Smart Parking Systems Market 2024 - Industry Size, Business Segments, Innovative Strategies And Outlook by 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Smart Parking Systems Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $18.13 billion In 2028 At A CAGR Of 20.2%.

The smart parking systems market size has grown exponentially in recent years. It will grow from $7.11 billion in 2023 to $8.68 billion in 2024 at a compound annual growth rate (CAGR) of 22.1%. The growth in the historic period can be attributed to increasing traffic congestion, growing automobile ownership, limited parking spaces, environmental concerns, government initiatives.

The smart parking systems market size is expected to see exponential growth in the next few years. It will grow to $18.13 billion in 2028 at a compound annual growth rate (CAGR) of 20.2%. The growth in the forecast period can be attributed to rise of electric vehicles, autonomous vehicles development, expansion of smart city initiatives, enhanced connectivity infrastructure, shift towards shared mobility services. Major trends in the forecast period include real-time data analytics, emergence of contactless parking systems, cloud-based parking management, ai-driven predictive parking, blockchain for secure transactions.

Request A Sample Of This Report - https://www.thebusinessresearchcompany.com/sample.aspx?id=12179&type=smp

Smart Parking Systems Market Major Segments
The smart parking systems market covered in this report is segmented -

1) By Type: Off-Street Parking, On-Street Parking
2) By Hardware: Pucks, Cameras And LPRs, Smart Meters, Signage, Parking Gates
3) By Software: Parking Guidance System, Analytics Solutions
4) By Service: Consulting Service, Engineering Service, Mobile App Parking Service
5) By Application: Commercial, Government, Transport Transit

Key Driver - Surge In Vehicle Numbers Propels Growth In The Smart Parking Systems Market

The increasing number of vehicles is expected to propel the growth of the smart parking systems market going forward. A vehicle is a mechanical device intended for travel, usually on highways or other flat surfaces. Vehicle owners may greatly benefit from smart parking systems, which save time and effort, decrease stress, save money, increase safety, make parking more accessible, and make reservations and pre-booking easier. For instance, in December 2022, according to the Government Digital Service, a UK-based public sector information website, there were 1 million licensed plug-in vehicles in the UK by the end of September 2022, an increase from 1 in 61 (1.6%) at the end of September 2021 to 1 in 40 (2.5%) of all licensed road-using vehicles. There were 40.8 million licensed vehicles in the UK at the end of September 2022, up 0.7% from the end of September 2021. Therefore, the increasing number of vehicles is driving the growth of the smart parking systems market.

Customise This Report As Per Your Requirements - https://www.thebusinessresearchcompany.com/Customise?id=12179&type=smp

Prominent Trend - Wm Motor Introduces 3.0 Smart Parking Technology, Reflecting Technological Advancements In The Smart Parking Systems Market

Technological innovations are a key trend gaining popularity in the smart parking systems market. Major companies operating in the smart parking systems market are adopting new technologies to sustain their position in the market. For instance, in August 2022, WM Motor Technology Co. Ltd., a China-based automobile technology company, launched 3.0 smart parking technology. The 3.0 level of WM Motor's smart parking technology is represented by this service, which connects the massive data output from the mobile, field, and automobile sides into a single stream. Users can employ the new technology for excellent car parking capabilities as the process develops.

Smart Parking Systems Market Players
Major companies operating in the smart parking systems market report are Bayerische Motoren Werke AG, Siemens A.G., IBM Corporation, Cisco Systems Inc., Swarco AG, Kapsch TrafficCom, SKIDATA GmbH, Nedap N.V., Mindteck, FlashParking, EasyPark Group, INRIX Inc., Amano McGann Inc., Municipal Parking Services Inc., Altiux Innovations Pvt. Ltd., Gtechna, Indect Electronics & Distribution GmbH, JustPark, CivicSmart Inc., Urbiotica S.L, 6sense Innovations Ltd., Cleverciti Systems, Meter Feeder Inc., Parkme Inc., evopark GmbH, Amco S.A., HomiSmart Ltd.

View The Full Report Here - https://www.thebusinessresearchcompany.com/report/smart-parking-systems-global-market-report

Largest And Fastest Growing Region In The Market
North America was the largest region in the smart parking systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart parking systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Parking Systems Market Report Structure
3. Smart Parking Systems Market Trends And Strategies
4. Smart Parking Systems Market - Macro Economic Scenario
5. Smart Parking Systems Market Size And Growth
…..
27. Smart Parking Systems Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

This release was published on openPR.