Smart Parking Systems Market Analysis Report By Hardware, By Software, By Service, By Type, By Application, By Region And Segment Forecasts From 2021 To 2028

Synopsis

The global smart parking systems market was prized by USD 4.4 billion in 2020. It is estimated to witness a 21.5% CAGR from 2021 to 2028.

Drivers

Using growing traffic jamming, the requirement for smart parking systems, that can help metropolis administration in the professional organization of the dispersed parking places as well as assist drivers in discovering obtainable parking spaces, is moreover anticipated to increase. The ability of these systems to guarantee the required scalability as well as the flexibility is, additionally, estimated to generate expansion of the market for smart parking systems.

The rising acceptance of incorporated automatic solutions, joint with the progression in digital plus wireless disbursement technologies, is expected to add to the expansion of the market.

These technologies assist to decide whether a parking place is engaged or vacant and assess as well as broadcast the information to the web and mobile applications. Progressions in these technologies are anticipated to power the enlargement of the market.

Effect of Covid-19

Due to the eruption of the Covid-19 pandemic, many nations of the world have undergone as well as, at present, undergoing the diverse extent of lockdowns. Besides, the metropolitan areas are facing a sharp reduction in traffic overcrowding.

In line with a U.S.-sourced smart parking solutions company, Spot Hero, Inc., the order for parking systems has reduced by 90.0%, through the U.S., ever since the middle of March 2020, for a small period.

On the other hand, citizens are anticipated to make use of their automobile for singly travel and avert communal mobility, together with public transport, post Covid-19. This is projected to trigger traffic jamming in many metropolitan areas, throughout the world. The growth in traffic overcrowding is projected to boost the demand for smart parking systems, during the forecast period.

Application Insight

In 2020, the commercial sector held more than 45.0% revenue share and dominated the smart parking systems market. The enlargement of the sector can be accredited to the augmented implementation of smart parking systems at various places such as theaters, sports complexes, corporate buildings, shopping malls, and other community places.

As a result of augmented travel by the airplanes, the transport transit section is likely to observe, the major enlargement, during the forecast period.

The global airport establishments present the service to reserve parking places, by way of its mobile apps and website. Sequentially, this is estimated to boost the expansion of the transport transit section, during the period of the forecast.

Service Insight

The engineering service sector held the biggest; more than 60.0% revenue share and dominated the smart parking system market, in 2020. The augmented acceptance of semi-autonomous and autonomous cars, particularly in developed nations, can be credited to the enlargement of the sector.

The consulting service section is anticipated to observe momentous augmentation, during the forecast period. Consulting services deal with diverse administration requirements for example it modifies the parking space, following the necessity of the user, and learning the functions of a smart parking application. These services help the operators as well as drivers in trouble-free and comfortable parking.

Software Insight

The parking guidance system sector held the biggest, above 75.0% revenue share and dominated the market, in 2020. Because they assist drivers in saving time, via practically giving the details of unoccupied places, parking rules, figures of accessible places, and the period of accessibility, these systems have acquired grip in the market.

The analytics solutions division is anticipated to observe considerable expansion, during the forecast period. The development of the sector can be credited to the ability of the parking sensors, arranged on several structures for example the light poles, to methodically gather dependable information, regarding busy and unoccupied places.

Type Insight

The off-street division held the biggest, more than 70.0% revenue share and led the smart parking system market, in 2020. The rising acceptance of off-street parking can be credited to the increasing necessity to make use of the area and adjust several cars in a particular period.

The growth in the number of businesses, which need sufficient parking and intelligent discovery amenities, is adding more to the expansion of the sector. The on-street sector is anticipated to observe noteworthy expansion, during the forecast period. The sector is likely to get benefit from the wide-ranging application of smartphone functions, which permits clients to trace the concurrent openness of the parking spaces.

Hardware Insight

In 2020, the smart meters sector held the largest, more than 40.0%, revenue share and dominated the market. The rising necessity for on-street parking places, through a variety of metropolitan areas of the world, has primarily initiated the extensive utilization of the parking meters. Smart meters trace and note the number of automobiles, which are parked, as well as tracks open places.

The cameras & LPRs division is expected to come out like the speedily increasing sector for the period of the forecast. This can be credited to the rising utilization of LPRs in-vehicle surveillance.

Regional Insight

In 2020, North America held the major, more than 35.0% revenue and led the global smart parking system market. Due to the growing number of automobiles within the region, the market is anticipated to observe momentous enlargement, above the forecast period. Municipal establishments in the U.S and Canada are doing efforts to decrease traffic congestions, which is a very serious problem due to the growing automobile ownership.

Some portion of the efforts is the augmented implementation of smart parking systems. This assists in offering officially permitted as well as safe parking for private and commercial vehicles. The rising acceptance of the smart cities idea and associated technologies like autonomous vehicles are, additionally, estimated to impel the market for smart parking systems, within the region.

The market in Europe is likely to offer substantial development openings, mainly due to the government projects, backing the intelligent parking systems which function like the efforts to decrease greenhouse gasses.

Increasing uneasiness regarding the inadequate parking spaces, particularly in municipal places, is furthermore, encouraging the acceptance of smart parking systems, within the region. For example, the International Road Transport Union (IRTU) participated in an EU-financed review. It confirmed that the need for protected and sheltered parking spaces is an important concern in Europe. Just about 90% of the drivers and transportation operators affirmed that the existing parking room is not enough.

Companies

To reside in the leading position, major companies are presenting novel hardware equipment and solutions. The companies making smart parking systems are increasing their partnerships with parking lot administration companies, to fulfill the gradually changing necessities of parking management.

Some of the companies for the smart parking systems market are:

    • Urbiotica, S.L.
    • Spot Hero, Inc.
    • SKIDATA AG
    • Robert Bosch GmbH
    • Park Jockey
    • Park Assist
    • Municipal Parking Services, Inc.
    • Meter Feeder, Inc.
    • Kapsch TrafficCom
    • gtechna
    • Deteq Solutions
    • Cisco Systems, Inc.
    • Amco S.A.
    • Altiux Innovations
    • Swarco AG
    • Smart Parking Ltd.
    • Siemens AG
    • Park Me Inc
    • Park Help Technologies
    • Nedap N.V.
    • Mindteck
    • Libelium Comunicaciones Distribuidas S.L.
    • INDECT Electronics & Distribution GmbH
    • Flow bird
    • Civic Smart, Inc.
    • BMW AG (Par know GmbH, Park mobile LLC)
    • Amano McGann,

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For this study, Million Insights has segmented the global smart parking system market report based on hardware, software, service, type, application, and region:

• Hardware Outlook (Revenue, USD Million, 2016 - 2028)
    • Pucks (Wireless Sensors)
    • Cameras & LPRs
    • Smart Meters
    • Signage
    • Parking Gates

• Software Outlook (Revenue, USD Million, 2016 - 2028)
    • Parking Guidance System
    • Analytics Solutions

• Service Outlook (Revenue, USD Million, 2016 - 2028)
    • Consulting Service
    • Engineering Service
    • Mobile App Parking Service

• Type Outlook (Revenue, USD Million, 2016 - 2028)
    • On-street
    • Off-street
• Garage Parking
• Lot Parking

• Application Outlook (Revenue, USD Million, 2016 - 2028)
    • Commercial
    • Government
    • Transport Transit

• Regional Outlook (Revenue, USD Million, 2016 - 2028)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
    • The Asia Pacific
        • China
        • Japan
        • India
        • Australia
        • Singapore
        • Thailand
        • Philippines
        • Hong Kong
        • Vietnam
        • Indonesia
    • Latin America
        • Brazil
    • MEA