The global market for smart parking systems is anticipated to develop at a CAGR of 22% during the forecast period of 2024 to 2032. The term "smart parking" refers to an intelligent parking system that provides assistance to drivers for the purpose of parking safely. With the use of integrated software and sensors, a sign or symbol will indicate whether or not there is room available in a parking slot. Due to the fact that the vehicle is being managed appropriately, the driver is given accurate notification of the available space. This technique utilizes a number of various types of sensors as hardware components in the parking spot in order to determine whether or not automobiles are there. A smart parking system supplies real-time data information regarding the availability of parking spaces in the surrounding area and enables drivers to fit their vehicles into such spaces without interfering with the movement of other vehicles.
Governments all over the world are looking forward to the development of smart cities because it will effectively improve the quality of life while also assisting authorities in saving resources. This is because growing environmental concerns, traffic congestion, and population are all contributing factors. As a result, it is anticipated that advantageous government policies in this sector will contribute greatly to the expansion of the market. For example, in April of 2021, the government of Australia stated that they would be providing funds in the amount of USD 50 million to cover the cost of implementing smart parking across the country.
In addition, this technology was developed specifically for the purpose of resolving the ongoing issue of parking that has a negative impact on the ecosystem. The technology incorporates components such as low-cost sensors, real-time data interference, and intelligent mobile applications that enable users to monitor available parking places and those that are not available.
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The provision of a facility to handle the parking of the vehicle appropriately through the utilization of smartphones and the development of infrastructure to support such mobility results in a reduction in the amount of time spent by the user in the process of determining whether or not a vacant parking slot is available. In addition, some solutions make it easier to utilize the services, such as making payments online, receiving reminders about the length of time left on parking meters, and even looking for vehicles in very large parking lots.
The need for the worldwide smart parking market is being driven by factors such as an increase in parking concerns around the world, a growth in demand for technology based on the Internet of Things (IoT), and a high adoption rate in the number of automobiles. The market expansion is hindered, however, by factors such as high staffing costs and configuration complexity, as well as a low rate of internet adoption in developing nations.
In addition, an increase in investments made toward the production of driverless vehicles and an increase in the number of initiatives undertaken by governments around the world to construct smart cities are anticipated to generate enormous prospects for the expansion of the market. The global market for smart parking is broken down into distinct submarkets based on factors such as product type, underlying technology, end user, and application.
Over the course of the projected period, it is anticipated that the consulting service industry would experience significant expansion. These services serve a variety of management needs, such as instruction on how to use a smart parking application or the personalization of a parking space in accordance with the requirements of the operator or user. These services also provide drivers and operators with parking that is simple and uncomplicated to use. In addition, the easy operation, maintenance, and customization of facilities based on the requirements of the customer are made possible by these services, along with the implementation of intelligent parking systems.
In 2023, the commercial sector held a dominant position in the market, with a revenue share that was greater than 40%. It is anticipated that the increased adoption of intelligent parking systems at public venues, such as shopping malls, sports complexes, corporate buildings, and theatres, amongst other public venues, will strengthen the growth of the commercial segment over the course of the forecast period. Additionally, a high level of convenience and choices for mobile payment provided by smart parking systems are anticipated to be two additional factors that will drive the expansion of the commercial sector.
In 2023, the market sector that was responsible for the largest revenue share was smart meters, with a percentage that was higher than 42%. The fast urbanization that is taking place all over the world has resulted in an increase in the demand for on-street parking spots in cities all over the world. As a result of this increased demand, parking meters are becoming an increasingly regular sight in cities all over the world.
In the year 2023, the ultrasonic sensor was the most popular sensor technology. The market for intelligent parking for passenger automobiles is expected to be dominated by ultrasonic sensors in the near future. In intelligent parking, the primary purpose of ultrasonic sensors is to provide the driver with help by detecting an appropriate parking space and short-range recognition of impediments in the parking range.
With a revenue share that was greater than 62% in 2023, the engineering service dominated the market for smart parking systems. It is possible that the rise in popularity of fully driverless and partially autonomous vehicles, particularly in developed countries, is to blame for the increase in this particular market segment.
In 2023, the segment that had the leading position in the market was the off-street segment, which contributed more than 72% of the revenue generated by the market overall. It is possible to trace the growth in popularity of off-street parking to the increasing number of enterprises that are making applications for the use of spaces for parking in single slots. This is because off-street parking offers more privacy than parking on the street.
In 2023, North America maintained the greatest revenue share, which was greater than 35 percent. Over the course of the period covered by this forecast, the regional market for intelligent parking systems is anticipated to expand as a result of the growing number of vehicles. The municipal authorities of the United States and Canada are making attempts to lessen the severity of traffic congestion, which has been getting worse as a direct result of the increasing demand for automobile ownership. Alongside the actions that are being taken by service providers, governments are also taking steps to boost the adoption of intelligent parking systems, which offer parking that is both safe and compliant with the law for commercial and private vehicles. In addition, the growing popularity of smart city programs is encouraging the installation of intelligent parking systems throughout the region.
Hardware and software products that are on the cutting edge of technological advancement are being marketed by key companies. Because of the increasingly diverse requirements of parking lot management, market participants in the smart parking industry are expanding their network to include businesses that specialize in parking lot management. This is happening as a direct result of the increasing diversity of parking lot management requirements. Amano McGann, Inc., Continental AG, Dongyang Menics Co., Ltd, IEM SA, IPS Group Inc., Klaus Multiparking Systems, Robert Bosch GmbH, Smart Parking Limited, Swarco AG, and Urbiotica are some of the key players that are profiled in the report on the smart parking market.
