Smart Parking Systems Market Size Worth $19.3 Billion By 2028

The global smart parking systems market size is estimated to arrive at USD 19.3 billion by 2028. It is projected to develop by 21.5% CAGR from 2021 to 2028.

The expansion of the market for the smart parking systems is credited to the rising figure of the vehicles on roads as well as the consequent growth in traffic jamming.

On the other hand, because of the eruption of Covid-19 pandemic, changeable stages of lockdowns have applied, through the number of nations of the world. It has resulted in significantly sluggish market.

The influence of this reduced speed is anticipated to be faced in the small time. Since, the world re-starts its normal daily actions, Smart Parking Systems (SPSs) are projected to recapture demand, owing to the probable increase in the utilization of private transport and its influence on the need for the space administration.

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Further key findings from the report suggest:

• The Asia Pacific market is expected to observe the maximum 21.4% CAGR, during the forecast period. The rising concentration of the various administrations, through the region, for making better the organization of parking, dropping traffic jamming as well as contamination of air, is anticipated to power the enlargement of the smart parking systems market, within the state.

• The government sector is in position to show 21.5% CAGR, for the duration of the forecast, in terms of the application. The focal point of a number of governments, all over the world, on realization of smart city expansion schemes, is expected to reinforce the expansion of the government application sector, during the forecast period. These projects of smart city present utilities like online booking of the parking places, along with the payment by means of mobile.

• The parking guidance system sector is expected to show 19.8% CAGR, throughout the forecast. The hopeful development predictions of the sector can be credited to the profits presented by these systems like the study of customer activities along with the pattern of usage.

• The mobile app parking service sector is expected to form 23.8% CAGR, during the forecast period, in terms of the service. The sector is likely to get advantage from the extensive acceptance of the smart phones as well as the endorsing apps for the sophisticated parking. These applications are facilitating simple reservation of parking lots and mobile facilitated payments.

• The off-street sector is likely to show the maximum 20.2% CAGR, for the period of the forecast, in terms of the type. This can be credited to the rising number of companies, offering functions for the utilization of parking places, in off-street sites like the garages and lot parking.

• The signage division is expected to expand by 18.8% CAGR, during the forecast period, in terms of the hardware. Signage assists users to recognize routes, offer instructions, and evade indistinctness in rules & regulations, associated with the traffic and driving. This presents greater ease to the driver, whilst driving and assists like a helpful hand for the expansion of the market for smart parking system.

Million Insights segmented the global smart parking systems market based on Type, Application, Service, Software, Hardware, and Region.

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

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

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

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

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

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

Companies

Various companies for 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, Inc.