Smart Parking Solutions Market is Likely to Accumulate a Value of Over US$ 30 Billion by 2032

The global smart parking solutions market size and revenue are expected to increase from over US$ 4.4 Bn in 2022 to US$ 30.84 Bn by 2032, ascending at a stellar 21% CAGR during the forecast period.

Additionally, the move towards city automation has increased reliance on a variety of smart parking solution categories, including smart metres, navigational systems, analytics tools, and engineering services. During the peak of the COVID-19 pandemic, application of these methods was somewhat constrained since lockdowns stopped individuals from entering public spaces. The adoption of integrated automated solutions will likely rise, and advances in wireless and digital payment technologies will also contribute to this growth.

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Prominent Drivers Influencing Smart Parking Solutions Uptake

Rising Popularity of IoT-based Parking Solutions Spurring Uptake of Smart Parking Solutions

As the global population increases, the rate of urbanization has surged exponentially. Consequently, there is increased ownership of automobiles, which has necessitated a rise in the need for adequate parking space. According to the UN Department of Economic and Social Affairs (UN DESA)

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

Smart City Initiatives Necessitate Installments

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 for better security, transport and traffic management, waste management, energy efficiency, and can improve the lifestyle of the population comprehensively.

In addition to these benefits, smart cities will contribute towards the welfare of the environment and allow for the stabilization of global temperatures.

Growing environmental concerns, traffic congestion, and the population are causing governments around the world to look towards the development of smart cities which will effectively improve the quality of life while aiding authorities in saving resources. These factors have attracted heavy investments in smart technologies around the world and are fueling the demand for smart parking solutions on a global scale.

Sophistication-driven Technological Advancements to Fuel Growth

Increasing penetration of wireless networking systems, IoT, and cloud-based services, has laid down the platform for innovations in the smart parking solutions market.

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.

Competitive landscape:

• 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.
• Amco S.A. was awarded a contract by the Memphis Area Transit Authority (MATA) in the United States in February 2020.
• 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.

Key Segments Covered:

·         By System Components & Services

• Smart Parking Software

  • On-Premise

  • Cloud Based

• Smart Parking System Devices

  • Entry/Exit Terminals

  • Card Readers

  • Validation Solution

  • Pay-on-Foot Solution

  • LPR System

  • Others

• Smart Parking Professional Services

  • Consulting

  • Deployment and Customization

  • Maintenance and Support

·         By Solutions

• Smart Parking Access Control Solutions

• Smart Parking Fee & Revenue Collection Solutions

• Smart Parking Reservation Management Solutions

• Smart Valet Parking Management Solutions

• Smart Parking Guidance and Slot Management Solutions

• Other (Parking Enforcement Management)

·         By End Use

• for Government and Municipalities

• for Airports

• for Corporate & Commercial Parks

• for Commercial Institutions

• for Healthcare

• for Other End Uses (Tourist Destinations and Hospitality Sector)

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What insights does the Smart Parking Solutions Market report provide to the readers?

• Smart Parking Solutions fragmentation on the basis of product type, end use, and region.
• Comprehensive assessment of upstream starting materials, downstream demand, and present market landscape.
• Collaborations, R&D projects, acquisitions, and product launches of each Smart Parking Solutions player.
• Various regulations imposed by the governments on the consumption of Smart Parking Solutions in detail.
• Impact of modern technologies, such as big data & analytics, artificial intelligence, and social media platforms on the global Smart Parking Solutions.