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Smart Parking Systems Market to be Worth $30.16 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, March 15, 2023 -- The global smart parking systems market is expected to reach USD 30.16 billion by 2030 and expand at a significant CAGR of 22.1% from 2023 to 2030 according to Grand View Research, The smart parking systems market is expected to witness remarkable growth during the forecast period owing to the subsequent rise in traffic congestion and an increasing number of automobiles on roads. Further, an increase in the number of smartphone users worldwide simultaneously increases the number of users to park, pay, and book the slots in advance over mobile apps, supporting the smart parking systems market growth.

Key Industry Insights & Findings from the report:

  • The cameras and LPRs segment is expected to expand at a significant CAGR of 23.3% over the forecast period. The technological developments in license plate recognition systems and image processing techniques are anticipated to accelerate the adoption of cameras and LPRs in the forecast period.
  • The analytics solution segment is anticipated to exhibit a CAGR of 25.2% during the forecast period. The promising growth prospects of the segment can be attributed to the benefits offered by these systems, such as the analysis of customer behavior and usage patterns.
  • The mobile app parking services segment is estimated to witness significant growth in terms of revenue by 2030, registering a CAGR of 26.2% during the forecast period. The growth of the segment can be attributed to the large-scale adoption of smartphones and apps supporting smart parking. These applications enable easy reservation of slots and mobile-enabled payments.
  • The off-street segment is poised to exhibit a significant CAGR of 22.6% in the forecast period. The growing demand for garages and lots for parking spaces in off-streets are the key driving factors for the market's growth.
  • The government segment is expected to witness significant growth, registering a CAGR of 23.9% during the forecast period. Several governments globally are implementing smart city development projects, which is anticipated to strengthen the growth of this vertical over the forecast period.
  • The smart parking systems market in the Asia Pacific is anticipated to witness the highest CAGR of 25.4% over the forecast period. The regional governments are improving parking management and reducing traffic congestion and air pollution, which is expected to fuel the demand for smart parking systems in the region.

Read 180-page market research report, "Smart Parking Systems Market Size, Share, & Trends Analysis Report By Hardware (Pucks, Cameras & LPRs, Smart Meters, Signage), By Software, By Service, By Type, By Application, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Smart Parking Systems Market Growth & Trends

Favorable government policies & regulations and investments are accelerating the smart parking systems implementation for a seamless, user-friendly parking experience for operators & drivers. Further, the rising demand for smart parking systems equipped with advanced features such as voice guidance enabled through smartphone apps and auto-payment options is expected to drive the smart parking systems market. Various parking lots prefer Automatic Number Plate Recognition (ANPR) systems for the efficient operation of access control systems and the management of vehicles in parking areas.

Development in payment technologies, advancements in wireless technologies, and increasing availability of integrated automated market solutions are some key factors driving the smart parking systems market growth. Moreover, several countries' governments significant focus on sustainable mobility solutions by reducing pollution and lowering traffic congestion through private & public space allocation is creating a positive smart parking systems market outlook. These smart parking systems use sensors, wireless communication technology, and data analytics to address parking issues in metros and cities.

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

Smart Parking Systems Market - Hardware Outlook (Revenue, USD Million; 2018 - 2030)

  • Pucks (Wireless Sensors)
  • Cameras & LPRs
  • Smart Meters
  • Signage
  • Parking Gates

Smart Parking Systems Market - Software Outlook (Revenue, USD Million; 2018 - 2030)

  • Parking Guidance System
  • Analytics Solutions

Smart Parking Systems Market - Service Outlook (Revenue, USD Million; 2018 - 2030)

  • Consulting Service
  • Engineering Service
  • Mobile App Parking Service

Smart Parking Systems Market - Type Outlook (Revenue, USD Million; 2018 - 2030)

  • On-street
  • Off-street
    • Garage Parking
    • Lot Parking

Smart Parking Systems Market - Service Application Outlook (Revenue, USD Million; 2018 - 2030)

  • Commercial
  • Government
  • Transport Transit

Smart Parking Systems Market - Regional Outlook (Revenue, USD Million, Units; 2018 - 2030)

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Singapore
    • Thailand
    • Philippines
    • Hong Kong
    • Vietnam
    • Indonesia
  • Latin America
    • Brazil
  • MEA

List of Players in Smart Parking Systems Market

  • 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
  • Smart Parking Ltd.
  • SpotHero, Inc.
  • Swarco AG
  • Urbiotica, S.L.

Check out more related studies published by Grand View Research:

  • Automated Parking System Market - The global automated parking system market size is expected to reach USD 6.66 billion by 2030, registering a CAGR of 16.7% from 2022 to 2030, according to a new report by Grand View Research, Inc. The number of on-road vehicles has increased exponentially across major countries and has given rise to traffic congestion and parking space problems. This has resulted in the emergence of automated parking systems. Moreover, an automated solution improves convenience for vehicle owners or drivers by automatically parking the vehicles at a vacant spot available in the system. Additionally, increasing traffic congestion and inadequate parking space availability in the cities are driving the market growth.
  • On-Demand Transportation Market - The global on-demand transportation market size is expected to reach USD 304.97 billion by 2025, according to a study conducted by Grand View Research, Inc. It is anticipated to expand at a CAGR of 19.8% during the forecast period. Rising penetration of smartphones and connected vehicles is increasing the adoption of on-demand transportation services such as e-hailing, car sharing, car rental, and station-based mobility. These services enable users to pre-book, modify, or cancel their taxi reservations via mobile applications such as Uber and Gett.
  • Middle East ITS Market - The Middle East intelligent transportation system (ITS) market size is anticipated to reach USD 6.77 billion by 2025, according to a new report by Grand View Research, Inc., rising at a CAGR of 11.6% during the forecast period. ITS is integrated with advanced automotive sensors to monitor and develop strategies to reduce traffic or provide access to sensitive pollution areas, where air quality is below acceptable level. These systems inform drivers about vehicle emitting pollutant levels and corrective actions to be taken. In addition, these systems help transportation and environment protection authorities to develop and evaluate pollution control strategies, which help in effective environment protection.

Browse through Grand View Research's Automotive & Transportation Industry Research Reports.

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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SOURCE Grand View Research, Inc.