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Smart Parking Systems Market By Hardware (Pucks, Cameras & LPRs, Smart Meters, Signage, Parking Gates), By Software (Parking Guidance System, Analytics Solutions), By Service (Consulting Service, Engineering Service), By Type (Off-Street and On-Street), By Application (Security & Surveillance, Smart Payment System, E-Parking, and License Plate Recognition), By Region, And Segment Forecast 2021–2026

Covid-19

Global Smart Parking Systems Market Size, Share

The pandemic continues to cause unprecedented disruption across industries worldwide.Get detailed insights regarding the impact of COVID-19 on the market. Request Sample

Industry Insights

[226+ Pages Report] According to facts and factors, the global smart parking systems market was valued at approximately USD 4.40 Billion in 2020 and is predicted to create revenue of roughly USD 14.15 Billion by the end of 2026, with a CAGR of approximately 21.5% between 2021 and 2026.

logoMarket Overview            

Smart parking itself is a parking system that assists drivers in locating safe parking spots. Only with the help of embedded sensors and software available in parking space is indicated via a sign or symbol. Due to proper vehicle management, the driver is correctly informed of the vacant space. This technology detects the presence or absence of vehicles by using various types of sensors as a hardware component in the parking slot. The smart parking technology gives real-time data on the availability of surrounding parking spaces and allows drivers to park in that slot without causing any other vehicles to interfere. Furthermore, a smart parking system is a parking strategy that combines human innovation and technology to use the least amount of resources feasible to accomplish faster, easier, and denser vehicle parking. Parking enforcement, revenue management, permit management, parking guidance, access control, automated valet parking, security & surveillance, and slot management are some of the solutions provided by smart parking systems. It enables parking site operators to provide a variety of parking advantages to their consumers including time-saving, cashless payment choices, parking spot pre-booking, and improved vehicle security. Smart parking systems are designed in such a way that drivers have easy access to parking facilities nearby their ultimate destination without having to seek them, and they can avoid extra costs and trip time risks.

logoIndustry Growth Factors

During the forecasted period, rapid urbanization and a constant increase in the number of vehicles are expected to drive the smart parking system. Smart parking solutions will help to accelerate economic growth and improve the quality of public infrastructure in the future. A smart parking solution further eliminates the need for guards to assist in finding a parking spot and collect tickets. The parking experience is being transformed by robust innovations. Wireless sensor-based technology, dynamic messaging, parking sensors, and administrative capabilities for monitoring parking data, providing real-time parking data to citizens, and quick management of parking zones are some of the innovations.

SPSs are being implemented as a result of favorable regulations, government policies, and investments resulting in a seamless and user-friendly experience for both the drivers and operators. Furthermore, advanced features such as auto-payment choices and voice instruction via smartphone apps are expected to increase the demand for innovative solutions. To manage vehicles and access control systems efficiently several parking lots are incorporating Automatic Number Plate Recognition (ANPR) systems.

logo Covid-19 Analysis

People should drive alone in their cars rather than taking public transportation in the aftermath of the COVID 19 outbreak. This is predicted to cause traffic congestion in several subway cities around the world. Due to increased traffic congestion demand for smart parking solutions is expected to rise in the forecast period. Smart parking systems which assist local authorities to manage dispersed parking areas while also assisting drivers in discovering available parking spaces are predicted to experience increased demand.  This drop will have a disadvantageous impact on the market in the country and around the world, at least for a short time.

Smart Parking Systems Market

logoSegmentation Analysis

The smart parking systems market is segmented based on hardware, software, service, type, and application:

As per hardware smart parking systems market is segmented into (pucks, cameras & LPRs, smart, meters, signage, parking gates), by software (parking guidance system, analytics solutions) by service (consulting service, engineering service), by type (off-street, on-street), by application (security & surveillance, smart payment system, e-parking, license plate recognition).In 2020, the parking guidance system segment led and accounting for almost 75.0 percent of total revenue. These systems have gained popularity in the market because they assist drivers to save time by delivering information about vacant spaces, parking guidelines, the number of available spaces, and the duration of availability. These systems ensure a better driving experience for drivers by monitoring the status of numerous ultrasonic sensors and electrical signals and giving a user-friendly graphical interface.

logoSmart Parking Systems Market: Report Scope

Report Attribute

Details

Market Size in 2020

USD 4.40 Billion

Projected Market Size in 2026

USD14.15 Billion

CAGR Growth Rate

21.5%

Base Year

2020

Forecast Years

2021-2026

Key Market Players

Altiux Innovations, Inc., BMW AG (ParkNow GmbH, Parkmobile LLC), Inc., CivicSmart, Inc., Deteq Solutions, Flowbird, gtechna, and others

Key Segments

Hardware, Software, Service, Type, Application, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

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logo Regional Analysis

Due to an increase in consumer awareness regarding smart parking systems in the region, North America is expected to be the fastest-growing smart parking market for parking sensors. With a growth in the proportion of vehicles on the road and government initiatives, the region is anticipated to develop better traffic and parking management solutions. To guide the car to the appropriate parking place, parking management solutions incorporate parking sensors such as ultrasonic sensors and cameras within an infrastructure that may or may not integrate with in-vehicle parking sensors. The demand for parking sensors will rise as even more parking management solutions are implemented that reducing the time it takes to find a parking spot and easing traffic congestion.

logo Competitive Players

Some of the essential players operating in the smart parking systems market are Aisin Seiki Co., Ltd, Amano McGann, Amco S.A., Cisco Systems, Delphi Automotive PLC, Kapsch, Nedap N.V, Parkmobile, LLC, Skidata AG, Smart Parking Ltd., Swarco AG, Urbiotica, Xerox Corp, Continental AG and among others.

To maintain a competitive advantage leading companies are providing innovative solutions and hardware equipment. Smart parking market players are expanding their relationships with parking lot management corporations in response to the increasingly varying needs of parking lot management. For example, the Memphis Area Transit Authority (MATA) in the United States granted Amco S.A. a contract for an automated fare collection system in February 2020.

logo By Hardware

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

logo By Software

  • Parking Guidance System
  • Analytics Solutions

logo By Service

  • Consulting Service
  • Engineering Service

logo By Type

  • Off-Street
  • On-Street

logo By Application

  • Security & Surveillance
  • Smart Payment System
  • E-Parking
  • License Plate Recognition

logo By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-East Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • The Middle-East and Africa
    • GCC Countries
    • South Africa
    • Rest of Middle-East Africa

Covid-19

Smart Parking Systems Market

The pandemic continues to cause unprecedented disruption across industries worldwide.Get detailed insights regarding the impact of COVID-19 on the market. Request Sample

Industry Major Market Players

  • Aisin Seiki Co.Ltd
  • Amano McGann
  • Amco S.A.
  • Cisco Systems
  • Delphi Automotive PLC
  • Kapsch
  • Nedap N.V
  • Parkmobile
  • LLC
  • Skidata AG
  • Smart Parking Ltd.
  • Swarco AG
  • Urbiotica
  • Xerox Corp
  • Continental AG 

Frequently Asked Questions

Strict enforcement of laws by government authorities mandating Smart Parking Systems Market.
According to Facts and Factors research report, the global Smart Parking Systems Market accrued earnings worth approximately XX (USD Billion) in 2020 and is predicted to gain revenue of about XX(USD Billion) by 2028, is set to record a CAGR of nearly XX% over the period from 2021 to 2028.
North America will contribute lucratively towards the global market value over the estimated timeline. The regional market surge is subject to large-scale presence of giant participants in countries such as the U.S. Apart from this, favorable compensation policies along with high acceptance of new Smart Parking Systems Market will drive regional market trends. With regional governments enforcing strict laws pertaining to drug abuse, the market for Smart Parking Systems Market in North America is set to witness exponential growth over years to come. Legalization of cannabis in countries such as Canada and U.S. through passing of acts in parliament is likely to enlarge scope of Smart Parking Systems Market in North America over coming decade.
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