Smart Parking Market 2025-2029
The smart parking market is forecasted to grow by USD 15194.6 million during 2024-2029, accelerating at a CAGR of 20.7% during the forecast period. The report on the smart parking market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by urbanization and population growth, government initiatives and smart city projects, and increased adoption of electric vehicle.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market size data, segment with regional analysis and vendor landscape in addition to an analysis of the key companies. Reports have historic and forecast data.
Technavio's smart parking market is segmented as below:
By Component
By Solution
- Security and surveillance
- Parking reservation management
- Valet parking management
- License plate recognition
By Type
By End-user
- Commercial space
- Government
By Geographical Landscape
- North America
- Europe
- APAC
- Middle East and Africa
- South America
This study identifies the adoption of mobile and app-based parking solutions as one of the prime reasons driving the smart parking market growth during the next few years. Also, strategic partnerships and collaborations and focus on developing automated parking systems will lead to sizable demand in the market.
The report on the smart parking market covers the following areas:
- Smart Parking Market sizing
- Smart Parking Market forecast
- Smart Parking Market industry analysis
The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading smart parking market vendors that include 3M Co., AISIN Corp., Altiux Innovations Pvt. Ltd., Amano McGann, Cisco Systems Inc., Conduent Inc., Continental AG, EasyPark, IEM SA, International Business Machines Corp., IPS Group Inc., Libelium Comunicaciones Distribuidas S.L., ParkMobile LLC, Robert Bosch GmbH, Siemens AG, SKIDATA AG, Smart Parking Ltd., SWARCO, TIBA PARKING SYSTEMS, TKH Group NV, Urbiotica, Valeo SA, and Verra Mobility Corp.. Also, the smart parking market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive primary and secondary research. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth.