Global Smart Parking Systems Market Size Predicted to Create Revenue of USD 14.15 Billion by 2026: Facts & Factors

·7 min read

[205+ Pages Research Study] According to Facts and Factors market research report, the global Smart Parking Systems Market size & share revenue is expected to grow from USD 4.40 Billion in 2020 to reach USD 14.15 Billion by 2026, at 21.5% annual CAGR growth during forecast period of 2021-2026. The top market companies profiles included in report with their sales, revenues and strategies are Altiux Innovations, Inc., BMW AG (ParkNow GmbH, Parkmobile LLC), Inc., CivicSmart, Inc., Deteq Solutions, Flowbird, gtechna and others.

New York, NY, Sept. 20, 2021 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “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 Forecasts, 2021–2026”.

“According to the latest research study, the demand of global Smart Parking Systems Market size & share expected to reach to USD 14.15 Billion by 2026 from USD 4.40 Billion in 2020, at a compound annual growth rate (CAGR) of 21.5% during the forecast period 2021 to 2026”

Global Smart Parking Systems Market: Overview

Smart parking is a safe parking solution for smart drivers. Using embedded software and sensors the sign or symbol reveals the available parking spot on the lot. The unoccupied space is appropriately acquainted with the driver due to proper vehicle management. Smart parking delivers drivers real-time information about the availability of adjacent parking spaces and allows them to reserve a spot without having to wait. Every year, the number of vehicles on the road increases substantially, causing traffic congestion. Car parking has become a major concern in metropolitan areas due to the vast number of parking lots available. Every year the supply-demand parking spaces expand.

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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

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Key questions answered in this report:

  • What is the projected market size & growth rate of Smart Parking Systems Market?

  • What are the key driving factors for the growth of the Smart Parking Systems Market?

  • What are the top companies operative in Smart Parking Systems Market?

  • What segments are covered in Smart Parking Systems Market?

  • How can I get free sample report/company profiles of the Smart Parking Systems Market?

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A smart parking system is a computerized system that assists drivers in identifying available parking spaces. With the use of sensors, this system detects an available parking place and then leads the car to that space. The technologies used in smart parking systems are RFID, IoT, ultrasonic, and others. Meanwhile, smart parking systems are gaining popularity and are being deployed at a variety of private and public locations, including universities, airports, public parking lots, shopping malls, and other locations. Furthermore, the smart parking system technology is aimed at addressing the long-standing problem of parking, which contributes to air pollution. The system consists of real-time data interference, low-cost sensors, and mobile applications that allow customers to locate available parking spaces.

Market Dynamics

All of the key verticals have witnessed rapid adoption of parking management technologies. The verticals are divided into two categories: government and commercial. Recreational, academic, transit, retail, and hospitality industries and among others are all part of the commercial parking management market. Increased traffic congestion and vehicular pollution have resulted from the expansion of younger workers in numerous sectors as well as an increase in global demand for vehicles, which has given rise to the demand for parking management solutions. Companies developing new technologies in the field of parking management and conducting strategic mergers and acquisitions are anticipated to drive growth in the parking management market during the forecast period. Various industrial verticals that require a smooth flow of automobiles to accomplish their day-to-day activities require parking management solutions.

The (IoT) i.e. Internet of Things is a set of interconnected computing devices that are connected to the web and exchange information without requiring human-to-human or human-to-computer interaction to execute a specific purpose. The University of Kansas has developed a project on smart parking solutions with the use of IoT technology to resolve the increasing amount of time spent searching for a parking spot around the world. Furthermore, implementing an IoT-based smart parking system assists in improved parking management while also saving time for drivers. For example, before reaching a parking garage, a vehicle can list the number of parking spaces available at the entry. This is accomplished by receiving continuous sensor data updates and relaying this information to the driver. The smart parking market is expected to benefit significantly from advances in IoT technology for smart parking solutions.

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Global Smart Parking Systems Market: Report Scope

Report Attribute

Details

Market Size 2020 Value

USD 4.40 Billion

Market Forecast for 2026

USD 14.15 Billion

Expected CAGR Growth

CAGR 21.5% from 2021-2026

Base Year

2020

Forecast Year

2021-2026

Top Market Players

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

Segments Covered

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

Geographies Covered

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

Pricing Options

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Global Smart Parking Systems Market: Segmentation

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% 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.

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Global Smart Parking Systems Market: Regional Analysis

North America is projected to dominate global smart parking systems market growth

In North America, government measures supporting intelligent parking systems as part of efforts to minimize pollution are projected to provide significant potential prospects in the market. Furthermore, increasing concerns about limited parking places, particularly in urban areas are boosting the region's adoption of smart parking systems. The requirement for parking sensors will rise as more parking management solutions are implemented to reducing the time it takes to find a parking spot and easing traffic congestion.

Browse the full report “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 Forecasts, 2021–2026” at https://www.fnfresearch.com/smart-parking-systems-market

The global smart parking systems market is segmented as follows:

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

  • On-Street

By Application:

  • Security & Surveillance

  • Smart Payment System

  • E-Parking

  • License Plate Recognition

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