[194 Pages Report] The Smart Parking Market size was estimated at USD 10.79 billion in 2023 and expected to reach USD 12.42 billion in 2024, at a CAGR 14.74% to reach USD 28.25 billion by 2030.
Smart parking encompasses the use of advanced technologies and solutions for parking management that optimize the use of available spaces, reduce environmental impact, and improve user convenience and governmental operational efficiency. The market includes various components such as hardware, software, and services, integrating IoT, automation, and real-time data analytics. The growing urban population and increased vehicle ownership, which lead to congested cities, are expanding the need for efficient parking solutions, creating a platform for the growth of the market. The growing availability of policies and investments focused on smart city projects is expanding the scope of smart parking as a critical component. Additionally, the growing emphasis on reducing CO2 emissions and optimizing space usage favors the adoption of smart parking systems. High initial investment costs for infrastructure setup and technology integration and data privacy and security concerns associated with the collection and handling of user information hampers the market growth. The growing development of sophisticated algorithms for predictive analytics to improve space utilization and traffic flow management is expected to create opportunities for market growth.
The hardware is an important component of any smart parking system, consisting of physical devices such as sensors, cameras, entry/exit terminals, and payment kiosks. These components are essential for gathering data, managing access, and facilitating transactions within a smart parking environment. High-resolution cameras & sophisticated algorithms enable the automatic recognition of license plates. This aids in real-time vehicle identification and authorization within parking facilities. Parking gates control access to parking areas and can be operated manually or automatically, often using RFID, smart cards, or license plate recognition for entry and exit authentication. Sensors are deployed within parking lots to detect the presence or absence of vehicles in individual spots. They are crucial for providing real-time parking occupancy information. Digital & electronic signs direct drivers to available parking spaces, displaying real-time information about occupancy rates and parking guidance. Smart meters are integrated devices that allow for electronic payment and real-time monitoring of parking duration, optimizing revenue collection and compliance enforcement. Services in the smart parking context include installation, maintenance, and support, as well as value-added services including parking space management and analytics. Services are critical for organizations that may not have the in-house capabilities to fully manage and maintain smart parking systems. Such services ensure the smooth operation and longevity of smart parking solutions. Consultancy services offer expertise in the design and implementation of smart parking systems, focusing on optimizing parking workflows and enhancing user experience. Engineering services encompass the technical aspects of smart parking systems, including installation, maintenance, and hardware integration. R&D is at the forefront of innovation in smart parking, involving the development of new technologies and processes to improve parking operations and user services. Software powers the analysis, decision-making, and user interface aspects of smart parking solutions, enabling functionalities including real-time data processing, analytics, and mobile app integration. A parking guidance system offers real-time information to drivers, steering them towards available parking spaces and improving overall traffic flow within parking areas. Parking management software encompasses the central management application that monitors, manages, and reports on all aspects of the parking operation, ensuring efficiency and user satisfaction. Parking reservation management software allows drivers to reserve parking spots in advance, often through mobile applications, enhancing convenience and reducing search time.
The commercial sector includes shopping centers, office buildings, airports, and hospitals, where parking demand often surpasses supply, especially during peak hours. Efficient parking management here is crucial to enhance customer satisfaction, reduce congestion, and optimize space usage. Within the commercial sector, the emphasis is on solutions that provide real-time information, facilitate rapid vehicle turnover, and integrate with payment systems for ease of use. Residential smart parking focuses on apartment complexes, condominiums, and gated communities where space can be scarce and security is a priority. The needs are more personalized compared to the commercial sector. In residential areas, smart parking technologies ensure a streamlined parking experience for residents and their visitors. By employing systems such as automated access controls, occupancy sensors, and mobile application integrations, residential complexes can offer secure and user-friendly parking options. This segment prioritizes convenience and security, enabling users to have more predictable and stress-free parking access within their living community.
In the Americas, the smart parking market is largely driven by the need to address traffic congestion and environmental concerns in North American metropolitan areas. Technological advancements and the adoption of electric vehicles (EVs) are also contributing to market growth. Within the Americas, smart parking solutions are driven by the need to optimize limited parking spaces in major cities and reduce carbon emissions by minimizing the time vehicles spend looking for parking. South American cities are similarly adopting smart parking solutions and focusing on sustainability and public-private partnerships. In Asia Pacific, the rapid urbanization rate, especially in China, Japan, and India, has resulted in significant traffic congestion and a pressing need for efficient parking solutions. Consumer needs in this region are high due to the increasing number of vehicles on the road, leading to a surge in demand for innovative and intelligent parking systems. EMEA shows diverse market dynamics, with Europe taking the lead in smart parking due to its strong regulatory framework and high environmental consciousness. In Europe, there is a strong push from the EU toward smart city initiatives, which prominently include intelligent transport systems including smart parking. Consumers in European countries value convenience and eco-friendly options, and they are likely to prefer smart parking solutions that offer real-time availability data and support for electric vehicles. The Middle East, particularly in the Gulf Cooperation Council (GCC) nations, has seen a substantial uptake in smart parking due to the increasing luxury vehicle market, high disposable income, and smart city developments in nations including the United Arab Emirates and Saudi Arabia. In Africa, the smart parking market is growing, with customer needs focused on resolving inefficiencies in urban centers.
The FPNV Positioning Matrix is pivotal in evaluating the Smart Parking Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Smart Parking Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
SKIDATA and Kopernikus Automotive Forge Partnership to Elevate Smart Parking solutions
Kopernikus Automotive, an innovator in smart mobility solutions, has announced a strategic alliance with SKIDATA, the renowned authority in access management and parking space technology. This global partnership is set to revolutionize the smart parking field by utilizing cutting-edge AI and emergent technologies. The goal is to redefine parking from a simple vehicle storage service to an integrated, sophisticated customer experience. This move underscores a joint commitment to establishing new benchmarks for parking efficiency while enhancing urban mobility. The collaboration is expected to play a pivotal role in augmenting smart city infrastructure, delivering advanced, smart parking systems that blend seamlessly with the complexities of urban environments, benefiting a diverse array of stakeholders including operators, consumers, and city officials. [Published On: 2024-01-09]
Quercus Technologies takes the parking experience to the next level, launching the new version of SC Indoor guidance sensors.
Quercus Technologies, a front-runner in smart parking solutions, proudly unveiled the newest iteration of its acclaimed SC Indoor parking guidance sensors, marking a significant leap forward in parking management. These cutting-edge sensors revolutionize the user experience, simultaneously enhancing operational efficiency for parking proprietors. The latest SC Indoor model stands out with its remarkable ability to promptly identify and catalog the license plates of up to six vehicles from any nation, showcasing a diverse range of technological enhancements. This launch solidifies Quercus Technologies' position as an innovator, persistently pioneering within the industry through its proprietary Artificial Intelligence integration. This sensor is emblematic of a new era in parking technology, capable of globally consistent vehicle recognition and space occupancy detection, further cementing Quercus's role as a trailblazer in smart parking innovation. [Published On: 2023-11-23]
Parking Startup Metropolis Raises USD 1.7B, Buys SP Plus
Metropolis, an innovator in smart parking technology, has orchestrated a substantial USD 1.7 billion funding surge through a combination of debt and equity to amplify its market presence. This financial move, championed by leading investment entities such as Eldridge, 3L Capital, and emerging players BDT & MSD Partners’ credit funds, Vista Credit Partners, and Temasek, constitutes the most substantial merger and acquisition event of the year for a venture capital-backed enterprise. The company's ground-breaking computer vision technology promises a seamless parking experience, eschewing traditional payment methods in favor of a user-friendly app that ensures efficient vehicle tracking and automatic billing. [Published On: 2023-10-05]
The report delves into recent significant developments in the Smart Parking Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Aisin Corporation, Amano Corporation, Barcelona Smart Technologies, S.L., Cisco Systems, Inc., CivicSmart, Inc., Cleverciti Systems GmbH, Conduent Incorporated, Continental AG, Cubic Corporation, Delphi Technologies by BorgWarner Inc., Digiteum LLC, EnR Consultancy Services, FlashParking, Inc., Flowbird Group, Happiest Minds Technologies Limited, hIOTron, Honeywell International Inc., Huawei Technologies Co. Ltd., IEM SA, INRIX, Inc., Intercomp S.p.A., International Business Machines Corporation, IPS Group, Inc., JustPark Parking Limited, Klaus Multiparking GmbH, Larsen & Toubro Limited, LeddarTech Inc., Libelium Comunicaciones Distribuidas S.L., Nedap N.V., Oracle Corporation, Parkeagle B.V., Parklio, ParkMobile, LLC by EasyPark AB, Qualcomm Technologies, Inc., Robert Bosch GmbH, Robotic Parking Systems, Inc., Siemens AG, SKIDATA AG, Smart Parking Limited, SmartParkZone, SL, Stanley Robotics SAS, Streetline, SWARCO AG, T2 Systems, Inc., Thales Group, TKH Group N.V., Total Parking Solutions Ltd., UKCPS Ltd, Wohr Parking Systems Pvt. Ltd., Zhejiang Dahua Technology Co., Ltd., and ZKTeco Co., Ltd.
This research report categorizes the Smart Parking Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Technology
- Counter Technology
- Ground-sensor Technology
- Overhead Sensor/Camera-Based Technology
- Component
- Hardware
- Cameras & License Plate Recognition
- Parking Gates
- Sensors
- Signage Systems
- Smart Meters
- Services
- Consultancy Services
- Engineering Services
- R&D
- Software
- Parking Guidance System
- Parking Management Software
- Parking Reservation Management
- Hardware
- Vertical
- Commercial
- Residential
- Application
- Off-Street
- On-Street
- Ownership
- Private
- Public
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
- What is the market size and forecast of the Smart Parking Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Smart Parking Market?
- What are the technology trends and regulatory frameworks in the Smart Parking Market?
- What is the market share of the leading vendors in the Smart Parking Market?
- Which modes and strategic moves are suitable for entering the Smart Parking Market?
- Preface
- Research Methodology
- Executive Summary
- Market Overview
- Market Insights
- Smart Parking Market, by Technology
- Smart Parking Market, by Component
- Smart Parking Market, by Vertical
- Smart Parking Market, by Application
- Smart Parking Market, by Ownership
- Americas Smart Parking Market
- Asia-Pacific Smart Parking Market
- Europe, Middle East & Africa Smart Parking Market
- Competitive Landscape
- Competitive Portfolio
- List of Figures [Total: 26]
- List of Tables [Total: 734]
- List of Companies Mentioned [Total: 52]
Everyone has been through a situation where finding an appropriate parking spot becomes difficult. And when it is found, they have to wait for the other vehicle to locomote. Even jamming on sound melodies doesn't help during such times. Ultimately, how can someone spend more than 20 minutes parking a car?
Smart parking has recently been a buzzword due to its ability to render intelligent parking assistance and management systems. The preference for Internet of Things (IoT) based smart parking systems has gained popularity to reduce the continuously increasing traffic congestion and minimize parking availability uncertainty.
Tiny sensors hide in each parking space, telling if a spot is taken or free. These sensors pinpoint available parking slots and send this real-time information to drivers in that area. And many of these systems let people pay for their spot right through the app. No more fumbling for change. In 2018, the Penang State Government introduced the Penang 2030 initiative, under which a Smart Parking solution is going to be implemented to improve parking space availability and utilization for the community.
Additionally, fewer cars circling around means less pollution, helping the planet breathe a sigh of relief.
With drivers heading straight to open parking spots, traffic jams caused by endless parking searches are on the way out. People save precious time that would otherwise be wasted on the hunt for a place, as time is money, after all.
Smart Parking:
A smart parking system is a technology that helps drivers locate and reserve parking spaces using sensors, cameras, and mobile applications. The system provides real-time data on parking availability, making it easier for drivers to find a parking spot quickly with minimal hassle. Smart parking is an emerging trend that offers solutions to common parking problems such as congestion, illegal parking, and lack of parking spaces in cities.
Robotic Parking Systems:
Robotic parking systems are a new concept that involves automated parking, retrieval, and storage of cars in multi-storey buildings. The system is designed to maximize parking space using a robotic mechanism that moves the car from the entrance to the parking space and back. Robotic parking systems have gained popularity in urban areas where space is limited and construction costs are high. They reduce the need for large parking areas, and their fully automated features take the hassle out of parking.
Driverless Parking Technology:
Driverless parking is a revolutionary technology that utilizes AI and machine learning algorithms to park cars automatically without human intervention. The technology involves using sensors and cameras to monitor the environment, map the surroundings, and guide the car to its destination. Driverless parking technology is still in its infancy, but it is a significant development that has the potential to revolutionize the world of parking.
Advantages of Smart Parking and Robotic Parking Systems:
The use of smart parking and robotic parking systems comes with several advantages. Smart parking systems help to reduce traffic congestion, lower emissions, and increase the efficiency of parking. Robotic parking systems maximize parking space, reduce construction costs, and eliminate the need for human intervention. These benefits lead to a safer, more efficient, and affordable parking system.
The world of parking is evolving, and the emergence of smart parking and robotic parking systems is revolutionizing the way we park our cars. The adoption of these technologies offers solutions to the pressing parking problems that exist in urban areas. Smart parking and robotic parking systems offer several advantages, including reducing congestion, increasing efficiency, and maximizing space. With continued advancements in technology, it is clear that the future of parking will soon be automated and driverless.
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