"Executive Summary Smart Parking Market Size and Share Forecast

Global smart parking market size was valued at USD 6.29 billion in 2023 and is projected to reach USD 24.21 billion by 2031, with a CAGR of 18.35% during the forecast period of 2024 to 2031.

The Smart Parking Market report showcases the list of top competitors and gives the insights on strategic industry analysis of the key factors affecting the market. Examination of major challenges faced currently by the business and the probable future challenges that the business may have to face while operating in this market are also considered. The collected information and data is tested and verified by market experts before handing over it to the end user. The Smart Parking Market report has been prepared with the experience of skilful and inventive team. It helps achieve an extreme sense of evolving industry movements before competitors.

This Smart Parking Market research report consists of fundamental, secondary and advanced information allied to the global status and trend, market size, sales volume, market share, growth, future trends analysis, segment and forecasts from 2018 - 2025. This market study also evaluates the market status, market share, growth rate, sales volume, future trends, market drivers, market restraints, revenue generation, opportunities and challenges, risks and entry barriers, sales channels, and distributors. When a business struggles to gain competitive advantage in this swiftly transforming marketplace, then plumping for such Smart Parking Market research report is highly recommended as it offers a lot of benefits for a thriving business.

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Smart Parking Market Review

**Segments**

- **By Component**
- Hardware
- Software
- Services

- **By Technology**
- IoT
- Ultrasonic
- RFID
- Others

- **By Parking Site**
- On-street
- Off-street

- **By Application**
- Security & Surveillance
- Smart Payment System
- License Plate Recognition
- Others

**Market Players**

- **Robert Bosch GmbH**
- **Amano Corporation**
- **Cubic Corporation**
- **Kapsch TrafficCom**
- **Siemens AG**
- **Delphi Technologies**
- **SWARCO AG**
- **Swarco AG**
- **HID Global Corporation/ASSA ABLOY AB**
- **Nedap**

The global smart parking market is witnessing significant growth with the increasing adoption of smart technologies across various industries. The market is segmented based on components, including hardware, software, and services. The hardware segment includes sensors, cameras, and displays, while software comprises platforms and apps. Services consist of consulting, installation, and maintenance. In terms of technology, the market is divided into IoT, ultrasonic, RFID, and others.

Furthermore, the smart parking market is categorized based on parking sites into on-street and off-street parking solutions. The on-street segment is experiencing growth due to the rising need for efficient urban parking management systems. Off-street parking, including parking garages and lots, is also contributing significantly to market expansion. Applications of smart parking solutions include security and surveillance, smart payment systems, license plate recognition, and others.

Key market players driving innovation and growth in the global smart parking market include Robert Bosch GmbH, Amano Corporation, Cubic Corporation, Kapsch TrafficCom, Siemens AG, Delphi Technologies, SWARCO AG, HID Global Corporation/ASSA ABLOY AB, and Nedap. These companies are investing in research and development to introduce advanced technologies for effective parking management solutions.

The global smart parking market is poised for substantial growth in the coming years, driven by several key factors. One significant trend shaping the market is the increasing urbanization and the resulting need for efficient parking solutions in congested city centers. Smart parking systems offer real-time data on parking availability, reducing traffic congestion and emissions, which align with the growing emphasis on sustainable urban planning. Governments worldwide are also focusing on smart city initiatives, which include smart parking as a critical component to enhance the overall urban infrastructure.

Moreover, the rise of Internet of Things (IoT) technology is revolutionizing the way parking spaces are managed and utilized. IoT enables seamless connectivity between various devices and sensors in the parking ecosystem, allowing for enhanced automation and optimization of parking operations. Ultrasonic and RFID technologies play a crucial role in enabling accurate detection and identification of vehicles in parking lots, leading to improved efficiency and customer experience.

In terms of market segments, the software component is expected to witness robust growth due to the increasing demand for smart parking management platforms and mobile applications. These software solutions offer features such as mobile payments, reservation systems, and real-time occupancy information, enhancing convenience for both parking operators and users. Additionally, the services segment, including installation, maintenance, and consulting services, is projected to grow as organizations seek comprehensive smart parking solutions tailored to their specific needs.

The application of smart parking solutions goes beyond traditional parking management to include advanced features such as license plate recognition and automated security and surveillance systems. These applications enhance safety and security in parking facilities, offering peace of mind to both parking operators and users. The integration of advanced technologies like artificial intelligence and machine learning further augments the capabilities of smart parking systems, enabling predictive parking analytics and personalized user experiences.

In conclusion, the global smart parking market is on a trajectory of rapid expansion driven by technological advancements, urbanization trends, and the increasing focus on sustainable urban development. Market players are continuously innovating to meet the evolving needs of smart cities and urban infrastructure, positioning the smart parking market for sustained growth in the foreseeable future.The global smart parking market is experiencing a paradigm shift driven by the convergence of technological advancements and urbanization trends. One of the key drivers propelling market growth is the increasing focus on sustainability and efficient urban planning. Smart parking solutions are playing a crucial role in addressing urban congestion and reducing emissions by providing real-time data on parking availability. This aligns with the broader smart city initiatives being undertaken by governments worldwide to enhance the overall urban infrastructure.

Another significant trend shaping the market is the rapid adoption of Internet of Things (IoT) technology in parking management systems. IoT enables seamless connectivity between devices and sensors, facilitating automation and optimization of parking operations. Ultrasonic and RFID technologies are instrumental in accurate vehicle detection and identification, leading to improved efficiency and customer experience in parking facilities.

In terms of market segments, the software component is poised for robust growth as the demand for smart parking management platforms and mobile applications increases. These software solutions offer features like mobile payments, reservation systems, and real-time occupancy information, enhancing convenience for both parking operators and users. Additionally, services such as installation, maintenance, and consulting are witnessing growth as organizations seek comprehensive smart parking solutions tailored to their specific requirements.

The application of smart parking solutions extends beyond traditional management to include advanced features like license plate recognition and automated security systems. These applications enhance safety and security in parking facilities, providing peace of mind to all stakeholders. The integration of cutting-edge technologies like artificial intelligence and machine learning further enhances the capabilities of smart parking systems, enabling predictive analytics and personalized user experiences.

Overall, the global smart parking market is poised for sustained growth as market players continue to innovate and adapt to the evolving needs of smart cities and urban infrastructure. The convergence of technological advancements, urbanization trends, and the emphasis on sustainability is reshaping the parking landscape, offering significant opportunities for growth and development in the smart parking sector.

Uncover the company’s portion of market ownership
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Structured Market Research Questions for Smart Parking Market

• What is the present size of the global Smart Parking industry?
• What annual growth rate is projected for the Smart Parking sector?
• What are the main segment divisions in the Smart Parking Market report?
• Who are the established players in the global Smart Parking Market?
• What geographic areas are explored in the Smart Parking Market report?
• Who are the leading manufacturers and service providers for Smart Parking Market?

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