Global Smart Parking Market to 2031: Increasing Traffic Congestion Fuels the Sector - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Smart Parking Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 to 2031" report has been added to ResearchAndMarkets.com's offering.

The global market for smart parking systems is anticipated to develop at a CAGR of 22% during the forecast period of 2023 to 2031.

Companies Mentioned

• Cisco Systems Inc
• Altiux Innovations Private Limited
• Siemens AG
• SKIDATA AG
• Robert Bosch GmbH
• Amano McGann Inc
• BMW AG
• INRIX
• Urbiotica
• Swarco AG
• Kapsch Trafficcom AG
• Nedap N.V
• Gtechna
• Smart Parking Ltd
• Continental AG
• Cubic Corporation
• APTIV (Delphi Automotive PLC)

It is anticipated that an increase in traffic congestion would also lead to an increase in demand for intelligent parking systems. These systems can assist city administrations in effectively managing dispersed parking spaces and in assisting drivers in locating available parking spaces.

The potential of these systems to give the necessary flexibility and scalability is also projected to fuel the growth, which is a further expected driver of the growth. Nevertheless, the primary factor that will act as a barrier to the expansion of the market over the course of the projection period is the low level of awareness regarding the advantages of smart parking.

It is anticipated that the increase in the deployment of integrated automated solutions, in conjunction with the developments in wireless and digital payment technologies, will contribute to the growth of the market. Machine-to-Machine (M2M) connectivity, data analytics, advanced sensors, smart parking meters, and mobile applications for slot bookings and online payments are some of the technologies that are utilized in the implementation of these systems.

These technologies are intended to assess whether a parking lot is vacant or occupied, evaluate the data, and transfer it to applications that run on mobile devices and the web. It is anticipated that these technological advances will propel the expansion of the market.

Overcrowded Parking Areas Call for Efficient Parking Systems

In busy areas like hospitals, hotels and shopping centers, airports, universities, and exposition and convention centers, it can be quite challenging to find a parking spot during peak hours when those areas are most in demand. Because of the increase in population, there are no problems with residential parking in addition to the problems with commercial parking.

The issue that arises as a result of this can be remedied by the utilization of augmented features such as notification of available free space through SMS and real-time updates of space reservations through the application of smart parking technology.

This technology allows the user to identify a vacant parking spot in less time and automates the process of searching for the best parking floor and location, which both result in the user spending less time overall. As a result, it generates a significant amount of demand in the market for intelligent parking.

The Internet of Things (IoT) offers a High Level of Convenience

The Internet of Things, often known as IoT, is a network of interconnected computing devices that are linked to the internet in order to carry out a particular task through the exchange of data. This process does not require interaction between humans or between humans and computers.

Historical & Forecast Period

This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2031.

Market Segmentation

Hardware Outlook

• Pucks (Wireless Sensors)
• Cameras & LPRs
• Smart Meters
• Signage
• Parking Gates
• Electronic Control Unit (ECU)
• Display Unit
• Entry/Exit Terminals
• Card Readers
• Validation Solution
• Pay-on-Foot Solution
• LPR System
• Others

Sensor Technology

• Ultrasonic Sensor
• Radar Sensor
• Image Sensor

Software Outlook

• Parking Guidance System

Service Outlook

• Consulting Service
• Engineering Service
• Mobile App Parking Service

Application

• Security and Surveillance
• Parking Reservation Management
• Valet Parking Management
• License Plate Recognition

Solutions

• Smart Parking Access Control Solutions
• Smart Parking Fee & Revenue Collection Solutions
• Smart Parking Reservation Management Solutions
• Smart Valet Parking Management Solutions
• Smart Parking Guidance and Slot Management Solutions
• Other Smart Parking Solutions (Parking Enforcement Management)

Type

• On-street
• Off-street
• Garage Parking
• Lot Parking

End User

• Commercial
• Government
• Airports
• Corporate & Commercial Parks
• Healthcare
• Other End Uses (Tourist Destinations and Hospitality Sector)

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Smart Parking market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2031.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Smart Parking market?
• Which is the largest regional market for Smart Parking market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Smart Parking market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Smart Parking market worldwide?

For more information about this report visit https://www.researchandmarkets.com/r/ub7dq8

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