Real Time Parking System Market 2024 - By Industry Analysis, Competitive Landscape, Growth Factors, Revenue And Outlook By 2033

The Business Research Company recently released a comprehensive report on the Global Real Time Parking System Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The real time parking system market size has grown rapidly in recent years. It will grow from $6.61 billion in 2023 to $7.84 billion in 2024 at a compound annual growth rate (CAGR) of 18.5%. The growth in the historic period can be attributed to rise in urbanization, rise in vehicle ownership, increase in smart city initiatives, increase in demand for efficient traffic management, increase in government regulations promoting smart parking solutions, increase in demand for seamless and convenient parking solutions, and increase in need for parking space optimization.

The real time parking system market size is expected to see rapid growth in the next few years. It will grow to $15.51 billion in 2028 at a compound annual growth rate (CAGR) of 18.6%. The growth in the forecast period can be attributed to increasing urbanization, growing adoption of smart city initiatives, rising traffic congestion, increasing demand for enhanced user experience through mobile apps, increasing regulatory requirements for efficient parking management, and expanding investments in smart infrastructure projects. Major trends in the forecast period include adoption of smart city initiatives, integration of internet of things (IoT) and artificial intelligence (AI) technologies, development of autonomous vehicles, adoption of smart parking solutions, adoption of mobile app-based reservation systems, and implementation of sensor technologies for efficient space utilization.

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Market Drivers and Trends:

The rise in popularity of electric vehicles requiring charging infrastructure is expected to propel the growth of the real-time parking system market going forward. Electric vehicles (EVs) are automobiles powered primarily by electricity stored in batteries instead of gasoline or diesel fuel. The rise in popularity of electric vehicles is due to advancements in technology, environmental awareness, government incentives, lower operating costs, and shifting consumer preferences towards sustainable transportation options. A real-time parking system helps electric vehicles requiring charging infrastructure by providing accurate information on available charging stations and their availability, reducing the time spent searching for suitable charging spots and minimizing downtime. For instance, in March 2022, according to the US Department of Energy, a US-based government department representing US national energy policy and energy production, sales of electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) nearly doubled, rising from 308,000 units in 2020 to 608,000 units in 2021, with electric vehicle sales alone growing by 85% from 2020 to 2021. Therefore, the rise in popularity of electric vehicles requiring charging infrastructure will drive the real-time parking systems market.

Major companies operating in the real-time parking system market are focusing on advancements in technologies, such as artificial intelligence (AI) in real-time parking systems, to improve the efficiency and accuracy of parking management and enhance the user experience through predictive analytics and automated guidance. AI-based real-time parking system utilizes sensors and cameras to monitor parking spaces, providing up-to-the-minute information on availability. This helps predict open spots and direct drivers to them quickly. For instance, in September 2023, Park360, an India-based IT services and IT consulting company launched the AI-based vehicle authorization system. This system utilizes standard IP-based cameras to detect objects such as vehicles, license plates, and parking spaces. It extracts vehicle numbers for authorization and payment purposes, allowing seamless entry and exit from any premises without requiring manual intervention.

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Major Key Players of the Market:

Siemens AG, Cisco Systems Inc., Thales Group, TKH Group NV, Cubic Corporation, SWARCO AG, Amano Corporation, Flowbird Group, FlashParking Inc., INRIX Inc., T2 Systems Inc., Designa, Parkmobile LLC, IPS Group Inc., Klaus Multiparking Systems Pvt Ltd, Altiux Innovations Pvt. Ltd., Smart Parking Limited, Streetline Inc., IEM SA, ParkWhiz API, Came Parkare, Parknav, Robotic Parking Systems Inc., AppyWay, AJ Dongyang Menics Co. LTD.

Real Time Parking System Market 2024 Key Insights:

• The real time parking system market size is expected to see rapid growth in the next few years. It will grow to $15.51 billion in 2028 at a compound annual growth rate (CAGR) of 18.6%.
• Impact of Electric Vehicle Adoption on Real-Time Parking Systems
• Advancements in AI Technology Revolutionize Real-Time Parking Systems
• North America was the largest region in the real time parking system market in 2023

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