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Meticulous Research® Announces Latest Forecast for the Global Smart Parking Market, Projected to Reach $22.9 Billion by 2031
Meticulous Research®, a globally recognized leader in market intelligence and analysis, has released its latest report, Smart Parking Market by Offering (Hardware, Software, Services), Application (Parking Management, Payment, Vehicle Identification, Security & Surveillance, Others), Parking Site, End User (Commercial, Residential), and Geography - Global Forecast to 2031.Download Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5817
The report highlights that the global smart parking market is expected to grow at a compound annual growth rate (CAGR) of 18.2%, reaching a market size of $22.9 billion by 2031. This rapid expansion is being driven by various factors, including increased urbanization, traffic congestion due to inefficient parking, and rising investments in smart parking technologies. However, the market's growth is constrained by the high costs associated with implementing these advanced systems.
Key Growth Drivers and Market Trends
The adoption of smart parking solutions is gaining momentum due to the rising global need for efficient urban mobility. Increasing investment in smart cities, the emergence of the parking-as-a-service model, and the expansion of electric vehicle (EV) charging infrastructure are expected to open new avenues for market growth. Moreover, integrating the Internet of Things (IoT) and sensor-based technologies is becoming a critical trend, offering enhanced parking management and operational efficiency.
Nevertheless, challenges such as the lack of standardization, which leads to compatibility and interoperability issues, as well as concerns regarding vulnerability to weather conditions and vandalism, continue to hinder market progression.
Segment Insights
• By Offering: The smart parking market is segmented into hardware, software, and services. In 2024, the hardware segment is anticipated to dominate, driven by the increasing deployment of pay-and-display machines, parking meters, and surveillance systems. However, the services segment is poised to experience the highest growth rate during the forecast period, fueled by the integration of IoT and advanced wireless payment technologies.
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• By Application: Parking management is set to account for the largest market share, at 33.0%, in 2024. The segment's growth is propelled by widespread sensor adoption, which helps in spot identification, and the increasing use of automatic number plate recognition (ANPR) technology for revenue management. Meanwhile, the security and surveillance segment is expected to witness the highest growth, driven by the deployment of smart cameras in urban areas to enhance parking regulation enforcement and crime prevention.
• By Parking Site: The off-street parking segment will likely hold the lion's share, at 70.0%, in 2024. Off-street parking facilities are critical in congested urban areas, mitigating traffic and generating additional revenue streams through the integration of smart parking technologies. This segment is also forecasted to register the highest CAGR during the forecast period, driven by the rapid urbanization and expansion of pay-and-park services.
• By End User: The commercial sector will dominate the market, capturing 80.0% of the share in 2024, as commercial establishments increasingly adopt smart parking solutions to address parking security, optimize space allocation, and enhance the overall parking experience. The proliferation of electric vehicle charging facilities integrated with smart parking technologies is another key growth driver in this segment.
Regional Overview
In 2024, North America is expected to lead the global smart parking market with a share of 41.0%. The region's growth is supported by investments from municipalities and private entities in smart urban infrastructure, including parking management systems that utilize wireless technologies. For example, a 2023 project in Virginia, U.S., by Eleven-x (Canada), highlights the adoption of real-time smart parking systems in cities across North America.
On the other hand, the Asia-Pacific region is poised to experience the highest CAGR of 20.0% through 2031. This growth is attributed to the rapid urbanization in cities, escalating congestion, and municipal initiatives aimed at implementing smart parking solutions. A notable example is the 2024 initiative by the Chandigarh Municipal Corporation (India), which is focused on developing 89 smart parking lots through a public-private partnership (PPP) model.
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Key Industry Players
Prominent players shaping the global smart parking market include Cisco Systems, Inc. (U.S.), Siemens AG (Germany), Swarco AG (Austria), Robert Bosch GmbH (Germany), Amano Corporation (Japan), PRECISE PARKLINK INC. (Canada), Nedap N.V. (Belgium), Libelium Comunicaciones Distribuidas S.L. (Spain), Meter Feeder, Inc. (U.S.), ST Engineering (Singapore), TKH Security B.V. (Netherlands), CivicSmart, Inc. (U.S.), FLOWBIRD (France), SKIDATA GmbH (Austria), and Smart Parking Limited (U.K.).
Related Reports:
Parking Management Market - https://www.meticulousresearch.com/product/parking-management-market-5094
Smart Transportation Market - https://www.meticulousresearch.com/product/smart-transportation-market-5199
Smart Airports Market - https://www.meticulousresearch.com/product/smart-airports-market-5737
Smart Cities Market - https://www.meticulousresearch.com/product/smart-cities-market-5087
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