The Latin America, Middle East and Africa Smart Parking System Market is expected to witness market growth of 23.7% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Smart Parking System Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $540.3 million by 2031. The Argentina market is showcasing a CAGR of 25.5% during 2024-2031. Additionally, the UAE market would register a CAGR of 22.5% during 2024-2031.
Autonomous parking solutions enable self-driving vehicles to find and park themselves in designated smart parking areas. The paper "Impact of Self-parking Autonomous Vehicles on Urban Traffic Congestion" investigates how AVs with self-parking capabilities affect urban traffic. The study suggests that AVs can drop passengers at destinations and then park themselves, potentially reducing the need for parking spaces in high-demand areas and alleviating congestion caused by drivers searching for parking.
Additionally, the adoption of smart parking systems necessitates careful consideration of data privacy and security. As these systems collect and process large volumes of data, including vehicle license plate numbers, payment information, and user locations, ensuring data protection and privacy is paramount.
The LAMEA region is driven by growing urbanization, increasing vehicles, and the need for improved parking management in major cities. The United Arab Emirates has emerged as a major adopter of smart parking technologies, driven by its vision to create technologically advanced, sustainable cities. The increasing demand for smart parking systems in Saudi Arabia is consistent with the country's Vision 2030 reform plan, which is designed to modernize infrastructure and diversify the economy. Brazil’s National Smart Cities Strategy and the São Paulo Smart City Program have accelerated the adoption of intelligent parking systems. South Africa is steadily advancing in smart parking, particularly in its major urban centers like Johannesburg, Cape Town, and Durban. The government’s Integrated Urban Development Framework (IUDF) promotes smarter, more sustainable city planning, which includes intelligent transportation management systems. Hence, the region’s investment in IoT, AI-driven analytics, and cashless payment technologies, combined with public-private partnerships, is propelling this market forward, positioning LAMEA as a promising area for future growth in this sector.
The Brazil market dominated the LAMEA Smart Parking System Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $540.3 million by 2031. The Argentina market is showcasing a CAGR of 25.5% during 2024-2031. Additionally, the UAE market would register a CAGR of 22.5% during 2024-2031.
Autonomous parking solutions enable self-driving vehicles to find and park themselves in designated smart parking areas. The paper "Impact of Self-parking Autonomous Vehicles on Urban Traffic Congestion" investigates how AVs with self-parking capabilities affect urban traffic. The study suggests that AVs can drop passengers at destinations and then park themselves, potentially reducing the need for parking spaces in high-demand areas and alleviating congestion caused by drivers searching for parking.
Additionally, the adoption of smart parking systems necessitates careful consideration of data privacy and security. As these systems collect and process large volumes of data, including vehicle license plate numbers, payment information, and user locations, ensuring data protection and privacy is paramount.
The LAMEA region is driven by growing urbanization, increasing vehicles, and the need for improved parking management in major cities. The United Arab Emirates has emerged as a major adopter of smart parking technologies, driven by its vision to create technologically advanced, sustainable cities. The increasing demand for smart parking systems in Saudi Arabia is consistent with the country's Vision 2030 reform plan, which is designed to modernize infrastructure and diversify the economy. Brazil’s National Smart Cities Strategy and the São Paulo Smart City Program have accelerated the adoption of intelligent parking systems. South Africa is steadily advancing in smart parking, particularly in its major urban centers like Johannesburg, Cape Town, and Durban. The government’s Integrated Urban Development Framework (IUDF) promotes smarter, more sustainable city planning, which includes intelligent transportation management systems. Hence, the region’s investment in IoT, AI-driven analytics, and cashless payment technologies, combined with public-private partnerships, is propelling this market forward, positioning LAMEA as a promising area for future growth in this sector.
List of Key Companies Profiled
- BMW AG
- Cisco Systems, Inc.
- Kapsch TrafficCom AG
- Libelium Comunicaciones Distribuidas S.L.
- Nedap N.V.
- Robert Bosch GmbH
- Siemens AG
- SWARCO AG
- INRIX, Inc.
- Continental AG
Market Report Segmentation
By Software
- Parking Guidance System
- Analytics Solutions
By Type
- On-street
- Off-street
- Garage Parking
- Lot Parking
By Service
- Consulting Service
- Engineering Service
- Mobile App Parking Service
By Hardware
- Smart Meters
- Cameras & LPRs
- Pucks (Wireless Sensors)
- Signage
- Parking Gates
By Application
- Commercial
- Government
- Transport Transit
By Country
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. LAMEA Smart Parking System Market by Software
Chapter 5. LAMEA Smart Parking System Market by Type
Chapter 6. LAMEA Smart Parking System Market by Service
Chapter 7. LAMEA Smart Parking System Market by Hardware
Chapter 8. LAMEA Smart Parking System Market by Application
Chapter 9. LAMEA Smart Parking System Market by Country
Chapter 10. Company Profiles
Companies Mentioned
- BMW AG
- Cisco Systems, Inc.
- Kapsch TrafficCom AG
- Libelium Comunicaciones Distribuidas S.L.
- Nedap N.V.
- Robert Bosch GmbH
- Siemens AG
- SWARCO AG
- INRIX, Inc.
- Continental AG
Methodology
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