Smart Parking Systems Market Share was valued at USD 4386 million in 2020 and is expected to register a CAGR of 21.2% during the forecast period.

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Market Dynamic

Key Drivers and Emerging Trends

The smart parking system incorporates an on-site implementation of an Internet of Things (IoT) based system, which is used to signal and observe the state of accessibility of parking spaces. A mobile application allows end-users to verify, and book based on the availability of parking spaces. Smart parking allows the smart cities, residents, value chain partners, and other shareholders to contemplate parking in a different way. This can be displayed in the financial models of the parking systems. Smart parking offers new ways to stamp data created from drivers and spaces. Mobile workers can find more vital information about a city’ parking use allowing a larger range of value-added services. This includes anonymised data such as how many citizens travel together and wherever citizens visit after they have parked in places. Such methods can also help lessen traffic overcrowding and cut pollution levels and as a result several administrations internationally are undertaking strategic projects encouraging their adoption. For instance, in February 2017, the U.K. government announced the funding of USD 4.8 million for around 19 local authorities for digital transport innovations, which has driven the smart parking systems adoption and expansion.

Increasing adoption of smart parking systems to optimize parking owing to the rising traffic congestion issues stands to be a major factor driving the smart parking systems market. With the rising environmental concerns, the demand for Smart parking systems has increased, as these systems help in minimizing pollution and have replaced cash payments with digital invoices, fueling the market growth. assists in reducing pollution and unnecessary paper consumption by replacing cash payments for parking with digital invoices sent directly on the user’s smartphone. Growing demand for passenger vehicles has accelerated the market demand, owing to the strategic government support. The U.S. National Highway Traffic Safety Administration (NHTSA) directed that all the new passenger cars should be incorporated with rear view cameras from 2018 onwards and also the Indian Ministry of Road Transport and Highway (MoRTH) have made rear view sensors mandatory for all passenger vehicles in India. Factors including increasing adoption of IoT and development of smart cities will further augment the Smart Parking Systems Market Size.

Restraint in the Smart Parking Systems Market
However, problems associated with the payment transactions is factor which is likely to hamper the overall growth of the market. Some of the parking systems do not accept cash which may hamper the efficiency of the overall growth of the market.

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Hardware – Segment Analysis

Based on the hardware, smart meters is witnessed to grow at a higher CAGR in the market over the forecast period. The rising demand for on-street vacant spaces across numerous cities globally has primarily led to the massive use of parking meters. Majorly citizens park vehicles on the streets for long duration which has forced authorities to install smart parking meters, which also help guarantee proper payments for on-street parking slots.

Software – Segment

Based on the software, analytics is witnessed to grow at a higher CAGR in the market over the forecast period. The growth can be owned to the ability of the parking sensors fitted on several structures such as light poles to thoroughly collect reliable information about occupied and vacant spaces. The accumulated data helps ensure safety and security at parking locations in case of tragedies and incidents.

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Regional – Segment Analysis:

Based on the regional coverage, North America is anticipated to grow at a higher CAGR in the market over the forecast period. The overall market is likely to register a healthy growth over the projected period owing to the rising adoption of smart parking systems and increasing number of vehicles in the region. Agencies in U.S. and Canada are crafting efforts to slash traffic barriers, which has been moving more and more serious with the increase in vehicle ownership. The rising adoption of the smart cities idea and associated knowledges are further expected to push the parking systems market in the region.

Top Market Players

Various notable players operating in the market, include, Altiux Innovations, Amano McGann, Inc., Amco S.A., BMW AG (ParkNow GmbH, Parkmobile LLC), Cisco Systems, Inc., CivicSmart, Inc., Deteq Solutions, Gtechna, INDECT Electronics & Distribution GmbH, Kapsch TrafficCom, among others. 

Key Developments:

• • In 2022, BMW declared that the latest 7 Series will have expanded Parking Assist Tech, with the ability to store up to 10 parking routes in its database. Also, the technology will be able to locate spaces in crowded lots and handle the parking duties itself.
  • In 2020, Amco S.A. was awarded a contract by the Memphis Area Transit Authority (MATA) in the U.S. for an automated fare collection system.

Segments covered in the Report:

The global smart parking systems market has been segmented on the basis of hardware, software, application, and regions. Based on hardware, the market is segmented into pucks, cameras and LPRs, smart meters, signage, and parking gates. Based on software, the market is segmented into parking guidance system, and analytics solutions. Based on application, the market is segmented into commercial, government, and others. 

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Key questions answered in this research report:

• • At what pace is global smart parking systems market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in smart parking systems market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global smart parking systems market?
  • Which hardware generated maximum revenues in 2019 and identify the most promising hardware during the forecast period?
  • What are the various software areas of global smart parking systems market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2020
Market Forecast Period	2021-2028
Market Revenues (2020)	USD 4386 million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Hardware, By Software, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Altiux Innovations, Amano McGann, Inc., Amco S.A., BMW AG (ParkNow GmbH, Parkmobile LLC), Cisco Systems, Inc., CivicSmart, Inc., Deteq Solutions, Gtechna, INDECT Electronics & Distribution GmbH, Kapsch TrafficCom, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Smart Parking Systems Market by Hardware

• • Pucks
  • Cameras and LPRs
  • Smart Meters
  • Signage
  • Parking Gates

Global Smart Parking Systems Market by Software

• • Parking Guidance System
  • Analytics Solutions

Global Smart Parking Systems Market by Application

• • Commercial
  • Government
  • Others

Global Smart Parking Systems Market by Region

• • North America Smart Parking Systems Market (Option 1: As a part of the free 25% customization)
    • By Hardware
    • By Software
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Smart Parking Systems Market (Option 2: As a part of the free 25% customization)
    • By Hardware
    • By Software
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Smart Parking Systems Market (Option 3: As a part of the free 25% customization)
    • By Hardware
    • By Software
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Smart Parking Systems Market (Option 4: As a part of the free 25% customization)
    • By Hardware
    • By Software
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Smart Parking Systems (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Altiux Innovations
  • Amano McGann, Inc.
  • Amco S.A.
  • BMW AG (ParkNow GmbH, Parkmobile LLC)
  • Cisco Systems, Inc.
  • CivicSmart, Inc.
  • Deteq Solutions
  • Gtechna
  • INDECT Electronics & Distribution GmbH
  • Kapsch TrafficCom