Smart Parking Market by Technology (Counter Technology, Ground-sensor Technology, Overhead Sensor/Camera-Based Technology), Component (Hardware, Services, Software), Vertical, Application, Ownership - Global Forecast 2024-2030

Smart Parking Market by Technology (Counter Technology, Ground-sensor Technology, Overhead Sensor/Camera-Based Technology), Component (Hardware, Services, Software), Vertical, Application, Ownership - Global Forecast 2024-2030

The Smart Parking Market size was estimated at USD 10.79 billion in 2023 and expected to reach USD 12.42 billion in 2024, at a CAGR 14.74% to reach USD 28.25 billion by 2030.

Smart parking encompasses the use of advanced technologies and solutions for parking management that optimize the use of available spaces, reduce environmental impact, and improve user convenience and governmental operational efficiency. The market includes various components such as hardware, software, and services, integrating IoT, automation, and real-time data analytics. The growing urban population and increased vehicle ownership, which lead to congested cities, are expanding the need for efficient parking solutions, creating a platform for the growth of the market. The growing availability of policies and investments focused on smart city projects is expanding the scope of smart parking as a critical component. Additionally, the growing emphasis on reducing CO2 emissions and optimizing space usage favors the adoption of smart parking systems. High initial investment costs for infrastructure setup and technology integration and data privacy and security concerns associated with the collection and handling of user information hampers the market growth. The growing development of sophisticated algorithms for predictive analytics to improve space utilization and traffic flow management is expected to create opportunities for market growth.

Regional Insights

In the Americas, the smart parking market is largely driven by the need to address traffic congestion and environmental concerns in North American metropolitan areas. Technological advancements and the adoption of electric vehicles (EVs) are also contributing to market growth. Within the Americas, smart parking solutions are driven by the need to optimize limited parking spaces in major cities and reduce carbon emissions by minimizing the time vehicles spend looking for parking. South American cities are similarly adopting smart parking solutions and focusing on sustainability and public-private partnerships. In Asia Pacific, the rapid urbanization rate, especially in China, Japan, and India, has resulted in significant traffic congestion and a pressing need for efficient parking solutions. Consumer needs in this region are high due to the increasing number of vehicles on the road, leading to a surge in demand for innovative and intelligent parking systems. EMEA shows diverse market dynamics, with Europe taking the lead in smart parking due to its strong regulatory framework and high environmental consciousness. In Europe, there is a strong push from the EU toward smart city initiatives, which prominently include intelligent transport systems including smart parking. Consumers in European countries value convenience and eco-friendly options, and they are likely to prefer smart parking solutions that offer real-time availability data and support for electric vehicles. The Middle East, particularly in the Gulf Cooperation Council (GCC) nations, has seen a substantial uptake in smart parking due to the increasing luxury vehicle market, high disposable income, and smart city developments in nations including the United Arab Emirates and Saudi Arabia. In Africa, the smart parking market is growing, with customer needs focused on resolving inefficiencies in urban centers.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Smart Parking Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Increasing number of vehicles and need for commercial and public parking spaces
    • Rising investments and initiatives toward smart city development
    • Market Restraints
      • High implementation cost of smart parking systems
      • Market Opportunities
        • Growing penetration of IoT-based solutions for fully automated parking systems
        • Significant emergence of robotic parking systems and driverless parking technology
        • Market Challenges
          • Unavailability of supporting infrastructure and technical challenges associated with smart parking systems
          • Market Segmentation Analysis
            • Component: Growing usage of hardware for facilitating the physical infrastructure and supporting intelligent functionalities
            • Vertical: Growing potential of smart parking across the commercial sector to address parking needs for business environments
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Smart Parking Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Smart Parking Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • SKIDATA and Kopernikus Automotive Forge Partnership to Elevate Smart Parking solutions
              
              Kopernikus Automotive, an innovator in smart mobility solutions, has announced a strategic alliance with SKIDATA, the renowned authority in access management and parking space technology. This global partnership is set to revolutionize the smart parking field by utilizing cutting-edge AI and emergent technologies. The goal is to redefine parking from a simple vehicle storage service to an integrated, sophisticated customer experience. This move underscores a joint commitment to establishing new benchmarks for parking efficiency while enhancing urban mobility. The collaboration is expected to play a pivotal role in augmenting smart city infrastructure, delivering advanced, smart parking systems that blend seamlessly with the complexities of urban environments, benefiting a diverse array of stakeholders including operators, consumers, and city officials.
              
              Quercus Technologies takes the parking experience to the next level, launching the new version of SC Indoor guidance sensors.
              
              Quercus Technologies, a front-runner in smart parking solutions, proudly unveiled the newest iteration of its acclaimed SC Indoor parking guidance sensors, marking a significant leap forward in parking management. These cutting-edge sensors revolutionize the user experience, simultaneously enhancing operational efficiency for parking proprietors. The latest SC Indoor model stands out with its remarkable ability to promptly identify and catalog the license plates of up to six vehicles from any nation, showcasing a diverse range of technological enhancements. This launch solidifies Quercus Technologies' position as an innovator, persistently pioneering within the industry through its proprietary Artificial Intelligence integration. This sensor is emblematic of a new era in parking technology, capable of globally consistent vehicle recognition and space occupancy detection, further cementing Quercus's role as a trailblazer in smart parking innovation.
              
              Parking Startup Metropolis Raises USD 1.7B, Buys SP Plus
              
              Metropolis, an innovator in smart parking technology, has orchestrated a substantial USD 1.7 billion funding surge through a combination of debt and equity to amplify its market presence. This financial move, championed by leading investment entities such as Eldridge, 3L Capital, and emerging players BDT & MSD Partners’ credit funds, Vista Credit Partners, and Temasek, constitutes the most substantial merger and acquisition event of the year for a venture capital-backed enterprise. The company's ground-breaking computer vision technology promises a seamless parking experience, eschewing traditional payment methods in favor of a user-friendly app that ensures efficient vehicle tracking and automatic billing.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Smart Parking Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Smart Parking Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Aisin Corporation, Amano Corporation, Barcelona Smart Technologies, S.L., Cisco Systems, Inc., CivicSmart, Inc., Cleverciti Systems GmbH, Conduent Incorporated, Continental AG, Cubic Corporation, Delphi Technologies by BorgWarner Inc., Digiteum LLC, EnR Consultancy Services, FlashParking, Inc., Flowbird Group, Happiest Minds Technologies Limited, hIOTron, Honeywell International Inc., Huawei Technologies Co. Ltd., IEM SA, INRIX, Inc., Intercomp S.p.A., International Business Machines Corporation, IPS Group, Inc., JustPark Parking Limited, Klaus Multiparking GmbH, Larsen & Toubro Limited, LeddarTech Inc., Libelium Comunicaciones Distribuidas S.L., Nedap N.V., Oracle Corporation, Parkeagle B.V., Parklio, ParkMobile, LLC by EasyPark AB, Qualcomm Technologies, Inc., Robert Bosch GmbH, Robotic Parking Systems, Inc., Siemens AG, SKIDATA AG, Smart Parking Limited, SmartParkZone, SL, Stanley Robotics SAS, Streetline, SWARCO AG, T2 Systems, Inc., Thales Group, TKH Group N.V., Total Parking Solutions Ltd., UKCPS Ltd, Wohr Parking Systems Pvt. Ltd., Zhejiang Dahua Technology Co., Ltd., and ZKTeco Co., Ltd.
            
            Market Segmentation & Coverage
            
            This research report categorizes the Smart Parking Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Technology
              • Counter Technology
              • Ground-sensor Technology
              • Overhead Sensor/Camera-Based Technology
              • Component
                • Hardware
                  • Cameras & License Plate Recognition
                  • Parking Gates
                  • Sensors
                  • Signage Systems
                  • Smart Meters
                  • Services
                    • Consultancy Services
                    • Engineering Services
                    • R&D
                    • Software
                      • Parking Guidance System
                      • Parking Management Software
                      • Parking Reservation Management
                      • Vertical
                        • Commercial
                        • Residential
                        • Application
                          • Off-Street
                          • On-Street
                          • Ownership
                            • Private
                            • Public
                            • Region
                              • Americas
                                • Argentina
                                • Brazil
                                • Canada
                                • Mexico
                                • United States
                                  • California
                                  • Florida
                                  • Illinois
                                  • New York
                                  • Ohio
                                  • Pennsylvania
                                  • Texas
                                  • Asia-Pacific
                                    • Australia
                                    • China
                                    • India
                                    • Indonesia
                                    • Japan
                                    • Malaysia
                                    • Philippines
                                    • Singapore
                                    • South Korea
                                    • Taiwan
                                    • Thailand
                                    • Vietnam
                                    • Europe, Middle East & Africa
                                      • Denmark
                                      • Egypt
                                      • Finland
                                      • France
                                      • Germany
                                      • Israel
                                      • Italy
                                      • Netherlands
                                      • Nigeria
                                      • Norway
                                      • Poland
                                      • Qatar
                                      • Russia
                                      • Saudi Arabia
                                      • South Africa
                                      • Spain
                                      • Sweden
                                      • Switzerland
                                      • Turkey
                                      • United Arab Emirates
                                      • United Kingdom
                                      
                                      
                                      Please Note: PDF & Excel + Online Access - 1 Year