Smart Parking Market to Exhibit a Remarkable CAGR of 18.35% by 2031, Size, Share, Trends, Key Drivers, Demand, Opportunity Analysis and Competitive Outlook

Global smart parking market size was valued at USD 6.29 billion in 2023 and is projected to reach USD 24.21 billion by 2031, with a CAGR of 18.35% during the forecast period of 2024 to 2031.

Smart parking refers to the integration of advanced technologies, such as sensors, data analytics, and mobile applications, to efficiently manage parking spaces. It aims to optimize parking utilization, reduce traffic congestion, enhance user experience, and promote sustainability by providing real-time information about parking availability and facilitating convenient payment options.

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Some of the major players operating in the Smart Parking market are Robert Bosch GmbH (Germany), Continental AG (Germany), Valeo (France), AISIN SEIKI Co. Ltd. (Japan), Siemens (Germany), Cubic Corporation (U.S.), Amano Corporation (Japan), Kapsch TrafficCom AG (Austria), AppyWay (U.K.), Smart Parking (Australia), TKH Security B.V. (Netherlands), Nedap (Netherlands), Urbiotica (Spain), SWARCO (Austria), Klaus Multiparking (India), IPS Group Inc. (U.S.), IEM SA (Switzerland), DONGYANG PC. Inc. (South Korea), Altiux Innovations (India), ParkMobile LLC (U.S.), ParkMe, Inc. (U.S.)

Global Smart Parking  Market Scope
The market is segmented on the basis of system type, component, sensor technology, vertical and solution. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
System Type
Guided Park Assist
Smart Park Assist
On-Street
Off-Street
Component
Hardware
oSensors
oCameras
oParking Meters
oDigital Guidance Signage
oOthers
Software
oParking Management Platforms
oSDK/API
Services
oConsulting
oIntegration and Support Services
oDevice Management Services
Sensor Technology
Ultrasonic Sensor
Radar Sensor
Image Sensor
Vertical
Government
Commercial
Corporate
Solution
Security and Surveillance
Parking Reservation Management
Valet Parking Management
License Plate Recognition

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