Farmington, Jan. 10, 2023 (GLOBE NEWSWIRE) -- The Global Smart Parking Market Size Was Valued At USD 5.75 Billion In And Is Expected To Expand at a CAGR Of 21.2% From 2023 To 2030. The market is driven by things like a lack of parking spaces, an increase in accidents caused by cars backing out of parking spots, and a rise in consumer demand for luxury cars and safety systems in passenger cars.

Integration of multiple information and communication technology systems, such as LCD displays, sensors (image, ultrasound, and radar), electronic controls, etc., is what the smart parking market is all about. It also includes software platforms, like smartphone apps and vehicle navigation systems that work with hardware platforms, like the sensors and electronics inside a vehicle, to help drivers find empty parking spaces. This is called "infrastructure outside the vehicle as a parking solution."

Request Sample Copy of Report “Smart Parking Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030”, published by Contrive Datum Insights.

Recent Developments:

Segmentation Analysis:

Hardware, Software, and Services are the three main parts of the global smart parking market. Hardware components are things like sensors, cameras, parking metres, digital direction signs, and other things. Parking Management Platforms, Software Development Kits, and Application Programming Interfaces are all examples of software components. Consulting, Integration and Support, and Device Management Services are all part of the services. The majority of the market is made up of hardware like cameras. But over the next few years, software management services are likely to become more popular because they help keep security and surveillance systems, as well as parking systems, in malls and other commercial buildings in good shape.

IoT, Ultrasonic, and RFIDs are the three main types of technology in the global smart parking market. Ultrasonic Technology is likely to have a big market share in the coming years. In addition to helping the driver find a good parking spot, it can also find obstacles in the parking lot from a short distance away. IoT is expected to have the biggest market share over the next few years because it has so many uses in smart parking systems, such as sponsored metre time extensions, citywide parking space utilisation, etc.

The global smart parking market can be divided into two types: off-street and on-street. During the forecast period, the Off-Street segment is expected to have a large share because it is being used more and more in places like malls and corporate offices. It could be a few years before they are used on the street all over the world.

Based on how they are used, the global smart parking market is divided into Security & Surveillance, Smart Payment System, E parking, and License Plate Recognition. Finding a place to park a car is the most important thing for a car owner, so E-Parking is likely to have a big market share.

Based on the end user, the global smart parking market is split into two groups: commercial and government. The commercial segment is expected to have a big market share now and in the future because many corporate buildings and shopping malls use this kind of parking system. The governments of different developing economies are still a few years away from putting in place a smart parking system because their priorities for development are different.

Regional Outlook:

In 2021, North America brought in the most money, more than 35%. During the forecast period, the market for smart parking systems in the region is expected to grow because there will be more cars. Cities in the U.S. and Canada are trying to reduce traffic congestion, which is getting worse because more people want to own cars. Governments are also working with service providers to get more people to use smart parking systems that let commercial and personal vehicles park in a safe and legal way. Smart parking systems are also being put in place in the region because smart city projects are becoming more popular.

During the forecast period, the European region is expected to grow at a high CAGR. This is because governments are supporting smart parking systems as a way to reduce pollution. One of the main reasons for market growth in the region is also worries about not having enough parking spaces. For example, the International Road Transport Union (IRTU) took part in a study funded by the EU that found that Europe has a lot of trouble with not having enough safe and secure parking spaces.

Buy this Premium Research Report@
https://www.contrivedatuminsights.com/buy/5401?Mode=PM 

Scope of Report:

Report AttributesDetails
Growth RateCAGR of 21.2% from 2023 to 2030.
Revenue Forecast by 2022USD 5.75 Billion
By TypeOn- Street, Off-Street, Others
By ComponentHardware, Software, Services, Others
By ApplicationCommercial, Residential, Government, Other
By TechnologyIoT, Ultrasonic, RFID, Other
By End UserCommercial, Government, Other
By Companies 3M, Cubic Corporation, Thales, Kapsch TrafficCom AG, Urbiotica, Swarco AG, Smart Parking Limited, Robert Bosch GmbH, Klaus Multiparking Systems, IPS Group Inc., Amano McGann, Inc., Continental AG
Regions and Countries Covered
  • North America: (US, Canada, Mexico, Rest of North America)
  • Europe(Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
  • Asia-Pacific (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
  • The Middle East & Africa(Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
  • Latin America(Brazil, Argentina, Rest of Latin America)
  • Rest Of the World
Base Year 2022
Historical Year 2017 to 2022
Forecast Year 2023 to 2030

Market Driver:

Market Opportunities:

Key Segments Covered:

Top Market Players:
3M, Cubic Corporation, Thales, Kapsch TrafficCom AG, Urbiotica, Swarco AG, Smart Parking Limited, Robert Bosch GmbH, Klaus Multiparking Systems, IPS Group Inc., Amano McGann, Inc., Continental AG, and others.

By Component:

By Technology:

By Type:

By Application:

By End User:

Regions and Countries Covered

Check out more related studies published by Contrive Datum Insights:

Customization of the Report: The report can be customized as per client needs or requirements.For any queries, you can contact us on anna@contrivedatuminsights.com or +1 215-297-4078. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.

About Us:
Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials at various sectors such as investment, information technology, telecommunication, consumer technology, and manufacturing markets. CDI assists investment communities, business executives, and IT professionals to undertake statistics-based accurate decisions on technology purchases and advance strong growth tactics to sustain market competitiveness. Comprising of a team size of more than 100 analysts and cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and country-level expertise.

Social: Facebook / LinkedIn / Twitter

Contact Us:
Anna B. | Head Of Sales
Contrive Datum Insights
Phone: +91 9834816757 | +1 2152974078
Email: anna@contrivedatuminsights.com