Smart Parking Market is valued at USD 5.87 Billion in 2021 and expected to reach USD 15.26 Billion by 2028 with a CAGR of 14.63% over the forecast period.
Smart Parking is an effective parking system enables human to achieve faster and easier way to park their vehicles in any denser area. Smart Parking System assists in solving one of the biggest problems associated with rising population and driving in urban cities. It aims to reduce the utilization of resources like fuel, space and time. These systems are the combination of various components like Internet, Parking Sensors, Counting Sensors, Camera and others. The real-time monitoring of Vehicles, Traffic, Parking Locations, Availability and Prices helps to collect the data from these spots, process it and transmit it to the various users over the internet through websites or mobile applications. Smart Parking Systems also holds various advantages like enhancing the driving experience, safety, less traffic & pollution, proper space utilization and controlled population.
During this COVID-19 pandemic, spreading awareness among people for social distancing and contactless working has impacted every industry differently. In order to decline or slowdown the spread of virus, many drivers are now opting for touchless technologies around the parking system. Therefore, COVID has a positive impact on Smart Parking System as it has created an opportunity for the adoption of advanced technologies in parking system.
Smart Parking is a parking solution that includes in-ground smart parking sensors, cameras or counting sensors. Also it's a parking strategy that combines technology and human innovation in an attempt to use as few resources as possible as fuel, time and space to achieve faster, easier and denser parking of vehicles. The car parking system consists of wireless sensors, parking management system, parking guidance device, and smartphone app. The sensors connected in parking spaces are used to collect the real-time data of the parking situation. The collected data are transmitted to the parking management system and evaluated. Some companies also offer other in-app information, such as parking prices and locations. This gives the possibility to explore every parking option available. For example; smart parking using mobile IoT is one of the best tools a city has to solve parking and congestion issues. This guide explains how a city or parking operator can best approach a sensible parking project and what steps they need to require making sure success.
Global Smart Parking Market report is segmented on the basis of technology, type, application, end user and region & country level. Based upon technology, global Smart Parking market is classified into IoT, RFID, and Ultrasonic. Based upon the type, it is classified as On-street and Off-street. Based upon the application, global Smart Parking market is classified into Smart Payment System, Security & Surveillance, License Plate Recognition, and E parking. On the basis of end user, the market is fragmented into government and commercial.
The regions covered in this Global Smart Parking Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Smart Parking is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia, Africa, etc.
Some major key players for Global Smart Parking Market are
January 06, 2021; SmartRent, a smart home automation provider announced its new parking system along with IoT technology to establish parking space management for multi sites and increasing the profit by spending on underutilized spaces. The features in Alloy Parking will enable the property owners and residents to make best use of parking spaces includes: One system for all facilities, managing resident parking, real-time parking availability, optimizing revenue, automated garages.
December 17, 2020; vPermit is a virtual parking permit solution launched by Australian town of Victoria Park. It aims to improve parking options and prevent the overflow of cars. It has been developed by Smarter City Solutions to process the residential parking management and simplify the permit application through virtual platform.
The major factors driving the growth of global Smart Parking market is increasing vehicle population and traffic congestion. According to the World Bank, there will be increase in overall population by 60% which causes to grow urbanization and brings challenges in transportation and infrastructure building. It is also estimated that 35% of overall time is wasted in finding parking spots also links to financial losses in economy. According to Smart Parking Institute Survey, 42% voted in favor of importance of smart parking systems of total respondents.
As innovations always played an upper hand, variety of components related to parking systems like tracking cars on real time basis, automation and control systems enhanced the traditional parking systems. IOT technology has already taken over the parking systems but needs lots of improvement and technological advancement in autonomous vehicles are also expected to fuel the growth of Smart Parking Market. However, High cost of implementation and maintenance as well as low penetration of internet in developing economies act as restraining factor for the market growth over the forecast period. Moreover, development of smart cities and advancement in autonomous cars is likely to create ample opportunities in the smart parking market in the near future.
Additionally, proliferation of digital payment technologies is also anticipated to supplement the growth of this market. The mPOS (mobile point-of-sale) solutions are delivering new insights for various types of businesses, including restaurants, live events and parking facilities. This solution is established by creating multiple networked smart parking clusters using Wireless POS. According to Business Insider, there will be around 27.7 million mPOS devices operational by the year 2021. This number is huge as compared to 3.2 million in the year 2014.
However, high implementation cost & configuration complexity may hamper the market growth. In spite of that, growing advancements in autonomous cars and smart park technology and increasing government initiatives for smart cities across the globe are expected to create lucrative opportunities for the further growth of the market in the near future.
North America is expected to dominate the Smart Parking market within the forecast period attributed to increase in demand of vehicles and parking spaces for effective movement in less time. According to the National Parking Association (NPA)’s economic impact report, the U.S. Economy is driven by parking and represented by 1% of GDP. It is also estimated that parking industry has helped around 581,000 workers and contributed $131 billion. Asia-Pacific region is also expected to grow as rise in population increases the demand for vehicles and traffic congestion creates a great opportunity in smart parking systems with the help of advancement in technology and government’s different policies. All the above mentioned factors are likely to accelerate the market growth over the forecast period.
Europe is expected to be second largest region for smart parking market within the forecast period owing to rising concerns regarding parking, increase in demand for Internet of Things (IoT), and high implementation rate of smart cities in this region. Data analysis predicted that the number of IoT connections in the identified sectors is predicted to grow from around 13m in 2016 to over 150m by 2024 in the UK.
• Rest of Europe
• South Korea
• Rest Of APAC
• Rest of South America
Middle East and Africa
• Saudi Arabia
• South Africa
• Rest Of MEA
|2022 - 2028
|Market Size in 2021:
|USD 5.87 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 15.26 Billion
|Tables, Charts & Figures:
|INRIX, Mojio, UnaBiz, Libelium, CIMCON, EasyMile, PayRange, Park Jockey, Vivacity Labs, Telensa Ltd, Fensens, Pod Point, Parquery, Cleverciti, JustPark, and others
|By Technology, By Type, By Application,By End User
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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