Smart Parking Systems Market Size, Share, Trends and Forecast Report

The global Smart Parking Systems Market size is expected to reach USD 19.29 billion by 2028, registering a CAGR of 21.5% from 2021 to 2028, according to a new report by Grand View Research, Inc. The market is expected to witness growth at a promising pace in near future, thanks to the increasing number of automobiles on roads and the subsequent rise in traffic congestions.

However, the COVID-19 pandemic has considerably slowed down the market due to the varying levels of lockdowns implemented across several countries globally. The impact of this slowdown is expected to be experienced in the short term. As the world re-opens, smart parking systems are expected to regain demand due to the potential rise in the use of private transportation and its impact on the demand for smart parking space management. The steadily widening consumer base of autonomous vehicles is also expected to drive the demand for smart parking facilities as self-driven cars require robotically automated parking spaces. Moreover, the exponential rise in the number of smartphone users globally is enabling an increasing number of users to park, pay, and book slots in advance through mobile apps.

Favorable regulations, government policies, and investments are encouraging the implementation of smart parking systems for a seamless and user-friendly parking experience for both drivers and operators. Furthermore, the addition of sophisticated features, such as auto-payment options and voice guidance enabled through smartphone apps, is also projected to drive the demand for innovative solutions. Several parking lots are incorporating Automatic Number Plate Recognition (ANPR) systems to operate vehicles in parking areas and access control systems efficiently.

The increasing availability of integrated automated solutions, advancements in wireless technologies, and developments in payment methodologies are estimated to drive the adoption of smart parking systems. Moreover, smart parking management systems aid in increasing mobility in cities and offer a dependable revenue model. These systems use data analytics, wireless communication technology, and sensors to address parking issues in cities and metros. These solutions can be used to locate available parking spaces with the help of sensors and mobile applications, thereby saving customers’ time and minimizing the wastage of fuel spent on the lookout for available parking spaces.

Related Press Release@ Smart Parking Systems Market Report

Smart Parking Systems Market Report Highlights

• In terms of hardware, the signage segment is anticipated to post a CAGR of 18.8% over the forecast period. Signage helps users identify routes, provide directions, and avoid ambiguity in rules and regulations related to driving and traffic. This offers high comfort to the driver while driving and serves as a positive pointer for market growth
• In terms of software, the parking guidance system segment is poised to exhibit a CAGR of 19.8% during the forecast period. The promising growth prospects of the segment can be attributed to benefits offered by these systems such as the analysis of customer behavior and usage patterns
• In terms of type, the off-street segment is poised to exhibit the highest CAGR of 20.2% during the forecast period. This can be ascribed to the increasing number of companies providing applications for using parking spaces in off-street locations such as garages and lots
• In terms of application, the government segment is poised to exhibit a CAGR of 21.5% during the forecast period. The focus of several governments globally on implementing smart city development projects is anticipated to strengthen the growth of the government application segment over the forecast period. Numerous smart parking systems that have been rolled out in smart city projects offer functions such as online reservation of parking spots and mobile payment
• In terms of service, the mobile app parking service segment is estimated to account for significant market size in terms of revenue by 2028, registering a CAGR of 23.8% during the forecast period. The segment is expected to benefit from the large-scale adoption of smartphones and apps supporting smart parking. These applications are enabling easy reservation of slots and mobile-enabled payments
• The market in Asia Pacific is anticipated to witness the highest CAGR of 21.4% over the forecast period. The increasing focus of governments across Asia Pacific on improving parking management and reducing traffic congestion and air pollution is expected to fuel the demand for smart parking systems in the region