Smart Parking Market to Reach US$ 11.59 Billion by 2024 | CAGR 13.4% – IMARCGroup

Smart Parking Market to Reach US$ 11.59 Billion by 2024 | CAGR 13.4% - IMARCGroup

Global Smart Parking Market to Reach US$ 11.59 Billion by 2024, Impelled by Growing Number of Vehicles – IMARCGroup
The global smart parking market is driven by advancements in technology and favorable measures initiated by various governments to design intelligent parking systems.

According to the latest report by IMARC Group, titled “Smart Parking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 4.93 Billion in 2018. Smart parking refers to a parking strategy that integrates technology and human innovation to use fewer resources, such as fuel, time and space, to achieve faster, more comfortable and denser parking of vehicles. This system manages the difficulty of parking using real-time data collection for improving parking space utilization, alleviating traffic congestion, reducing management costs, integrating payments and POS, and enhancing user experience. With a rise in the number of vehicles on the road, there is an emerging need for parking space, especially in urban dwellings. Owing to this, smart parking solutions (SPS) are gaining immense popularity around the world.

Report Overview:

Global Smart Parking Market Trends:

Over time, digitalization has led to the development of intelligent parking solutions that make use of smart sensors, software and real-time data to eliminate unnecessary traffic and ensure optimum utilization of urban parking facilities. With the ever-growing traffic congestion and scarcity of available urban space, consumers have started opting for these solutions. These systems also help in saving time, reducing the impact of traffic on the environment by minimizing carbon emissions and improving the quality of life. Also, the government bodies of various nations have adopted several measures to address the rising environmental concerns. Recently, the European Commission has started focusing on smart city initiatives that allow for more research to take place regarding intelligent parking. This has further prompted the leading organizations to design and develop a smart parking system using the latest technologies based on wireless sensor networks (WSN). For instance, Siemens AG, a German multinational conglomerate company headquartered in Munich, has developed a sensor-controller parking management system that helps in optimizing the use of urban parking facilities and substantially reducing the congestion caused by motorists searching for space. Other factors contributing significantly to the market growth include rapid urbanization, rising disposable income, and the growing trend of smart homes and cities across the globe. Looking forward, the market value is projected to reach US$ 11.59 Billion by 2024, expanding at a CAGR of 13.4% during 2019-2024.

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Market Summary:

  • Based on the system, the market has been segmented into guided and smart park assist systems.
  • On the basis of the technology, ultrasonic sensors represent the largest segment, holding the majority of the global market share. Other segments include radar sensors, IoT, image sensors, and others.
  • The market has been categorized based on the component into hardware, software and services. Hardware is currently the most popular component used in smart parking systems.
  • On the basis of the solution, the report finds that security and surveillance hold the largest market share. Some of the other solutions are valet and parking reservation and license plate recognition.
  • The market has been segregated based on the vertical type into government and municipalities, commercial institutions, corporate institutions, transport facilities and others. At present, commercial institutions represent the leading segment in the market.
  • On the basis of the parking-site, the market has been segmented into off-street and on-street. The off-street parking site current holds the highest share in the market.
  • Region-wise, the market has been segmented into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Amongst these, North America exhibits a clear dominance in the global market.
  • The competitive landscape of the market has also been examined with some of the key players being Valeo S.A., Continental AG, Robert Bosch GmbH, Kapsch TrafficCom AG, Cubic Corporation, TKH Group-Park Assist., Streetline, Inc., Cisco Systems, Inc., ParkMe, Inc.,      Urbiotica, Skidata AG, Amano McGann, Inc., Swarco AG, Smart Parking Limited, Nedap N.V., Delphi Automotive PLC, Aisin Seiki Co., Ltd, Siemens AG and Xerox Corporation.

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