is segmented into the on-street and off-street segments. Based on technology, the market is classified into the RFID, ultrasonic, and IoT segments. By application, the market is segmented into license plate recognition, e-parking, smart payment systems, and security and surveillance. Based on end user, the market is bifurcated into commercial and government segments.

🔰 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: - https://www.alliedmarketresearch.com/smart-parking-market/purchase-options

𝐓𝐡𝐞 𝐮𝐥𝐭𝐫𝐚𝐬𝐨𝐧𝐢𝐜 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝.

By technology, the ultrasonic segment accounted for the largest share in 2022, contributing to nearly half of the global smart parking market revenue. Ultrasonic sensors have been widely used for various purposes such as determining surface structure, measuring the position, and calculating the speed of an object. Such multipurpose advantages of ultrasonic used for smart parking systems anticipate the growth of the smart parking market. However, the Internet of things (IoT) segment is expected to portray the largest CAGR of 18.61% from 2023 to 2032. A user is notified about an empty parking space through a smartphone application or a satellite navigation device with the help of IoT. Prior notification of free parking space is provided to a user through a smartphone when the vehicle enters particular shopping places and some streets in a city. This way IoT helps reduce the time required for finding the parking lot and searching for the parking space, which in turn drives the market growth.

𝐓𝐡𝐞 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐚𝐧𝐝 𝐬𝐮𝐫𝐯𝐞𝐢𝐥𝐥𝐚𝐧𝐜𝐞 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝.

Based on application, the security and surveillance segment held the highest market share in 2022, accounting for nearly two-fifths of the global smart parking market revenue, and is estimated to maintain its leadership status throughout the forecast period. Security & surveillance systems are anticipated to help operators monitor and control no parking zones, blocked emergency exits, or people entering/exiting through an emergency exit. In addition, the rise in technology particularly in wireless connecting devices and mobile accessibility increases the demand in the future for advanced security systems in parking management. This, in turn, is expected to boost the smart parking market. However, the smart payment systems segment is projected to manifest the highest CAGR of 19.39% from 2022 to 2032. One of the major benefits of a smart payment system is that it is lightning-fast as compared to the traditional payment system. In addition, the smart payment system also leverages innovative technologies such as payment gateways that eliminate human intervention; thus, reducing human errors as well as saving labor costs.

𝐄𝐮𝐫𝐨𝐩𝐞 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞 𝐛𝐲 𝟐𝟎𝟑𝟐.

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global smart parking market revenue. Consumers in North American countries have increasingly adopted smartphones and devices that support mobile applications which aid in reserving, paying, and checking the availability of parking slots. In addition, the rise in the use of analytics for developing applications that provide parking solutions is expected to boost the smart parking market growth in the region. However, the Europe region is expected to maintain its dominance by 2032. Technological advancements along with the steady rise in vehicle sales are the primary factor boosting the growth of the smart parking market in European countries. the AsiaPacific region is anticipated to witness the major CAGR of 19.01% during the forecasted period.

🔰 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/2878

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐚𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐬𝐦𝐚𝐫𝐭 𝐩𝐚𝐫𝐤𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐞𝐭:

The global smart parking market report profiles the top business entities across the sector. It also discusses novel strategies implemented by them to sustain the market competition. These strategies involve collaborations, innovative product launches, partnerships, mergers, and acquisitions. The top market players profiled in the report are:

Smart Parking Ltd

Amano McGann, Inc.

IPS Group, Inc.

S.L.

Urbiotica

Continental AG

Aisin Corporation

IEM SA

TKH Group

Robert Bosch GmbH

SWARCO

𝐊𝐞𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐜𝐨𝐯𝐞𝐫𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐬𝐦𝐚𝐫𝐭 𝐩𝐚𝐫𝐤𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐞𝐭 𝐫𝐞𝐩𝐨𝐫𝐭:

𝐐𝟏. Which are the driving forces of the smart parking market?

𝐐𝟐. What are upcoming trends in the smart parking market?

𝐐𝟑. Which are the top companies profiled in the report?

𝐐𝟒. Which are the recent developments in the smart parking industry?

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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬
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