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Smart Parking Market worth USD 19.25 billion by 2028, registering a CAGR of 20.77% - Report by Market Research Future (MRFR)

New York, Aug. 24, 2021 (GLOBE NEWSWIRE) -- Smart Parking Market Overview: According to a comprehensive research report by Market Research Future (MRFR), Smart Parking Market Research Report, Parking Site, Technology and Region - Forecast till 2028” the market worth USD 19.25 billion by 2028, registering a CAGR of 20.77% during the forecast period (2021 - 2028), The market was valued at USD 6.81 billion in 2020.

List of the Key Companies Profiled in the Smart Parking Market Research Report are:

  • Altiux Innovations
  • Amano McGann, Inc.
  • Amco S.A.
  • BMW AG (ParkNow GmbH, Parkmobile LLC)
  • Cisco Systems, Inc.
  • CivicSmart, Inc.
  • Deteq Solutions
  • Flowbird
  • gtechna
  • INDECT Electronics & Distribution GmbH
  • Kapsch TrafficCom
  • Libelium Comunicaciones Distribuidas S.L.
  • Meter Feeder, Inc.
  • Mindteck
  • Municipal Parking Services, Inc.
  • Nedap N.V.
  • Park Assist
  • ParkHelp Technologies
  • ParkJockey
  • ParkMe Inc.
  • Robert Bosch GmbH
  • Siemens AG
  • Smart Parking Ltd.
  • SpotHero, Inc.
  • Swarco AG
  • Urbiotica, S.L.

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Multiple Factors to Augment Market Growth

The majority of developed countries, as well as those in development, are having difficulty parking their vehicles. One of the most effective ways to fight this issue is to install an intelligent parking system. Government planning policies have planned for a massive expansion of the smart parking market size. The number of additional parking spots has increased, and multi-story car parking has been installed in several locations. Intelligent parking systems have seen technical breakthroughs in the previous few years, resulting in more efficient and precise parking. The user experience has also improved dramatically. The introduction of self-driving cars, as well as increased expenditures in related technology, have had a substantial impact on the value of the smart parking industry. The emergence of mobile applications to search for parking spaces, as well as photos and other information, has further aided its expansion.

There have been several regulatory implications for the smart parking market revenue, not only at the local and regional levels but also at the national level. In practically every corner of the world, more cars and vehicles are being registered. In other words, different standards are imposed by foreign nations. While most of the world's regions are progressing and more vehicles are being added on a regular basis, managing car parking is becoming more difficult. This is where smart parking plays a significant role. These bring with them the use of cutting-edge technologies and the assurance of safe and convenient vehicle parking. While governments have attempted to minimize traffic congestion, particularly in densely populated areas, smart parking has proven to be a game-changer.

Browse In-depth Market Research Report (185 pages) on Smart Parking

Competitive Landscape

Amano McCann Inc., IPS Group Inc., Smart parking limited, which is based in Australia, IEM SA, which is based in Switzerland, Klaus multi parking system, which is located in Germany, Mindteck, which is an Indian company, and Park layer, which is also based in India, are the major companies that dominate the worldwide smart parking market revenue.

All of these significant competitors have developed strategic planning and implementation systems that have propelled them to their current position. Not only for themselves, but they have made significant contributions to the smart parking market. Moreover, to keep ahead of the competition, leading organizations offer innovative solutions and hardware equipment. Smart parking market participants are strengthening their collaborations with parking lot management organizations in response to the increasingly diverse needs of parking lot management.

Industry News

In February 2020, Amco S.A. was granted a contract for an automated fare collection system by the Memphis Area Transit Authority (MATA) in the United States.

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COVID-19 Impact on the Global Market

The COVID-19 pandemic has resulted in quarantine and shelter-at-home orders, reducing parking activity and resulting in parking facility shutdowns and closures across the country. Airports, where parking is one of the most important revenue generators, are currently significantly affected as a result of global travel restrictions and bans. Countless airports have paused building or maintenance projects or have issued stop-work orders due to reduced funds. Several airports have also relocated employee parking closer to buildings in order to lessen shuttle commutes to the actual place of work on campus. Universities, schools, and businesses have switched to a virtual learning and working environment.

Market Segmentation

The global smart parking industry has been segmented into parking site and technology. 

By parking site, the global smart parking market has been segmented into on-street and off-street.

By technology, the global smart parking market has been segmented into SmartApp, in-ground vehicle detection sensor, RFID, ultrasonic, and others.

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Regional Analysis

North America to Dominate the Global Market

Since the largest solution providers are situated in the United States, the region that controls the smart parking Market Share is North America. For some time now, it has been focusing on the navigation of the lot parking from quotes. Spot parking allows vehicles to find a parking space for themselves, even in congested areas. In North America, there are currently 800 million parking spaces. 

APAC to Witness the Fastest Growth Rate

Due to the development of vehicle manufacturing in developing nations such as India and China, the Asia Pacific region is expected to have the biggest and fastest smart parking market growth.

Segmentation of Market covered in the research:

Smart Parking Market Information Report by Parking Site (On-Street and Off-Street), Technology (SmartApp, In-Ground Vehicle Detection Sensor, RFID, Ultrasonic, and Others), and region - Forecast till 2028

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