According to the research report, the global smart parking systems market size & share was valued at USD 4.44 billion in 2020 and is expected to reach USD 16.06 Billion By 2028, to grow at a CAGR of 21.6% during the forecast period.

Smart parking systems are a strategy of parking that integrates human innovation and technology in an endeavor to use as few resources as possible as time, space, and fuel so that faster, denser, and easier vehicle parking is achieved most of the time they stay inactive. Smart parking and its parallel approach, intelligent transportation, are established on the basic ecological principle that the world is interconnected. In the movement of people and goods, parking and transportation are essential. The vision of intelligent transportation and smart parking, and intersecting technologies are amalgamating into one integrated stream.

Smart parking indicates searching for parking spaces and fabricating an accurate time parking map. To discover occupied or available areas, sensors can be implanted into the ground, and the cameras can be positioned on building exteriors, light poles, and so on. Image spotting converts pictures from fixed cameras into occupancy data in real-time. Sensors recognize the vehicle's presence in a specific spot.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)

Important Questions Being Answered by The Market Report

• What is the market size and growth?
• What is the aggregate market value of the smart parking systems market report?
• What is the impact of covid-19 on the smart parking systems market report?
• How is the sample report obtained?
• What are the new competitive developments in smart parking?
• Who are the potential customers?

Top Market Players Are:

• Altiux Innovations
• Amco S.A.
• BMW AG
• Cisco Systems Inc.
• CivicSmart Inc.
• Deteq Solutions
• gtechna
• INDECT Electronics
• Meter Feeder Inc.
• Mindteck
• Kapsch TrafficCom
• Municipal Parking Services
• Flowbird
• ParkHelp Technologies
• ParkJockey
• ParkMe Inc.
• Siemens AG
• Nedap N.V.
• SKIDATA AG
• Smart Parking
• Swarco AG
• Urbiotica S.L.

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Smart parking systems market: Growth leading factors

Looking for a vacant parking space during peak hours is extremely difficult in areas like hostels, hospitals, airports, shopping centers, exhibitions, convention centers, and universities. The development in the amount of population culminates in concerns linked with parking that is residential and commercial. This problem can be solved by using enhanced features alerting the available free space by live updates and SMS of reservation of space using smart parking technology. This technology contracts the mass of time spent by the user to discover the parking lot that is vacant and automates the procedure of probing the exceptional parking floor and spot. Thus, it creates a massive demand for the smart parking market.

Internet of Things is a system of interconnected computing devices linked to the internet to execute a particular task by interchanging the data with the need for the human-to-human or computer exchange. The application of IoT-dependent innovative parking systems assists manage better parking and decreases the driver's time. For example, in parking garages, the driver can even enumerate the number of parking slots obtainable at the entrance before entering the garage.

The covid-19 pandemic has caused quarantine and shelter orders at home to declining kin parking activities, resulting in closures and shutdown of parking facilities. Parking represents one of the largest revenue sources at the airports has been severely impacted due to travel restrictions and bans that are global.

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Smart parking systems parking market: Report Scope

Smart parking systems parking market: Key segmentation

• Insight by hardware, software, service, application, and region

By hardware, the smart meters segment holds the most significant revenue due to the world witnessing growing urbanization. There is a requirement for spaces for on-street parking across several cities globally, leading to extensive use of parking meters. By software, the parking guidance system segment consisted of the largest revenue share due to them assisting with slots that are vacant, offering parking guidelines, the number of available spaces, time scale of availability, and assistance in saving time. By service, the engineering service segment led the smart parking systems market due to the growing adoption of autonomous and semi-autonomous cars, particularly in developed countries. By application, the commercial segment dominated the market because of the increasing adoption of smart parking systems at sports complexes, shopping malls, public venues, corporate buildings, and theatres.

By region, North America emerged as the market with the largest revenue share. The US and Canadian civic authorities are trying to reduce traffic congestion, which has become an impediment to the increasing demand for vehicle ownership. The government is also being resourceful with the service providers to expand the acquisition of smart parking systems that offer legal and safe parking for private and commercial vehicles. In Europe, there is a growth in significant CAGR due to government initiatives assisting parking systems that are intelligent as a part of efforts to decrease pollution. Additionally, concerns related to deficient parking spaces are one of the primary drivers of the market growth in the region.

Browse the full “Smart Parking Systems Market Share, Size, Trends, Industry Analysis Report, By Hardware; By Software (Guidance System, Analytics Solution); By Service; By Application; By Region; Segment Forecast, 2021 - 2028” Report at https://www.polarismarketresearch.com/industry-analysis/smart-parking-systems-market

Key highlights of the report

• The study hands an over-analytical illustration of the global smart parking market inspection along with existing trends and estimation of the future to represent impending pockets of investment
• The comprehensive smart parking systems market opportunity is decided by comprehending profit-making trends to acquire a foothold that is stronger
• The report grants particulars connected to restraints, drivers, and opportunities of the global smart parking market with an impact analysis that is detailed
• The present smart parking market is quantitatively scrutinized in the forecast period to gauge the fiscal competency
• Porter’s five forces analysis exemplifies the potency of buyers and suppliers in the industry
• Understand consumer’s dependence on the most recent market research finding

The market primarily depends on the hardware, software, service, application, and region

Smart parking systems market: By hardware

• Pucks (wireless sensors
• Cameras and LPRs
• Smart Meter
• Signage
• Parking Gates

Smart parking systems market: By software

• Parking Guidance System
• Analytics Solution

Smart parking systems market: By service

• Consulting Service
• Engineering Service
• Mobile App Parking Service

Smart parking systems market: By application

• Commercial
• Government
• Transport Transit

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