Global Smart Parking Market was valued at US $ 6.8 billion in 2023 and is expected to reach US $ 33.5 billion by 2032 growing at a CAGR of 17.4 % during the forecast period 2024 – 2032.

The main reasons for the market boom were increased government financing of smart city construction and attempts to solve traffic congestion. But at the beginning of this year, as a number of governments signed several agreements that were favourable to developing transportation and infrastructure networks, they began growing quickly.. In addition, the market potential was a tonne.

Smart parking technologies enable drivers to quickly find available spots and municipal officials accurately manage geographically separated car parks, relieving traffic congestion Moreover, the combination of wireless sensor data from parking and transit systems with geographic information systems can be seen as a result of fast developing technology. Thanks to new technologies such as smart parking meters and LPR cameras, you no longer have the limitation of only being able to leave your automobile parked in one place.Fuel use is reduced as well as time waste. These factors, together with the rise of sales in cars worldwide are expected to feed market growth for smart parking systems.

With the growing population of urban areas, cities will undoubtedly face many other headaches-traffic congestion to name just one. While on the one hand, as smart cities develop they should be able to give governments a way of solving these problems. Governments of nations such as Australia, China,South Korea and Brazil have begun smart city programs. Germany and Japan, which provide an environment conducive to smart parking system development. As part of this, in October 2022 South Korean developer of smart industrial solutions LG CNS partnered with Indonesian investment and construction company PT PP (Persero) Tbk to plan the Nusantara intelligent city.

As automated parking solutions are merged into the market, as digital payment technologies arise and evolve together with wireless technology (WiFi or WAPI), 3G or 4G networks--the industry will flourish. Several technologies are employed in the construction of these systems: More advanced sensors, data analytics and machine-to-machine (M23) communication as well as internet linked smart parking meters and apps for online payments using cell phones. Such devices are designed to send web and mobile applications information about whether a parking lot is open or occupied. These technological breakthroughs will likely provide boost to the market expansion of smart parking systems.

Smart parking One obstacle to market expansion in the projection period is lacking understanding about smart parking's advantages. Most serious of all are the problems caused by electromagnetic interference: RFID tags hamper transmission.. Electromagnetic interference interferes with the tracking signal and causes vehicle recognition to be in error. This will cause a lot of headaches for operators and drivers during the forecast period. This problem is being addressed by market players and technology suppliers, with innovative answers. For example, in November 2020 Park+ of smart parking solutions entered into an agreement withMyGate (one of India's largest community and security services providers) to create RFID-enabled smart residential parking products.

Segmentation Analysis of the Smart Parking Market

Hardware Insights

In 2022 the smart meters market accounted for a share in excess of 40 %. But with global urbanization, and myriad cities looking for more on-street parking spots, people are all used to it. They use sensors with accompanying smartphone apps to monitor available spots and the number of cars parked. Many drivers end up parking their cars a long time in the streets As a result, governments were forced to install smart parking meters which can also charge on-street parking spaces.

The cameras and License Plate Recognition (LPR) category, projecting a 23.3 % CAGR over the next six years is forecast to demonstrate the fastest rate of growth during this period.. This is all due to the increased use of LPRs for automobile surveillance. It can sharply reduce investment in couriers or time spent on these tasks. Due to progress in image processing and human computer interface, cameras are increasingly coming into use with smart parking systems checking when a car enters or leaves the space.

Software Insights

The revenue share in the parking guidance systems segment was 75 % in 2022. These guidance systems can save users time, give parking directions and the number of open spaces as well as how long they will be available. They have also become much more common on the market. In order to capture a larger share of the global market for smart parking, participants in the industry are highlighting their advanced guidance systems. In June 2021, the parking solutions provider Quercus Technologies debuted SC Outdoor (outdoor parking assistance system), which helps vehicles in searching for spaces on rooftops and outdoor floors. This solution is compatible with the BirdWatch parking system management software from Quercus Technologies.

In this time period the compound annual growth rate ( CAGR ) for analytics solutions is set to reach 25. One reason, perhaps: parking sensors attached to walls and street lights can collect data from all the available spaces.When there is an emergency or some other unexpected event, this real-time data collection goes to end users through the analytics platform. This guarantees security and safety at these park places. It is believed the growing number of technology-driven businesses will make it possible for people to book spots easily, schedule times and pay conveniently at many parking sites. This should increase demand for analytics solutions.

Service Insights

The technical services sector took more than 60 % of the market in 2021. As this period unfolded,the increasing popularity of semi-autonomous and driverless vehicles, especially in developed countries increased the segment's momentum. Special robotic engineering facilities, instrumentation installations and parking buildings and lots must be built for these cars.

The spread of smartphone applications enabling the provisioning of smart parking services should result in market revenues growing quickly over time.. Applications make mobile-enabled payment and simple slot reservation possible. The spread of IoT-based cloud platforms used to assist mobile applications is expected pave the way for greater adoption of smart parking systems. Drivers are also familiar with the smart parking structure, which allows operators to base judgments on well-informed decisions about both parking and payments.

Application Insights

In 2022 the commercial segment dominated with a revenue share over 42 %. The commercial segment is set to see continued growth through 2030, it being estimated that smart parking systems will become increasingly common in public spaces such as malls and sports complexes or corporate buildings. In addition, it is expected that this segment will also be propelled by the development of flexible mobile payment services and a high level of parking convenience for customers during the projection period.

Regional Analysis of the Smart Parking Market 

North America accounted for more than 35 % of the global market for smart parking systems in 2022. Growing automobile is predicted to boost the market for regional intelligent parking systems through 2030. Traffic congestion is getting worse and worse, so many public-private partnerships have been formed in different cities in North America to implement smart parking. To provide customers with safe and legal parking space for both private cars as well as commercial vehicles, governments are also doing their part in promoting efforts cooperating with the suppliers of smart parking systems. Moreover, with the region backing smart city projects this is accelerating installation of smart parking devices.

In view of the increasing focus on improved parking management, lower air pollution and reduced traffic congestion from various regional governments; Asia Pacific smart parking systems market is poised for a robust 25.4 % CAGR over coming five years., Increasing startups and extensive market presence of major players should act as a driving force for the smart parking systems in Asia Pacific markets. For instance, in order to expand its offering of smart parking solutions, ParkMate software acquired undisclosed sums through the global accelerator program Evolvex last September.

Top Key Players

• Altiux Innovations
• Amano McGann, Inc.
• Amco S.A.
• BMW AG (ParkNow GmbH, Parkmobile LLC)
• Cisco Systems, Inc.
• CivicSmart, Inc.
• Deteq Solutions
• Flowbird
• gtechna
• INDECT Electronics & Distribution GmbH
• Kapsch TrafficCom
• Libelium Comunicaciones Distribuidas S.L.
• Meter Feeder, Inc.
• Mindteck
• Municipal Parking Services, Inc.
• Nedap N.V.
• Park Assist
• ParkHelp Technologies
• ParkJockey
• ParkMe Inc.
• Robert Bosch GmbH
• Siemens AG
• SKIDATA AG
• Smart Parking Ltd.
• SpotHero, Inc.
• Swarco AG
• Urbiotica, S.L. 

Table of Contents

1. Introduction Of Global Smart Parking Market
   1. Overview of the Market
   2. Scope of Report
   3. Assumptions
2. Executive Summary
3. Research Methodology
   1. Data Mining
   2. Validation
   3. Primary Interviews
   4. List of Data Sources
4. Global Smart Parking Market Outlook
   1. Overview
   2. Market Dynamics
      1. Drivers
      2. Restraints
      3. Opportunities
   3. Porters Five Force Model
      1. Bargaining Power of Suppliers
      2. Threat of New Entrants
      3. Threat of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power among Buyers
   4. Value Chain Analysis
5. Global Smart Parking Market, By Hardware
   1. Overview
   2. Pucks (Wireless Sensors)
   3. Cameras & LPRs
   4. Smart Meters
   5. Signage
   6. Parking Gates
6. Global Smart Parking Market, By Software
   1. Overview
   2. Parking Guidance System
   3. Analytics Solutions
7. Global Smart Parking Market, By Service
   1. Overview
   2. Consulting Service
   3. Engineering Service
   4. Mobile App Parking Service
8. Global Smart Parking Market, By Application
   1. Overview
   2. Commercial
   3. Government
   4. Transport Transit
9. Global Smart Parking Market, By Region
   1. North America
      1. U.S.
      2. Canada
   2. Europe
      1. Germany
      2. U.K.
      3. France
      4. Rest of Europe
   3. Asia Pacific
      1. China
      2. Japan
      3. India
      4. South Korea
      5. Singapore
      6. Malaysia
      7. Australia
      8. Thailand
      9. Indonesia
      10. Philippines
      11. Rest of Asia Pacific
   4. Others
      1. Saudi Arabia
      2. U.A.E.
      3. South Africa
      4. Egypt
      5. Israel
      6. Rest of Middle East and Africa (MEA)
      7. Brazil
      8. Argentina
      9. Mexico
      10. Rest of South America
10. Company Profiles
    1. Altiux Innovations
       1. Company Overview
       2. Key Executives
       3. Operating Business Segments
       4. Product Portfolio
       5. Financial Performance (As per availability)
       6. Key News
    2. Amano McGann, Inc.
       1. Company Overview
       2. Key Executives
       3. Operating Business Segments
       4. Product Portfolio
       5. Financial Performance (As per availability)
       6. Key News
    3. Amco S.A.
       1. Company Overview
       2. Key Executives
       3. Operating Business Segments
       4. Product Portfolio
       5. Financial Performance (As per availability)
       6. Key News
    4. BMW AG (ParkNow GmbH, Parkmobile LLC)
       1. Company Overview
       2. Key Executives
       3. Operating Business Segments
       4. Product Portfolio
       5. Financial Performance (As per availability)
       6. Key News
    5. Cisco Systems, Inc.
       1. Company Overview
       2. Key Executives
       3. Operating Business Segments
       4. Product Portfolio
       5. Financial Performance (As per availability)
       6. Key News
    6. CivicSmart, Inc.
       1. Company Overview
       2. Key Executives
       3. Operating Business Segments
       4. Product Portfolio
       5. Financial Performance (As per availability)
       6. Key News
    7. Deteq Solutions
       1. Company Overview
       2. Key Executives
       3. Operating Business Segments
       4. Product Portfolio
       5. Financial Performance (As per availability)
       6. Key News
    8. Flowbird
       1. Company Overview
       2. Key Executives
       3. Operating Business Segments
       4. Product Portfolio
       5. Financial Performance (As per availability)
       6. Key News
    9. Gtechna
       1. Company Overview
       2. Key Executives
       3. Operating Business Segments
       4. Product Portfolio
       5. Financial Performance (As per availability)
       6. Key News
    10. INDECT Electronics & Distribution GmbH
        1. Company Overview
        2. Key Executives
        3. Operating Business Segments
        4. Product Portfolio
        5. Financial Performance (As per availability)
        6. Key News
    11. Kapsch TrafficCom
        1. Company Overview
        2. Key Executives
        3. Operating Business Segments
        4. Product Portfolio
        5. Financial Performance (As per availability)
        6. Key News
    12. Libelium Comunicaciones Distribuidas S.L.
        1. Company Overview
        2. Key Executives
        3. Operating Business Segments
        4. Product Portfolio
        5. Financial Performance (As per availability)
        6. Key News
    13. Meter Feeder, Inc.
        1. Company Overview
        2. Key Executives
        3. Operating Business Segments
        4. Product Portfolio
        5. Financial Performance (As per availability)
        6. Key News
    14. Mindteck
        1. Company Overview
        2. Key Executives
        3. Operating Business Segments
        4. Product Portfolio
        5. Financial Performance (As per availability)
        6. Key News
    15. Municipal Parking Services, Inc.
        1. Company Overview
        2. Key Executives
        3. Operating Business Segments
        4. Product Portfolio
        5. Financial Performance (As per availability)
        6. Key News
    16. Nedap N.V.
        1. Company Overview
        2. Key Executives
        3. Operating Business Segments
        4. Product Portfolio
        5. Financial Performance (As per availability)
        6. Key News
    17. Park Assist
        1. Company Overview
        2. Key Executives
        3. Operating Business Segments
        4. Product Portfolio
        5. Financial Performance (As per availability)
        6. Key News
    18. ParkHelp Technologies
        1. Company Overview
        2. Key Executives
        3. Operating Business Segments
        4. Product Portfolio
        5. Financial Performance (As per availability)
        6. Key News
    19. ParkJockey
        1. Company Overview
        2. Key Executives
        3. Operating Business Segments
        4. Product Portfolio
        5. Financial Performance (As per availability)
        6. Key News
    20. ParkMe Inc.
        1. Company Overview
        2. Key Executives
        3. Operating Business Segments
        4. Product Portfolio
        5. Financial Performance (As per availability)
        6. Key News
    21. Robert Bosch GmbH
        1. Company Overview
        2. Key Executives
        3. Operating Business Segments
        4. Product Portfolio
        5. Financial Performance (As per availability)
        6. Key News
    22. Siemens AG
        1. Company Overview
        2. Key Executives
        3. Operating Business Segments
        4. Product Portfolio
        5. Financial Performance (As per availability)
        6. Key News
    23. SKIDATA AG
        1. Company Overview
        2. Key Executives
        3. Operating Business Segments
        4. Product Portfolio
        5. Financial Performance (As per availability)
        6. Key News
    24. Smart Parking Ltd.
        1. Company Overview
        2. Key Executives
        3. Operating Business Segments
        4. Product Portfolio
        5. Financial Performance (As per availability)
        6. Key News
    25. SpotHero, Inc.
        1. Company Overview
        2. Key Executives
        3. Operating Business Segments
        4. Product Portfolio
        5. Financial Performance (As per availability)
        6. Key News
    26. Swarco AG
        1. Company Overview
        2. Key Executives
        3. Operating Business Segments
        4. Product Portfolio
        5. Financial Performance (As per availability)
        6. Key News
    27. Urbiotica, S.L.
        1. Company Overview
        2. Key Executives
        3. Operating Business Segments
        4. Product Portfolio
        5. Financial Performance (As per availability)
        6. Key News

Global Smart Parking Market Segmentation

Smart Parking by Hardware: Market Size & Forecast 2024-2032

• Pucks (Wireless Sensors)

• Cameras & LPRs
• Smart Meters
• Signage
• Parking Gates

Smart Parking by Software: Market Size & Forecast 2024-2032

• Parking Guidance System
• Analytics Solutions

Smart Parking by Service: Market Size & Forecast 2024-2032

• Consulting Service
• Engineering Service
• Mobile App Parking Service

Smart Parking by Application: Market Size & Forecast 2024-2032

• Commercial
• Government
• Transport Transit

Smart Parking by Geography: Market Size & Forecast 2024-2032

• North America (USA, Canada, Mexico)
• Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
• South America (Brazil, Argentina, Columbia, Rest of South America)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

Major Players:

• Altiux Innovations
• Amano McGann, Inc.
• Amco S.A.
• BMW AG (ParkNow GmbH, Parkmobile LLC)
• Cisco Systems, Inc.
• CivicSmart, Inc.
• Deteq Solutions
• Flowbird
• gtechna
• INDECT Electronics & Distribution GmbH
• Kapsch TrafficCom
• Libelium Comunicaciones Distribuidas S.L.
• Meter Feeder, Inc.
• Mindteck
• Municipal Parking Services, Inc.
• Nedap N.V.
• Park Assist
• ParkHelp Technologies
• ParkJockey
• ParkMe Inc.
• Robert Bosch GmbH
• Siemens AG
• SKIDATA AG
• Smart Parking Ltd.
• SpotHero, Inc.
• Swarco AG
• Urbiotica, S.L.