Smart Parking Market to Reach US$ 28.8 Bn 2029
Notable rise in on-road and off-street vehicles, which, in turn, is contributing to traffic congestion, has been the prime factor boosting the need for smart parking solutions. Governments in several countries are launching various smart city projects under which efficient traffic management systems is among the key objectives. With subsequent technological advancements resulting in cost reduction of components, and straightforward setup, the global smart parking market is set to attain a valuation of US$ 5.6 Bn in 2019, with this value expanding six-fold by 2029.
Frequently Asked Questions about Smart Parking Market
Which are the major driving factors for the smart parking market?
Limited parking spaces resulting in traffic congestion and growing smart city initiatives are projected to drive the growth of the smart parking market.
What are the major challenges for the smart parking market?
Limited parking spaces in highly populated cities and increasing security and privacy issues in the automotive industry are restricting the growth of the global smart parking market.
Which regions are expected to dominate the global smart parking market?
North America and Western Europe are dominating the global smart parking market. These regions are expected to further strengthen their dominance over the forecast period, owing to increasing smart parking initiatives in the U.S. and Europe and emergence of driverless cars.
What are the rising trends in the smart parking market?
The rising trend of autonomous vehicles and emergence of fully-automated parking systems (APS) across the world are expected to have significant impact on the smart parking market in the coming years.
Who are the major players in the smart parking market?
The smart parking market comprises large as well as mid-sized vendors such as Siemens, Huawei Technologies Co., Ltd., Delphi Technologies, Intercomp S.p.A., Comarch SA, Matrix Comsec, Urbiotica, Cisco Systems, Nwave, BioEnable, Trafiksol, Amano McGann, Amco Advanced Technologies, CivicSmart, Inc., gtechna, Conduent, Inc., Kapsch TrafficCom, and other key players.
Which application areas are expected to offer lucrative growth opportunities in the coming years?
The commercial segment is expected to hold significant market share during the forecast period. The corporate segment is expected to witness notable sales in the coming years, owing to the growing demand for efficient vehicle parking management solutions and parking spaces within corporate premises.
Hardware Components Hold Nearly 3/5 Share
By capturing a higher share against software and services, hardware components are likely to be the key contributor to the revenue of the smart parking market. In 2019, the adoption of hardware components hit the US$ 3 Bn mark. While smart cameras and sensors would be the preferred hardware components, parking meters are observing faster adoption compared to other equipment. Software components such as parking management platforms and SDK/API also account for a quarter of the total market share. However, there are strong chances that services such as integration & support services and device management services would see a quantum leap, and will outpace software in terms of revenue, towards the end of forecast period.
North America in Vanguard; APEJ to Reflect Lucrative Growth Avenues
Capturing a collective share of around 60%, the smart parking markets in North America and Western Europe continue to attract huge investments from stakeholders. The growth of these developed regional markets is attributable to rising prominence of autonomous vehicles and strong presence of technology pioneers. Considering an upsurge in infrastructural development and increasing private vehicle ownership, especially in China and India, leading players are viewing Asia Pacific (excluding Japan) from a target market perspective. Further, the smart parking market in APEJ is anticipated to register a growth rate of around 24% throughout the forecast period.
* This data is only a representation. Actual data may vary and will be available in report.
IoT-based Smart Parking Systems Offering Impetus to Market Growth
As various industries across the world are undergoing digital transformation, connected technologies such as Internet of Things (IoT) are capturing the headlines. Integrating IoT in smart parking systems enhances the coverage radar, and ensures cost-effectiveness with low-cost connected sensors. Based on low-power wide-area network (LPWAN), IoT-based smart parking systems can be connected via mobile apps to facilitate users and parking space owners with efficient parking solutions. With innovations in connected technologies on the brink, these smart parking systems are expected to come with better security and scalability.
Hardware accounts for higher market share
Services to see accelerating demand
High adoption of guided park assist systems
Use of smart park assist systems to gain momentum
Ultrasonic sensors remain in-demand
Adoption of RFID to grow robustly
Commercial sector remains top application area
Increasing application in corporate sector
How Growth will Unfold
The commercial sector will remain the conventional application area of smart parking solutions, accounting for a significant slice of market revenue. During the latter half of the period of projection, the use of smart parking solutions in the commercial domain would reap revenue worth over US$ 10 Bn. The government and corporate sectors are also exhibiting high growth potential, with adoption in the latter increasing at an excellent CAGR of 22%.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Smart Parking Market Analysis 2019-2029
A recent market study published by Future Market Insights (FMI) on the smart parking market includes a global industry analysis for 2014-2018 and an opportunity assessment for 2019-2029, and delivers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historical as well as current growth parameters of this market, growth prospects of the market are obtained with maximum precision.
Smart Parking Market Taxonomy
The global smart parking market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
- Parking Meters
- Digital Guidance Signage
- Parking Management Platforms
- Integration & Support Services
- Device Management Services
- Guided Park Assist Systems
- Smart Park Assist Systems
- Ultrasonic Sensors
- Image Sensors
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Middle East & Africa
The report initiates with the executive summary of the smart parking market, which includes a summary of key findings and statistics of the market. It also includes the demand and supply-side trends pertaining to this market.
Readers can find the definition and a detailed taxonomy of the smart parking market in this chapter, which will help them understand the basic information about the market. Along with this, comprehensive information pertaining to smart parking and their properties are provided in this section. This section also highlights the inclusions and exclusions, which help the reader understand the scope of the smart parking market report.
This section explains the global market value analysis and forecast for the smart parking market during the forecast period of 2019-2029. This chapter includes a detailed analysis of the historical smart parking market, along with an opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2019), and an incremental $ opportunity for the forecast period (2019–2029). Along with this, the pricing analysis of the market at the regional level has been provided in this section.
This chapter explains key macroeconomic factors that are expected to influence the growth of the smart parking market over the forecast period. Along with the macroeconomic factors, this section also highlights the forecast factors and value chain analysis of the smart parking market. Moreover, in-depth information about the market dynamics and their impact analysis on the market have been provided in the successive section.
Based on component, the smart parking market is segmented into hardware, software and services. The hardware segment is further segmented as sensors, cameras, parking meters, digital guidance signage, and others. Furthermore, the software segment is segmented on the basis of parking management platform and SDK/API. Also, the service segment is segmented on the basis of consulting, integration & support service, and device management services. In this chapter, readers can find information about key trends and developments in the smart parking market and market attractiveness analysis based on component.
Based on system type, the smart parking market is segmented as guided park assist systems and smart park assist systems. In this chapter, readers can find information about key trends in the smart parking market and market attractiveness analysis based on system type.
Based on sensor technology, the smart parking market is segmented as ultrasonic sensors, RFID sensors, image sensors, and others. In this chapter, readers can find information about key trends in the smart parking market and market attractiveness analysis based on sensor technology.
Based on application area, the smart parking market is segmented as commercial, government, and corporate. In this chapter, readers can find information about key trends in the smart parking market and market attractiveness analysis based on application area.
This chapter explains how the smart parking market will grow across various geographic regions such as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East & Africa
This chapter offers a detailed analysis of the growth of the North America smart parking market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find regional trends and market growth based on component, system type, sensor technology, application area, and countries in North America.
This chapter provides growth scenario of the smart parking market in Latin American countries such as Brazil, Mexico, and the rest of Latin America. Along with this, assessment of the market across target segments has been provided.
Important growth prospects of the smart parking market based on its end users in several countries, such as Germany, the UK, France, Spain, Italy, BENELUX, and the rest of Europe, are included in this chapter.
This chapter provides the growth scenario of the smart parking market in Eastern Europe countries such as Russia, Poland, and rest of Eastern Europe.
This chapter highlights the growth of the smart parking market in APEJ by focusing on China, India, ASEAN, Australia & New Zealand, and the rest of APEJ. This section also help readers understand key factors that are responsible for the growth of the smart parking market in APEJ.
This section also help readers understand key factors that are responsible for the growth of the smart parking market in Japan.
This chapter provides information about how the smart parking market will grow in major countries in the MEA region, such as GCC Countries, Turkey, Northern Africa, South Africa, and rest of MEA, during the forecast period of 2019-2029.
In this chapter, readers can find detailed information about the tier analysis and market concentration of key players in the smart parking market, along with their market presence analysis by region and product portfolio.
In this section, readers can find a comprehensive list of all the prominent stakeholders in the smart parking market, along with the detailed information about each company, which include the company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are Siemens, Huawei Technologies Co., Ltd., Delphi Technologies, Intercomp S.p.A., Comarch SA, Matrix Comsec, Urbiotica, Cisco Systems, Nwave, BioEnable, Trafiksol, Amano McGann, Amco Advanced Technologies, CivicSmart, Inc., gtechna, Conduent, Inc., Kapsch TrafficCom, and other key players.
This chapter includes a list of acronyms and assumptions that provides a base to the information and statistics included in the smart parking market report.
This chapter help readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the smart parking market.
How the research was conducted?
- C - Level Executives
- Marketing Directors
- Sales Heads
- Sales Executives
- Technical Advisor
- Smart Parking Solution Providers
- Integration service Providers
- Industry Experts
- End Users
- Current Market Dynamics and Challenges
- Market Characteristics
- Market Performance and Growth Quadrants
- Competition Structure and Market Structure
- Strategic Growth Initiatives
- Near-term and Long-Term Market Growth Prospects
- Market Segment Splits and Authenticity
- Opinions on Market Projections and Validity of Assumptions
- Company’s white papers
- Annual Reports and Investor Presentations
- Research Papers
- Company Press Release
- Government Websites and Publications
Primary Interview Splits