North America Smart Parking System Market Analysis Report By Hardware, By Software, By Service, By Type, By Application And Segment Forecasts From 2019 To 2025

The North American smart parking system market generated USD 1,337.8 million in 2018 and is anticipated to continue its significant growth during the forecasted years. This growth can be attributed to the rising parking conflicts among vehicle users coupled with rapid urbanization. Moreover, the rising number of vehicles on roads is expected to fuel up the demand for such systems.

Several technologies like analytical solutions are being used for application development that will further enhance the market growth of such systems across the globe.  Further, the surging usage of smartphones and tablets which support these mobile applications helps in checking, paying, and reserving the parking slots. This, in turn, is expected to fuel up the demand for parking systems thereby reducing the parking conflicts among the consumers.        

Various technological advances are being made to enhance vehicle parking systems. For instance, the PGS (Parking Guidance Systems) reduces the fuel consumption and time required for parking the vehicle. But, stringent rules and regulations are being imposed on the manufacturers by the governing bodies. These are related to the safety mirrors and dimensioning of the parking slots. Moreover, they are required to be precise in terms of dimensions to avoid the congestion of vehicles and mishaps.

These systems use the Internet of Things (IoT) technology module for their operation. This technology monitors and signalizes the availability of free parking spaces across the parking lots. The mobile application then signalizes the user about space availability for reserving and parking vehicles.

Hardware Insights

The hardware segment of cameras & LPRs is anticipated to witness the highest growth in the upcoming years. This growth can be attributed to the rising usage of LPR cameras for detecting and capturing images of license plates of vehicles in motion. Thus, information about the vehicle, entry, and exit can be found out thereby driving the market in the upcoming years.

The segment of smart meters held the largest share and generated revenue of 331.6 million in 2018 across the North American market. This can be associated with their use for collecting fine through smart meters against fraud tickets and illegal positioning of the vehicle across the cities.

Software Insights

The software segment of Parking Guidance System held the largest share across the market owing to the benefits like less time consumption of the drivers and ease of implementation. It is expected to generate revenue of USD 279.1 Million in 2018. Numbers of companies are launching PGS software for providing solutions to outdoor and indoor parking systems.

The analytics solutions software segment is expected to register the fastest growth during the forecasted years, 2019 to 2025. Several companies have started usage of many analytical tools for gathering information about vehicles, locations, parking reservations, and availability which in turn is expected to boost the demand for such systems across the region.

Service Insights

The segment of mobile app parking services is anticipated to grow significantly in the upcoming years. This growth can be attributed to the surging usage of smartphones among the millennial population. Thus, several players are developing many applications which can book parking slots and notify the users regarding their ticket validity.

The segment of engineering services held the largest share across the North American smart parking system market and generated revenue of USD 158.7 Million during 2018. This growth can be attributed to the rising demand for engineering and design consultancies by the key players manufacturing parking boards and meters. Several players across this industry prefer to outsource the design of critical parts and services which helps them to focus on implementing marketing strategies.

Type Insights

The off-street type segment held the largest share across the regional market in 2018. This growth can be attributed to the rising number of lots and garages which allow parking for vehicles. Moreover, the rising infrastructure and smart cities across countries like the U.S. are expected to further fuel up the market growth in the upcoming years.

Across the developed countries like Canada and the U.S., the majority of the land is converted into lots which facilitate the positioning of many vehicles. Several such lots have installed the analytics solutions and PGS software that help the users to check and track the slot availability for booking.

Application Insights

In 2018, the commercial segment held the largest share with a revenue of USD 625.1 Million across the North American smart parking systems market. This growth can be associated with the rising adoption of such systems across commercial complexes, stadiums, complexes, multiplexes, and shopping malls.

The government segment is anticipated to register significant growth from 2019 to 2025. This growth can be attributed to the emerging concept of smart cities across countries like Canada and the U.S. Further, the initiatives being undertaken by statutory governing bodies to solve the traffic and parking-related issues are expected to fuel up the demand for smart parking systems in the upcoming years.

Regional Insights

The U.S. held the largest share across the market in 2018.  This growth can be attributed to the rising issues regarding parking congestion across the whole U.S., especially urban cities. Also, the rising number of major key players is expected to fuel up the market growth in the upcoming years.

Canada is anticipated to register the fastest growth in the market of smart parking systems during the forecasted years. This growth can be a rising number of metropolitan cities and infrastructure across the country. The governments are also undertaking initiatives along with the service providers of parking for traffic management. These initiatives have paved the way for private and non-residential parking spaces.

North America Smart Parking System Market Share Insights

The key players in this market are Siemens AG; Altiux Innovations; Amano McGann.; SKIDATA AG.; Conduent, Inc.; BMW AG (ParkNow GmbH); ParkMe, Inc.; Parkmobile LLC, and Robert Bosch GmbH. These players are constantly engaged in product development and innovation for gaining a competitive advantage over the rest of the players.

They are also focusing on launching the latest parking solutions which would reduce the traffic congestion across the urban areas. Further, the reductions in time and fuel consumption are the basic principles followed by these players while developing these solutions.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the regional, and country levels and provides an analysis of the latest industry trends from 2014 to 2025 in each of the sub-segments. For this study, Million Insights has segmented the North America smart parking system market report based on hardware, software, service, type, application, and countries:

• Hardware Outlook (Revenue, USD Million; 2014 - 2025)
    • Pucks (wireless sensors)
    • Cameras & LPRs
    • Smart Meters
    • Signage
    • Parking Gates

• Software Outlook (Revenue, USD Million; 2014 - 2025)
    • Parking Guidance Systems
    • Analytics Solutions

• Service Outlook (Revenue, USD Million; 2014 - 2025)
    • Consulting Services
    • Engineering Services
    • Mobile App Parking Services
        • Enforcement Apps
        • Reservation Apps
        • Way-Finding Apps
        • Payments Apps

• Type Outlook (Revenue, USD Million; 2014 - 2025)
    • On-street
    • Off-street
        • Garage Parking
        • Lot Parking

• Application Outlook (Revenue, USD Million; 2014 - 2025)
    • Commercial
    • Government
    • Transport Transit

• Country Outlook (Revenue, USD Million; 2014 - 2025)
    • U.S.
    • Canada