Smart Parking Systems Market to Reach $36.63 Billion, by 2032 at 18% CAGR: Says The Brainy Insights
The global smart parking systems market size is anticipated to grow from USD 7 billion to USD 36.63 billion in 10 years. The market will experience rapid growth due to the increasing demand for smart parking systems in smart cities during the forecast period.
Newark, Oct. 23, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 7 billion in 2022 global smart parking systems market will reach USD 36.63 billion in 2032. A car or vehicle parking system is a mechanical device that increases parking space in a designated area. Cars are protected from the weather and theft by parking systems. They provide the user with a sense of protection. Modern equipment and technology are incorporated into smart parking systems to improve and prolong the useful life of conventional parking facilities. Smart parking systems enable long-term resource optimisation and money, time, and energy savings. Smart parking systems integrate sensors, cameras, alarm systems, and other devices to improve functionality. For example, by giving consumers information on parking availability, booking periods, and payment options, real-time parking spot availability detection aids in parking optimisation. Furthermore, this reduces traffic, which enhances efficient traffic flow and benefits the environment because less traffic results in lower carbon emissions. Appropriate parking dimensions and parking assistance enable the most efficient use of parking spaces. Smart parking solutions also enable real-time monitoring, which boosts safety and security.
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Report Coverage Details
|Market Size in 2022||USD 7 Billion|
|Market Size in 2032||USD 36.63 Billion|
|No. of Pages in Report||234|
|Segments Covered||Type, Application and Component|
|Drivers||The increasing demand for automobiles|
|Opportunities||The development of new technologies and applications|
|Restraints||The high installation costs|
Key Insight of the Global Smart Parking Systems Market
North America will dominate the market during the forecast period.
The firmly established traditional parking systems have made it simple to incorporate technology to increase productivity and transform them into intelligent parking systems. The demand for smart parking systems has increased due to the presence of big business complexes, restaurants, theatres, malls, workplaces, and private residential areas. The main factor driving these systems’ demand in the market is the safety and security they provide for cars. Public agencies are also using similar technologies in the cities to enhance urban traffic flow.
In 2022, the off-street segment dominated the market with the largest market share of 67% and market revenue of 4.69 billion.
The type segment is divided into on-street and off-street. In 2022, the off-street segment dominated the market with the largest market share of 67% and market revenue of 4.69 billion.
In 2022, the commercial segment dominated the market with the largest market share of 49% and revenue of 3.43 billion.
The application segment is divided into commercial, government and others. In 2022, the commercial segment dominated the market with the largest market share of 49% and revenue of 3.43 billion.
In 2022, the services segment dominated the market with the largest market share of 40% and market revenue of 2.80 billion.
The component segment is divided into hardware, software, and services. In 2022, the services segment dominated the market with the largest market share of 40% and market revenue of 2.80 billion.
Advancement in market
To support Park+’s integration of open source software requirements and other Google Cloud solutions, such as Cloud SQL, Google Kubernetes Engine, Anthos, and Global Load Balancer, Google Cloud and Gurgaon-based auto tech startup Park+ have teamed. Park+ is using the strength of open-source services on Google Cloud to create unique integrations, dashboards, and orchestration pipelines without worrying about maintenance because public cloud software is always changing. To provide its clients with a distinctive digital and conversational commerce experience, Park+ is creating solutions with next-generation ML and AI capabilities. Since the beginning of their business, Park+ has used Google products, such as Firebase, Google AdMob, Google Analytics, and now Google Cloud.
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Driver: the increasing prevalence of automobiles.
There is a growing global demand for autos due to rising disposable income levels among the population. But the amount of cars is overwhelming the current transportation and parking system. Insufficient parking facilities result in cars parked on the side of the road, which clogs traffic, increases carbon emissions, and costs consumers money, time, and gasoline. The increasing annoyance of the populace in cities due to the scarcity of parking spots indicates their developing problems. Metropolitan local bodies invest in cutting-edge and intelligent technologies to create smart parking spaces and maximise the use of currently available parking spots. Utilising cutting-edge technologies, they are rerouting traffic based on the availability of parking spaces to enhance traffic flow, lessen congestion, and cut carbon emissions. Adopting smart parking systems in urban clusters is consistent with promoting smart city projects. Therefore, the expansion of the worldwide smart parking systems market will be driven by an increasing number of car owners.
Restraints: The high cost of installation.
Smart parking systems combine human expertise and technology to enhance the functionality of traditional parking spots. Smart parking systems use a range of hardware, software, and services to create a working system. Using cameras, sensors, computers, communication equipment, smart parking metres, and signage costs money. Similar financial outlays are required for the creation of the software and upkeep of this hardware. Consequently, the market’s expansion would be hampered by the high installation costs.
Opportunities: The increasing automation of economies.
The automation of world economies has opened the door for the creation of new technology and applications, such as smartphone apps that provide real-time information on parking spot availability. It lets users select a parking space and make a convenient reservation by paying a small fee using one of the many accessible payment methods on these apps. Commercial users of smart parking systems will be able to minimise turnaround times, optimise parking spaces, and provide seamless services, safety, and security by utilising analytics. They can find weaknesses in their management and make improvements as a result. Additionally, it makes information sharing and communication easier. The local bodies also use smart technologies such as cameras, sensors, and mobile applications to enhance urban mobility. Thus, creating new applications and technologies will present profitable market expansion opportunities.
Challenges: The intricate integration procedure.
Real-time operations of smart parking systems necessitate a smooth and continuous information flow. The parking space’s other systems must be integrated with these systems. For example, mobile applications need to be integrated with security and surveillance systems to provide real-time services. It takes skilled specialists to complete these intricate integration processes that lead to interoperability. Inadequate IT infrastructure, logistics, and skilled workforce limit the market’s expansion. Consequently, the market’s expansion will be hampered by the intricate integration procedure.
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Some of the major players operating in the global smart parking systems market are:
• Aisin Corporation
• Amano McGann, Inc.
• Continental AG
• IEM SA
• IPS Group, Inc.
• Robert Bosch GmbH
• Smart Parking Ltd
• TKH Group
• Urbiotica SL
Key Segments covered in the market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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