Smart Parking System Market Size, Share & Industry Analysis, By Type (Off-Street Parking, On-Street Parking), By Component (Sensor, Cameras, Parking Meter, Central Server, Management Software, Mobile App), By End-User (Private, Government) Others and Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
The poor parking management has led to traffic congestion, further leading to a rise in pollution such as air pollution and noise pollution. The smart parking system can be more effective in this case, as it provides the availability of parking lots by real-time data checks. This is expected to save fuel and time of the end-users. The challenges of rapid urbanization across the globe, combined with environmental problems, are likely to create numerous opportunities for the market players. The rising vehicle number on the roads has led to an increase in demand for parking places. The average time taken for a searching parking place is up to 20 min. The increasing number of smart cities globally is likely to drive the demand for the smart parking system.
Key Market Driver -
The increased demand for the IoT technology and increasing smart cities is expected to drive the market
Key Market Restraint -
The high setup cost of the smart parking system is expected to restrain the market’s growth.
The smart parking system is customizable to any parking lot, coupled with a requirement of fewer human resources to operate the parking zone. The high investment is required for the setup of the smart parking system, and this factor is likely to hamper the growth of the smart parking system market over the forecast period.
Key Players Covered in the Smart Parking System Market:
The major players that are present in the global smart parking System market include Intercomp S.p.A., Seimens AG, Indect Electronics & Distribution GmbH, Continental AG, Comarch SA., among others.
Globally, the smart parking system market has been segmented based on the type, component, end-user, and region. Based on the type, the further market has been segmented into the off-street parking and on-street parking. The off-street parking segment is expected to dominate the market over the forecast period. The on-street parking segment is also expected to show good growth in the market over the forecast period owing to the rising adoption of this system in the smart cities.
Based on component, further, the smart parking system market has been segmented into sensors, cameras, parking meter, a central server, management software, and mobile app. Sensors are buried under the road to collect exact data in real-time, whether the parking lot is free or busy. The cameras detect smart parking activities and are placed on the high lamppost. The management software process the data to make it available for any time user.
By the end-user, further, the market has been segmented into private and government. The government segment is expected to dominate the market over the forecast period owing to the increasing adoption of the smart parking system by the government in the smart cities. The private segment is also expected to show good growth in this market over the forecast period.
Regional Analysis:
Geographically, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world (RoW). North America is anticipated to dominate the smart parking system market over the forecast period. The increasing vehicle number on the road and to reduce the traffic congestion in this region is expected to drive the market for the smart parking system.
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Asia Pacific is also expected to show good growth in the smart parking system market over the forecast period. Factors such as the increasing demand for advanced technologies to reduce the impact on the environment in this region is likely to drive the market growth in this region.
Europe is also expected to show good growth in the smart parking system market over the forecast period. The government stringent regulations to ensure a sustainable environment in this region by reducing pollution is likely to drive the market’s growth in this region.
Segmentation
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Key Industry Developments:
- October 2019: Continental AG rolled out global parking data for the European market of the Austria, Germany, France, Switzerland, Spain, the U.K., and Italy. This service offers real-time exact data from the parking zones and also relevant information such as opening hours, prices, and electric charging stations.
- Ongoing
- 2023
- 2019-2022
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