Global $5.75 Bn Smart Parking Markets, 2020-2021 & 2022-2030
Dublin, Aug. 08, 2022 (GLOBE NEWSWIRE) -- The "Smart Parking Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.
The size of the global market for smart parking systems was evaluated at $5.75 billion in 2021, and it is anticipated to develop at a compound annual growth rate (CAGR) of 22% from 2022 to 2030.
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments is estimated for the forecast period of 2022 to 2030.
As a result of the epidemic caused by COVID-19, countries all around the world have evidenced lockdowns of varied degrees, and many governments have also adopted initiatives to boost economic recovery. Since the middle of March 2020, the demand for parking systems in the United States has decreased by 90%, as reported by SpotHero, Inc., a provider of intelligent parking solutions based in the United States. At the very least for a limited amount of time, it is anticipated that this drop will have a negative impact on the expansion of the market not only in the country but also all over the world.
It is anticipated that an increase in traffic congestion would also lead to an increase in demand for intelligent parking systems. These systems can assist city administrations in effectively managing dispersed parking spaces and in assisting drivers in locating available parking spaces.
The potential of these systems to give the necessary flexibility and scalability is also projected to fuel the growth, which is a further expected driver of the growth. Nevertheless, the primary factor that will act as a barrier to the expansion of the market over the course of the projection period is the low level of awareness regarding the advantages of smart parking.
It is anticipated that the increase in the deployment of integrated automated solutions, in conjunction with the developments in wireless and digital payment technologies, will contribute to the growth of the market. Machine-to-Machine (M2M) connectivity, data analytics, advanced sensors, smart parking metres, and mobile applications for slot bookings and online payments are some of the technologies that are utilised in the implementation of these systems.
These technologies are intended to assess whether a parking lot is vacant or occupied, evaluate the data, and transfer it to applications that run on mobile devices and the web. It is anticipated that these technological advances will propel the expansion of the market.
Product and Solution Innovation Remains as the Key Strategy
Companies such as Cisco Systems, Inc., Altiux Innovations, Siemens AG, SKIDATA AG., Robert Bosch GmbH, Amano McGann, Inc., BMW AG (ParkNow GmbH, Parkmobile LLC), and ParkMe, Inc. are some of the most prominent players in this market.
In order to maintain their position at the head of their industry, leading corporations are marketing cutting-edge hardware and software solutions. As a result of the increasingly diverse requirements of parking lot management, market participants in the smart parking industry are expanding their network with companies that specialize in parking lot management.
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Smart Parking market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2030.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Smart Parking market?
Which is the largest regional market for Smart Parking market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Smart Parking market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Smart Parking market worldwide?
Company Profiles
Cisco Systems Inc.
Altiux Innovations
Siemens AG
SKIDATA AG.
Robert Bosch GmbH
Amano McGann Inc.
BMW AG (ParkNow GmbH
Parkmobile LLC)
ParkMe Inc.
Market Segmentation
By Hardware Outlook (2020-2030; US$ Million)
Pucks (Wireless Sensors)
Cameras & LPRs
Smart Meters
Signage
Parking Gates
Electronic Control Unit (ECU)
Display Unit
Entry/Exit Terminals
Card Readers
Validation Solution
Pay-on-Foot Solution
LPR System
Others
By Sensor Technology (2020-2030; US$ Million)
Ultrasonic Sensor
Radar Sensor
Image Sensor
By Software Outlook (2020-2030; US$ Million)
Parking Guidance System
By Service Outlook (2020-2030; US$ Million)
Consulting Service
Engineering Service
Mobile App Parking Service
By Application (2020-2030; US$ Million)
Security and Surveillance
Parking Reservation Management
Valet Parking Management
License Plate Recognition
By Solutions (2020-2030; US$ Million)
Smart Parking Access Control Solutions
Smart Parking Fee & Revenue Collection Solutions
Smart Parking Reservation Management Solutions
Smart Valet Parking Management Solutions
Smart Parking Guidance and Slot Management Solutions
Other Smart Parking Solutions (Parking Enforcement Management)
By Type Outlook (2020-2030; US$ Million)
On-street
Off-street
Garage Parking
Lot Parking
By End User (2020-2030; US$ Million)
Commercial
Government
Airports
Corporate & Commercial Parks
Healthcare
Other End Uses (Tourist Destinations and Hospitality Sector)
Region Segment (2020-2030; US$ Million)
North America
U.S.
Canada
Europe and UK
UK
Germany
Spain
Italy
France
RoE
Asia Pacific
China
Japan
India
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLATAM
Africa
GCC
Africa
RoME
Global Impact of Covid-19 Segment (2020-2021; US$ Million )
Pre Covid-19 situation
Post Covid-19 situation
For more information about this report visit https://www.researchandmarkets.com/r/t2lptt
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