Smart Parking Systems Market: Transport Transit Segment Is Expected To Witness Significant Growth

 Smart Parking Systems Industry Overview

The global smart parking systems market size is expected to reach USD 30.16 billion by 2030, registering a significant CAGR of 21.2% from 2022 to 2030, according to new reports of Grand View Research, Inc. The increasing number of automobiles on roads and the subsequent rise in traffic congestions are the key growth drivers for the market. The outbreak of the COVID-19 pandemic has negatively impacted the market due to the varying levels of lockdowns implemented across the world. However, with the lockdowns being slowly lifted, the demand for smart parking systems is expected to bounce back, and sales of personal vehicles might also witness a rise due to growing concerns over safety in public transport.

 

Additionally, an increase in the number of smartphones users worldwide simultaneously increases the number of users to park, pay, and book the slots in advance over mobile apps. Favorable regulations, government policies, and investments are encouraging the implementation of smart parking systems for a seamless and user-friendly parking experience for drivers and operators. The increasing demand for sophisticated features, such as auto-payment options and voice guidance enabled through smartphone apps, is also anticipated to drive the growth of the market. Several parking lots are incorporating Automatic Number Plate Recognition (ANPR) systems to efficiently operate vehicles in parking areas and access control systems.

 

Smart Parking Systems Market Segmentation

Grand View Research has segmented the global smart parking systems market based on hardware, software, service, type, application, and region:

Based on the Hardware Insights, the market is segmented into Pucks (Wireless Sensors), Cameras & LPRs, Smart Meters, Signage, and Parking Gates.

  • The smart meters segment held the largest revenue share of over 40% in 2021. The world is witnessing increasing urbanization, and there is a need for on-street parking spaces across various cities globally, which led to the widespread use of parking meters.
  • The cameras & License Plate Recognition (LPR) segment is anticipated to emerge as the fastest-growing segment during the forecast period. This can be attributed to the growing use of LPRs for vehicle surveillance as they greatly reduce the workforce required or amount of time to achieve these tasks.

 

Based on the Software Insights, the market is segmented into Parking Guidance System, and Analytics Solutions.

  • The parking guidance system segment accounted for the largest revenue share of over 75% in 2021. These guiding systems have gained traction in the market as they assist with vacant slots, provide parking guidelines, number of available spaces, duration of availability, and help them in saving their time.
  • The analytics solutions segment is poised to exhibit significant growth over the forecast period. The growth can be attributed to the ability of the parking sensors fitted on several structures such as light poles to thoroughly collect reliable information about occupied and vacant spaces.

 

Based on the Service Insights, the market is segmented into Consulting Service, Engineering Service, and Mobile App Parking Service.

  • The engineering service segment led the smart parking systems market with a revenue share of over 60% in 2021. The increasing adoption of autonomous and semi-autonomous cars, especially in developed countries, can be attributed to the growth of the segment.
  • The consulting service segment is expected to witness significant growth over the forecast period. These services provide different management needs, such as learning the use of a smart parking application or customizing a parking space according to the requirement of the operator or user.

 

Based on the Service Type Insights, the market is segmented into On-street, and Off-street.

  • The off-street segment dominated the market in 2021 and accounted for a revenue share of over 70%. The growing rise of off-street parking can be ascribed to the increasing number of companies providing applications for using spaces for parking in single slots.
  • The on-street segment is anticipated to reach goals using a variety of tools which includes the spaces where parking is allowed and prohibited by designing parking spaces and facilities and signs. The segment is further expected to avail benefit from the large-scale use of smartphone applications that allow users to track the accessibility of parking spaces in real-time.

 

Based on the Service Application Insights, the market is segmented into Commercial, Government, and Transport Transit.

  • The commercial segment dominated the market with a revenue share of over 40% in 2021. The increased adoption of smart parking systems at shopping malls, sports complexes, corporate buildings, and theaters, among other public venues, is anticipated to strengthen the growth of the commercial segment over the forecast period.
  • The transport transit segment is expected to witness significant growth over the forecast period due to increased travel by airplanes. Airport authorities worldwide offer the facility to book or reserve parking spaces through their website and mobile apps.

 

Smart Parking Systems Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The key industry participants include Cisco Systems, Inc.; Altiux Innovations; Siemens AG; SKIDATA AG.; Robert Bosch GmbH; Amano McGann, Inc.; BMW AG (ParkNow GmbH, Parkmobile LLC); and ParkMe, Inc. Leading companies are offering innovative solutions and hardware equipment to stay ahead of competitors. In response to the increasingly varying needs of parking lot management, smart parking market players are strengthening their collaborations with parking lot management firms. For instance, in November 2021, Park Assist introduced its Parking Guiding System (PGS) to The City of Hollywood’s Nebraska parking garage. The system and the parking garage will offer ParkMobile and Pay-By-Plate payment options for residents and guests. Some of the prominent players operating in the global smart parking systems market are:

  • 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.

 

Order a free sample PDF of the Smart Parking Systems Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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