Smart Parking Market Size 2025, Insights and Future Growth Outlook, 2033

The global Smart Parking Market size was valued at $8.5 billion in 2023, and is projected to reach $48.3 billion by 2033, growing at a CAGR of 19.3% from 2024 to 2033. Increased parking concerns among individuals, rise in demand for Internet of Things (IoT)-based technology, and surge in the number of vehicles across the globe fuel the growth of the global smart parking market. On the other hand, high implementation cost, configuration complexities, and low rate of internet penetration in developing regions impede the growth to some extent. Nevertheless, rise in investment on building driverless vehicles and government initiatives in developing smart cities are anticipated to pave the way for lucrative opportunities for the key players in the industry.

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On the basis of components, the hardware segment held the highest market share in 2023, accounting for more than three-fifths of the global smart parking market revenue. This is due to the essential role of sensors, cameras, and parking meters in enabling automated parking systems. These components are crucial for detecting vehicle presence, managing parking spaces, and providing real-time data to users and operators. Advancements in hardware technology, such as ultrasonic sensors and license plate recognition cameras, have further boosted adoption by improving accuracy and reliability.

Based on technology, the ultrasonic segment accounted for more than half of the global smart parking market share in 2019 and is expected to lead the trail by the end of 2027. This is owing to the fact that ultrasonic sensors have been widely used for various purposes such as determining surface structure, measuring the position, and calculating the speed of an object. The IoT segment, on the other hand, would portray the fastest CAGR of 14.2% during the forecast period. IoT helps the users to get notified about the empty parking space through a smartphone application or a satellite navigation device. This factor propels the growth of the segment.

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On the basis of type, the off-street segment held the highest market share in 2023, accounting for around three-fifths of the global smart parking market revenue. This is due to its ability to offer organized and efficient parking solutions in multi-level facilities and parking lots. Off-street parking systems utilize advanced technologies such as automated ticketing, real-time occupancy monitoring, and navigation aids, enhancing convenience for users. Increased urbanization and rising vehicle ownership have further driven the demand for off-street smart parking solutions globally. However, the on-street segment is projected to manifest the fastest CAGR of 16.73% from 2023 to 2033. This is due to the increasing demand for urban space optimization and efficient parking management in congested city areas. With real-time tracking, improved accessibility, and reduced traffic congestion, on-street smart parking solutions enhance convenience for drivers and cities.

The key players profiled in this report include

Continental AG
Dongyang Menics Co., Ltd
IEM SA
IPS Group Inc.
Klaus Multiparking Systems
Robert Bosch GmbH
Urbiotica
Amano McGann, Inc.
Smart Parking Limited
Swarco AG

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On the basis of technology, the ultrasonic segment held the highest market share in 2023, accounting for more than two-fifths of the global smart parking market revenue. This is due to its reliable and accurate detection of vehicle presence, ensuring efficient parking space utilization. Ultrasonic sensors are widely adopted for their cost-effectiveness, ease of installation, and ability to function in varying weather conditions. However, the internet of things segment are projected to manifest the fastest CAGR of 18.61% from 2023 to 2033. This is due to its ability to connect parking systems, sensors, and mobile applications, providing real-time data and seamless communication. IoT-enabled solutions improve user experience, enable remote monitoring, and optimize parking space usage, driving rapid adoption.

Based on application, the security & surveillance segment contributed to nearly two-fifths of the global smart parking market share in 2019 and is expected to retain its dominance from 2020 to 2027. This is because security & surveillance systems helps operators to monitor and control over no parking zones, blocked emergency exits, or people entering/exiting through an emergency exit. Simultaneously, the smart payment system segment would manifest the fastest CAGR of 14.4% by 2027, owing to the fact that smart payment system is way much faster as compared to conventional payment system.

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On the basis of application, the security and surveillance segment held the highest market share in 2023, accounting for more than one-third of the global smart parking market revenue. This is due to the growing concern for safety and the increasing need for surveillance systems to monitor parking areas. Security features such as cameras, alarms, and license plate recognition ensure protection for both vehicles and users. However, the smart payment system segment is projected to manifest the fastest CAGR of 19.39% from 2023 to 2033. This is due to its convenience and seamless transaction experience. Digital payment solutions, including mobile apps and contactless payments, reduce wait times and enhance customer satisfaction, driving rapid adoption and transforming traditional parking systems.

Based on technology, the ultrasonic segment accounted for more than half of the global smart parking market share in 2019 and is expected to lead the trail by the end of 2027. This is owing to the fact that ultrasonic sensors have been widely used for various purposes such as determining surface structure, measuring the position, and calculating the speed of an object. The IoT segment, on the other hand, would portray the fastest CAGR of 14.2% during the forecast period. IoT helps the users to get notified about the empty parking space through a smartphone application or a satellite navigation device. This factor propels the growth of the segment.

Regional Analysis:

Based on geography, North America held the highest share in 2019, garnering nearly two-fifths of the global smart parking market. At the same time, Asia-Pacific would showcase the fastest CAGR of 14.3% from 2020 to 2027, due to high number of vehicle population in the region. The other two provinces studied in the report include Europe and LAMEA.

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