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Smart Parking Solutions Market

Global Smart Parking Solutions Market to Surpass US$ 30 Bn in Revenue by 2032, Finds Fact.MR

Published : 13 Jan 2022 Industry: Technology

A recently revamped report by Fact.MR estimates that the global smart parking solutions market is likely to surpass US$ 30 Bn in value by the end of the 2022-2032 forecast period, registering an astounding 21% value CAGR.  Increased traffic congestion is expected to drive demand for smart parking solutions over the coming decade.

From 2017 to 2021, demand for smart parking solutions experienced an incline at a CAGR of 18%. During the height of the COVID-19 pandemic, the industry experienced a moderate slump, attributed to reduced traffic flow across roads in the wake of stringent lockdowns and restrictions on public traveling. 

Market growth is expected to be driven by the increasing adoption of integrated automated solutions, as well as advancements in wireless and digital payment technologies. Among the technologies used to implement effective systems are machine-to-machine (M2M) communication, data analytics, advanced sensors, smart parking meters, and mobile applications for slot reservations and online payments.

Key Takeaways from the Market Study

  • Global smart parking solutions market to be valued at US$ 4.4 Bn by 2022-end
  • Germany to emerge as the fastest growing market, clocking a CAGR of 16%
  • U.S to register a staggering 15% CAGR, amid rising traffic congestion across major cities
  • Smart parking solutions uptake in China likely to increase at a CAGR of 12%
  • Smart valet parking solutions to experience 9.9% Y-o-Y growth in 2022 over 2021
  • Commercial smart parking solutions to account for nearly 40% revenue share

Growing traffic congestion problems is prompting automotive manufacturers and vehicle users alike to opt for internet and smart-enabled parking solutions, enabling an improvement in city decongestion, remarks a Fact.MR analyst.

Competitive landscape

  1. APT Skidata, one of the UK's leading parking solutions companies, announced the launch of a new mobile-based digital solution in December 2020 to deliver greater operational efficiencies and enhanced financial returns to owners and operators of an individual or multiple car park.
  2. Amco S.A. was awarded a contract by the Memphis Area Transit Authority (MATA) in the United States in February 2020.
  3. In January 2019, China opened its first robotic diagonal smart parking garage in Nanjing, East China. It is a smart parking system that optimizes space utility, fuel efficiency, and cost-effectiveness in order to make cities more livable.

More Insights Available

Fact.MR, in its new offering, presents an unbiased analysis of the global data center market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.

The study provides essential insights on the market on the basis of system components and services (parking software and system devices and professional services), solutions (access control, parking fee & revenue, parking reservation management, valet parking management, guidance and slot management and others) and end use (government & municipalities, airports, corporate & commercial parks, commercial institutions, healthcare and others) across seven regions (North America, Latin America, Europe, CIS & Russia, APEJ, Japan and MEA).

Fact.MR’s Domain Knowledge in Technology

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned ICT products team at Fact.MR helps clients from across the globe with their unique business intelligence needs.

With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the ICT division across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

For more information, refer to our market research report or contact the PR author.

Shubham Patidar

Fact.MR

Consultant – ICT

E-mail: shubham@factmr.com

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Smart Parking Solutions Market

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Smart Parking Solutions Market Analysis By System Components & Services (Smart Parking Software, Smart Parking System Devices, Professional Services), By Solutions (Smart Parking Access Control, Reservation Management Solutions), By End Use - Global Insights 2022-2032