The global smart parking market is anticipated to grow significantly at a CAGR of 16.5% during the forecast period. Rapid urbanization and population growth have resulted in city overcrowding, and both factors contribute to parking issues in populated areas. One of the major concerns is the inefficient use of land for parking. With the introduction of the smart parking system, all of the problems associated with parking have been solved. The Smart Parking system is a car parking system that allows the driver to search for available parking spaces, book that spot, and pay the bill for that space online in only a few clicks.
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Several governments throughout the world are encouraging the implementation of smart parking technology to transform cities into smart cities. For instance, nearly 78 cities in the region have embarked on smart city development with the help of the European Innovation Partnership on Smart Cities and Communities (EIP-SCC). Such factors are fueling the growth of the smart parking market. The restraining factors in the growth of the market are high initial setup costs, moreover, the configuration of the same is a tedious job. Lack of trained staff is also a key challenge in this market. However, technological advancements like the deployment of more IoT services/platforms and population inclination towards smart cities will contribute to the growth of the market during the forecast period.
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Market Segmentation
Global Smart Parking Market by Solution
- License/Registration Plate Recognition
- Parking Reservation Management
- Security And Surveillance
- Valet Parking Management
Global Smart Parking Market by Parking Site
- On-Street Parking
- Off-Street Parking
Global Smart Parking Market by Application
- Commercial
- Government
- Others (Airports, Personal)
Global Smart Parking Market by Components
- Display Units
- Parking Sensors
- Steering Angle Sensors
- Electronic Control Units
- Others (Parking Meters, Electronic Billing)
Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
Company Profiles
- 3M Co.
- Altiux Innovations Pvt. Ltd.
- Aptiv plc
- Bayerische Motoren Werke (BMW) AG
- CivicSmart, Inc.
- Cubic Corp.
- HCL Technologies Ltd.
- INRIX Inc. (Parkme Inc.)
- IntegraPark, LLC.
- Nedap N.V.
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