Global Smart Parking Market by Technology (Counter Technology, Ground-sensor Technology, Overhead Sensor/Camera-Based Technology), Component (Hardware, Services, Software), Vertical, Application, Ownership - Forecast 2023-2030

The Smart Parking Market size was estimated at USD 9.41 billion in 2022, USD 10.79 billion in 2023, and is expected to grow at a CAGR of 14.73% to reach USD 28.25 billion by 2030.

Smart parking is an end-to-end solution that combines feature displays, a network of sensors, and communications gateways with web-based platforms. Implementing the Internet of Things and sensor technology in the parking system provides real-time information about parking availability, both inside and outside, and regarding traffic and road conditions. Smart parking solution smartly detects parking space availability in real-time and helps optimize the usage of on-street parking in cities and garages. Increase in concerns regarding vehicle parking due to the increase in the number of vehicles raising the adoption of smart parking solutions. Moreover, the growing investment and initiatives toward smart city development drive the growth of the smart parking market. Furthermore, technical challenges associated with smart parking systems and the unavailability of supporting infrastructure, along with the high initial implementation cost, may limit the smart parking market growth. In addition, growth in the deployment of IoT-based solutions for fully automated parking systems and the emergence of robotic parking systems create lucrative opportunities for market growth.

Regional Insights

The smart parking market in the Americas is highly developing owing to the significant growth in vehicle sales and ongoing high investments in smart city infrastructures. The governmental framework across the United States and Canada is initiating investments toward implementing a digital economy and embracing new technologies to alleviate traffic congestion. The ongoing advancements in modern parking technologies, including multi-space meters and the growing penetration of driverless parking technologies, have expanded the scope of smart parking systems in the Americas. The high penetration and sales of automobiles in the Asia-Pacific region, and rising urbanization, have elevated the usage of smart parking technologies in commercial and residential spaces. As per the International Organization of Motor Vehicle Manufacturers (OICA), total car production was higher across China, Japan, India, South Korea, Malaysia, Thailand, and Indonesia in 2021. In addition, the developed European economies utilize the latest smart parking technology to reduce traffic and car pollution while collecting more fees for parking across commercial spaces. Moreover, the heavy investments in public infrastructures across the Middle East economies, including Saudi Arabia, have propelled the usage of smart parking systems in the region.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Smart Parking Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Smart Parking Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Smart Parking Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Aisin Corporation, Amano Corporation, Barcelona Smart Technologies, S.L., Cisco Systems, Inc., CivicSmart, Inc., Cleverciti Systems GmbH, Conduent Incorporated, Continental AG, Cubic Corporation, Delphi Technologies by BorgWarner Inc., Digiteum LLC, EnR Consultancy Services, FlashParking, Inc., Flowbird Group, Happiest Minds Technologies Limited, hIOTron, Honeywell International Inc., Huawei Technologies Co. Ltd., IEM SA, INRIX, Inc., Intercomp S.p.A., International Business Machines Corporation, IPS Group, Inc., JustPark Parking Limited, Klaus Multiparking GmbH, Larsen & Toubro Limited, LeddarTech Inc., Libelium Comunicaciones Distribuidas S.L., Nedap N.V., Oracle Corporation, Parkeagle B.V., Parklio, ParkMobile, LLC by EasyPark AB, Qualcomm Technologies, Inc., Robert Bosch GmbH, Robotic Parking Systems, Inc., Siemens AG, SKIDATA AG, Smart Parking Limited, SmartParkZone, SL, Stanley Robotics SAS, Streetline, SWARCO AG, T2 Systems, Inc., Thales Group, TKH Group N.V., Total Parking Solutions Ltd., UKCPS Ltd, Wohr Parking Systems Pvt. Ltd., Zhejiang Dahua Technology Co., Ltd., and ZKTeco Co., Ltd.

Market Segmentation & Coverage

This research report categorizes the Smart Parking Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Technology
  • Counter Technology
  • Ground-sensor Technology
  • Overhead Sensor/Camera-Based Technology
• Component
  • Hardware
    • Cameras & License Plate Recognition
    • Parking Gates
    • Sensors
    • Signage Systems
    • Smart Meters
  • Services
    • Consultancy Services
    • Engineering Services
    • R&D
  • Software
    • Parking Guidance System
    • Parking Management Software
    • Parking Reservation Management
• Vertical
  • Commercial
  • Residential
• Application
  • Off-Street
  • On-Street
• Ownership
  • Private
  • Public

• Region
  • Americas
    • Argentina
    • Brazil
    • Canada
    • Mexico
    • United States
      • California
      • Florida
      • Illinois
      • New York
      • Ohio
      • Pennsylvania
      • Texas
  • Asia-Pacific
    • Australia
    • China
    • India
    • Indonesia
    • Japan
    • Malaysia
    • Philippines
    • Singapore
    • South Korea
    • Taiwan
    • Thailand
    • Vietnam
  • Europe, Middle East & Africa
    • Denmark
    • Egypt
    • Finland
    • France
    • Germany
    • Israel
    • Italy
    • Netherlands
    • Nigeria
    • Norway
    • Poland
    • Qatar
    • Russia
    • Saudi Arabia
    • South Africa
    • Spain
    • Sweden
    • Switzerland
    • Turkey
    • United Arab Emirates
    • United Kingdom

The report offers valuable insights on the following aspects

1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as

1. What is the market size and forecast of the Smart Parking Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Smart Parking Market?
3. What are the technology trends and regulatory frameworks in the Smart Parking Market?
4. What is the market share of the leading vendors in the Smart Parking Market?
5. Which modes and strategic moves are suitable for entering the Smart Parking Market?

Please note: For this report, the purchase of an Enterprise license allows up to ten worldwide users of an organization access to the report

Please note: This report can be updated on request. Please contact our Customer Experience team using the Ask a Question widget on our website.

With the purchase of this report at the Multi-user License or greater level, you will have access to one hour with an expert analyst who will help you link key findings in the report to the business issues you're addressing. This will need to be used within three months of purchase.

This report also includes a complimentary Excel file with data from the report for purchasers at the Site License or greater level.