Smart Parking Solution Market

Smart Parking Solution Market Outlook (2024 to 2034)

Expanding at a CAGR of 20%, the global smart parking solution market size is set to jump from US$ 6.3 billion in 2024 to US$ 39.2 billion by 2034-end, as assessed by Fact.MR and revealed in its updated market report.

Smart parking is a safe parking solution for conscientious drivers. The sign or symbol reveals the available parking spot on the lot by using embedded software and sensors. Because of proper vehicle management, the driver is well acquainted with the unoccupied space. Smart parking provides drivers with real-time information about the availability of nearby parking spaces, allowing them to reserve a spot without having to wait.

Rapidly rising demand for smart parking solutions can be attributed to the worsening traffic congestion problems across the developed as well as high-potential economies. Global population growth is contributing to the increasing number of vehicle owners, causing constraints on the availability of adequate parking space. Moreover, the ever-increasing trend of automating cities is leading to growing reliance on various categories of smart parking solutions, including smart meters, guidance systems, analytics solutions, and engineering services.

Increasing adoption of integrated automated solutions, as well as advancements in wireless and digital payment technologies, are set to boost the global smart parking solution market growth during the forecast period. Among the technologies used to implement effective solutions are machine-to-machine (M2M) communication, data analytics, advanced infrared sensors, smart parking meters, and mobile applications for slot reservations and online payments.

• North America is projected to hold 24.3% of the global smart parking solution market share by 2034.

Report Attributes	Details
Smart Parking Solution Market Size (2024E)	US$ 6.3 Billion
Forecasted Market Value (2034F)	US$ 39.2 Billion
Global Market Growth Rate (2024 to 2034)	20% CAGR
South Korea Market Value (2034F)	US$ 2.1 Billion
Japan Market Value (2024E)	US$ 400 Million
Smart Parking System Device Demand Growth (2024 to 2034)	20.4% CAGR
Key Companies Profiled	Amco S.A. Cisco Systems, Inc. Altiux Innovations Deteq Solutions Flowbird Swarco AG Urbiotica, S.L. Meter Feeder, Inc. ParkJockey ParkMe Inc. Amano McGann, Inc. CivicSmart, Inc. Robert Bosch GmbH Siemens AG SpotHero, Inc. Mindteck ParkHelp Technologies

Why are Smart Parking Technologies Gaining Rapid Traction?

“Rising Population and Congestion Driving Demand for Intelligent Traffic Management Systems”

As the global population increases, the rate of urbanization is expected to rise. Consequently, there would be surge in the ownership of automobiles, which may lead to a growing need for adequate parking space.

• According to the UN Department of Economic and Social Affairs (UN DESA), approximately 68% of the global population will reside in urban areas by 2050.

Automotive manufacturers are thus looking to ease the ever-increasing burden of global traffic by deploying Internet of Things (IoT) enabled smart parking solutions. Innovations in ubiquitous computing coupled with the developments in cloud platforms are opening up new opportunities for smart parking solutions manufacturers to venture into. The rising popularity of data-driven operations and the benefits associated with it are causing a surge in the adoption of smart parking software around the world.

“Smart City Initiatives Driving Installation of Advanced Parking Management Systems”

Smart city projects offer sustainability in addition to enhanced performance. With the transformation of a city into a smart city, authorities around the world can provide better security, transport, and traffic management, waste management, and energy efficiency, and can improve the lifestyle of the population comprehensively. In addition to these benefits, smart cities can contribute to the welfare of the environment and allow for the stabilization of global temperatures.

Growing environmental concerns, traffic congestion, and population growth are driving respective governments across the globe to look towards the development of smart cities which would effectively improve the quality of life while aiding authorities in saving resources. These factors are attracting heavy investments in smart technologies and are also fueling the demand for smart parking solutions on a global scale.

“Sophistication-driven Technological Advancements Enhancing Features of Smart Parking Systems”

Increasing penetration of wireless networking systems, Internet of Things (IoT), and cloud-based services are some of the latest smart parking solutions market trends. For instance, easy accessibility to affordable GPS, cloud software, smartphones, and smart sensors is resulting in the development of sophisticated systems that aid drivers in detecting the nearest empty parking spot in real-time.

The emergence of cashless transactions and e-payment facilities is further paving the way for new opportunities for smart parking solution companies to explore. Moreover, developments in artificial intelligence (AI) and machine learning (ML) are aiding companies in making ground-breaking discoveries in the field.

What is Preventing Widespread Adoption of Smart Parking Solutions?

“Lack of Awareness and High Costs of Smart Parking Technologies”

Lack of awareness is the major factor hampering the adoption of smart parking solutions. Furthermore, due to electromagnetic interference RFID-tag equipped smart parking solutions are facing hindrance in signals, which results in vehicle’s faulty detection. Also, high costs associated with the installation of smart parking solutions may lower their adoption in budget-constrained economies.

Start-up Ecosystem

Continuous innovations in the smart parking technologies are set to aid end users in crowded city spaces in finding the nearest open parking spot. Parking-spot occupancy data and space-monitoring parking sensors are some of the latest technologies.

• A German start-up Cleverciti Systems provides a sensor solution that collects real time information of available and occupied parking spaces. Each sensor covers 30 spots and gets updated every 3 seconds.

Cashless transactions are a more convenient mode of payment and are gaining traction in the field of smart parking solution.

• A Belgium start-up Smart Parking offers a smart parking payment technology that support over 250 global payment method in just one click.

Country-wise Analysis

North American countries are set to offer ample opportunities for smart parking providers during the forecast period. The North American market is projected to reach US$ 9.5 billion by 2034.

What is Sales Outlook for Smart Parking Solutions in the United States?

“Heavy Traffic Congestion in Metropolises Pushing Deployment of Smart Parking Technologies”

Attribute	United States
Market Value (2024E)	US$ 700 Million
Growth Rate (2024 to 2034)	20.5% CAGR
Projected Value (2034F)	US$ 4.3 Billion

Smart parking solution sales in the United States are driven by the presence of a thriving automotive industry, rising automotive sensor demand, and increasing infrastructure development investments. Furthermore, the presence of various technology companies, supportive government policies, and financial support for start-ups in the form of subsidies is expected to make the United States a profitable market for smart parking solution providers.

Heavy traffic issues in cities such as New York, Los Angeles, and others, as well as a growing level of awareness about modern solutions for traffic control and parking is driving the growth of the smart parking solution market in the United States.

Why is China a Huge Market for Smart Parking Solution Providers?

“Growing Need for Existing Parking Infrastructure Development Spurring Smart Parking Solution Sales”

Attribute	China
Market Value (2024E)	US$ 700 Million
Growth Rate (2024 to 2034)	20% CAGR
Projected Value (2034F)	US$ 4.3 Billion

In China, smart parking lots are mostly built by renovating existing ones and adding solutions and devices such as license plate recognition, and geomagnetic devices, which are used to collect data and information for single parking lots, build parking management platforms, and more.

What’s Driving Sales of Smart Parking Technologies in Germany?

“Smart City Initiatives Driving Deployment of Advanced Parking Services”

Ongoing industrial activities, technological advancements, and growing demand for parking system improvements are boosting market growth in Germany. Demand for parking sensors in Germany is set to rise as more parking management solutions are being implemented to ease traffic congestion issues in German cities. Furthermore, the growing number of vehicles on the road, combined with government initiatives such as smart cities, is expected to boost the demand for improved traffic and parking management solutions in Germany over the next decade.

Continental AG, Robert Bosch GmbH, Delphi Automotive PLC, Siemens AG, and Cubic Corporation are some of the leading companies operating in Germany.

Category-wise Analysis

According to Fact.MR, a market research and competitive intelligence provider, smart parking software is anticipated to hold 56% of the global market share by 2034.

Which Component is Widely Adopted by End Users?

“Smart Parking Software Offering Real Time Data Accessibility”

Attribute	Smart Parking Software
Segment Value (2024E)	US$ 3.8 Billion
Growth Rate (2024 to 2034)	19.2% CAGR
Projected Value (2034F)	US$ 22 Billion

Software plays a vital role in enhancing the functionality of smart parking solutions. Software solutions analyses the data collected from hardware devices such as cameras and sensors. Mobile software are widely gaining popularity as they offers access to real time data, cashless transactions, and personalized parking experience.

How Fast are Sales of Parking Guidance and Slot Management Solutions Increasing?

“Parking Guidance and Slot Management Solutions Making Parking Easy for Drivers”

Attribute	Parking Guidance and Slot Management Solutions
Segment Value (2024E)	US$ 1.8 Billion
Growth Rate (2024 to 2034)	19.1% CAGR
Projected Value (2034F)	US$ 10.2 Billion

Parking guidance and slot management solutions aid in managing a single or multiple parking slots from one central system. It gathers real time information using sensors, cameras, and other data sources. These solutions also aid in reducing the labour costs and manual procedures.

Competitive Landscape

Key players in the smart parking solution industry are employing strategies such as collaborations, partnerships, mergers, acquisitions, and global market expansion to increase their market reach and product offerings. These tactics also enhances their profit shares.

• In June 2023, Park+ and Google Cloud collaborated to offer novel smart parking systems.

Key Segments of Smart Parking Solution Market Research

• By System Component & Service :

  • Smart Parking Software
  • Smart Parking System Devices
  • Smart Parking Professional Services

• By Solution :

  • Access Control Solutions
  • Parking Fee & Revenue Collection Solutions
  • Parking Reservation Management Solutions
  • Valet Parking Management Solutions
  • Parking Guidance and Slot Management Solutions
  • Others

• By End Use :

  • Government & Municipalities
  • Airports
  • Corporate & Commercial Parks
  • Commercial Institutions
  • Healthcare
  • Others

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa