Smart Parking Systems Market (By Hardware: Pucks, Cameras & LPRs, Smart Meters, Signage; By Software; By Service; By Type; By Application) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2023-2032

The global smart parking systems market was surpassed at USD 6.50 billion in 2022 and is expected to hit around USD 48.11 billion by 2032, growing at a CAGR of 22.16% from 2023 to 2032.

Smart Parking Systems Market Size 2023 to 2032

Key Pointers

  • The smart meters segment held the major share of over 40.03% in 2022.
  • The cameras & License Plate Recognition (LPR) segment is anticipated to emerge as the fastest-growing segment at a CAGR of 23.32% during the forecast period.
  • The parking guidance systems segment accounted for a revenue share of over 75.11% in 2022.
  • The analytics solutions segment is poised to exhibit significant growth with a CAGR of 25.21% over the forecast period.
  • The engineering service segment acquired a share of over 60.09% in 2022.
  • The mobile app parking services segment is expected to witness significant growth, with a CAGR of 26.25% in the forecast period.
  • The commercial segment dominated in 2022 and accounted for a revenue share of over 42.08%.
  • The government segment is expected to witness significant a CAGR of 23.92% in the forecast period.
  • The off-street segment dominated the market in 2022 and accounted for a revenue share of over 70.14%.
  • The on-street segment is anticipated to register a CAGR of 21.07% in the forecast period.
  • North America held the major share of over 35.16% of the global smart parking systems market in 2022.
  • The Asia Pacific smart parking systems market is expected to expand at a significant CAGR of 25.48% in the forecast period.
Report Coverage Details
Market Size in 2022 USD 6.50 billion
Revenue Forecast by 2032 USD 48.11 billion
Growth rate from 2023 to 2032 CAGR of 22.16%
Base Year 2022
Forecast Period 2023 to 2032
Regions Covered North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Companies Covered 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; Parkeon; ParkHelp; ParkJockey; ParkMe Inc.; Robert Bosch GmbH; Siemens AG; SKIDATA AG; Smart Parking Ltd.; SpotHero, Inc.; Swarco AG; Urbiotica, S.L.

 

The market growth can be attributed to increasing government investment in smart city projects and initiatives to curb traffic congestion. Further, advancements in Internet of Things (IoT), and significant investment by market players in R&D for innovative product development are anticipated to drive industry growth remarkably through 2030. The COVID-19 pandemic has negatively influenced the market growth in 2020 owing to strict lockdowns by various governments to curb the virus transmission. However, from early 2021, the market witnessed high growth due to significant investment by several governments in infrastructure development activities and the transport sector to improve the economy of the country, creating robust market opportunities.

Smart parking systems assist city administrations in managing dispersed parking spaces efficiently and drivers in locating available parking spaces to mitigate traffic congestion. Further, the growing technological advancements have led to the integration of transport systems, geospatial systems, and parking data from wireless sensors. The use of technologies such as smart parking meters, License Plate Recognition (LPR) cameras, and parking guidance systems for parking has facilitated the ease of vehicle parking, thereby reducing the wastage of time and fuel. These factors, along with the rising vehicle sales globally, are expected to boost the growth of the smart parking system market.

The growing urban population is likely to lead to an increase in the number of challenges faced by cities, such as traffic congestion. However, the development of smart cities is expected to offer opportunities for governments to address these challenges effectively. The government of various countries such as India, the U.S., South Korea, China, Australia, Japan, Germany, and Brazil is launching smart city projects, creating a favorable smart parking system market outlook. For instance, in October 2022, an investment & construction company from Indonesia, PT PP (Persero) Tbk, collaborated with a smart industrial solution provider, LG CNS from South Korea, to plan the smart city project for Indonesia’s new capital Nusantara, supporting the industry trend.

The significant rise in automated parking solutions integrations combined with the advancements in wireless and digital payment technologies is expected to contribute to market growth. Technologies utilized to implement these systems include advanced sensors, data analytics, smart parking meters, and Machine-to-Machine (M2M) communication, along with mobile applications for slot reservations and online payments. These technologies are designed to determine whether a parking lot is empty or occupied and evaluate & transmit the information to mobile and web applications. These advancements in technologies are expected to fuel the smart parking systems market growth.

Smart Parking Systems Market Segmentations:

By Hardware By Software By Service By Type By Application

Pucks (Wireless Sensors)

Cameras & LPRs

Smart Meters

Signage

Parking Gates

Parking Guidance System

Analytics Solutions

Consulting Service

Engineering Service

Mobile App Parking Service

On-street

Off-street

Commercial

Government

Transport Transit

Frequently Asked Questions

The global smart parking systems market size was reached at USD 6.50 billion in 2022 and it is projected to hit around USD 48.11 billion by 2032.

The global smart parking systems market is growing at a compound annual growth rate (CAGR) of 22.16% from 2023 to 2032.

The North America region has accounted for the largest smart parking systems market share in 2022.

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis 

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Smart Parking Systems Market 

5.1. COVID-19 Landscape: Smart Parking Systems Industry Impact

5.2. COVID 19 - Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Smart Parking Systems Market, By Hardware

8.1. Smart Parking Systems Market, by Hardware, 2023-2032

8.1.1. Pucks (Wireless Sensors)

8.1.1.1. Market Revenue and Forecast (2020-2032)

8.1.2. Cameras & LPRs

8.1.2.1. Market Revenue and Forecast (2020-2032)

8.1.3. Smart Meters

8.1.3.1. Market Revenue and Forecast (2020-2032)

8.1.4. Signage

8.1.4.1. Market Revenue and Forecast (2020-2032)

8.1.5. Parking Gates

8.1.5.1. Market Revenue and Forecast (2020-2032)

Chapter 9. Global Smart Parking Systems Market, By Software

9.1. Smart Parking Systems Market, by Software, 2023-2032

9.1.1. Parking Guidance System

9.1.1.1. Market Revenue and Forecast (2020-2032)

9.1.2. Analytics Solutions

9.1.2.1. Market Revenue and Forecast (2020-2032)

Chapter 10. Global Smart Parking Systems Market, By Service 

10.1. Smart Parking Systems Market, by Service, 2023-2032

10.1.1. Consulting Service

10.1.1.1. Market Revenue and Forecast (2020-2032)

10.1.2. Engineering Service

10.1.2.1. Market Revenue and Forecast (2020-2032)

10.1.3. Mobile App Parking Service

10.1.3.1. Market Revenue and Forecast (2020-2032)

Chapter 11. Global Smart Parking Systems Market, By Type

11.1. Smart Parking Systems Market, by Type, 2023-2032

11.1.1. On-street

11.1.1.1. Market Revenue and Forecast (2020-2032)

11.1.2. Off-street

11.1.2.1. Market Revenue and Forecast (2020-2032)

Chapter 12. Global Smart Parking Systems Market, By Application

12.1. Smart Parking Systems Market, by Application, 2023-2032

12.1.1. Commercial

12.1.1.1. Market Revenue and Forecast (2020-2032)

12.1.2. Government

12.1.2.1. Market Revenue and Forecast (2020-2032)

12.1.3. Transport Transit

12.1.3.1. Market Revenue and Forecast (2020-2032)

Chapter 13. Global Smart Parking Systems Market, Regional Estimates and Trend Forecast

13.1. North America

13.1.1. Market Revenue and Forecast, by Hardware (2020-2032)

13.1.2. Market Revenue and Forecast, by Software (2020-2032)

13.1.3. Market Revenue and Forecast, by Service (2020-2032)

13.1.4. Market Revenue and Forecast, by Type (2020-2032)

13.1.5. Market Revenue and Forecast, by Application (2020-2032)

13.1.6. U.S.

13.1.6.1. Market Revenue and Forecast, by Hardware (2020-2032)

13.1.6.2. Market Revenue and Forecast, by Software (2020-2032)

13.1.6.3. Market Revenue and Forecast, by Service (2020-2032)

13.1.6.4. Market Revenue and Forecast, by Type (2020-2032)

13.1.7. Market Revenue and Forecast, by Application (2020-2032) 

13.1.8. Rest of North America

13.1.8.1. Market Revenue and Forecast, by Hardware (2020-2032)

13.1.8.2. Market Revenue and Forecast, by Software (2020-2032)

13.1.8.3. Market Revenue and Forecast, by Service (2020-2032)

13.1.8.4. Market Revenue and Forecast, by Type (2020-2032)

13.1.8.5. Market Revenue and Forecast, by Application (2020-2032)

13.2. Europe

13.2.1. Market Revenue and Forecast, by Hardware (2020-2032)

13.2.2. Market Revenue and Forecast, by Software (2020-2032)

13.2.3. Market Revenue and Forecast, by Service (2020-2032)

13.2.4. Market Revenue and Forecast, by Type (2020-2032) 

13.2.5. Market Revenue and Forecast, by Application (2020-2032) 

13.2.6. UK

13.2.6.1. Market Revenue and Forecast, by Hardware (2020-2032)

13.2.6.2. Market Revenue and Forecast, by Software (2020-2032)

13.2.6.3. Market Revenue and Forecast, by Service (2020-2032)

13.2.7. Market Revenue and Forecast, by Type (2020-2032) 

13.2.8. Market Revenue and Forecast, by Application (2020-2032) 

13.2.9. Germany

13.2.9.1. Market Revenue and Forecast, by Hardware (2020-2032)

13.2.9.2. Market Revenue and Forecast, by Software (2020-2032)

13.2.9.3. Market Revenue and Forecast, by Service (2020-2032)

13.2.10. Market Revenue and Forecast, by Type (2020-2032)

13.2.11. Market Revenue and Forecast, by Application (2020-2032)

13.2.12. France

13.2.12.1. Market Revenue and Forecast, by Hardware (2020-2032)

13.2.12.2. Market Revenue and Forecast, by Software (2020-2032)

13.2.12.3. Market Revenue and Forecast, by Service (2020-2032)

13.2.12.4. Market Revenue and Forecast, by Type (2020-2032)

13.2.13. Market Revenue and Forecast, by Application (2020-2032)

13.2.14. Rest of Europe

13.2.14.1. Market Revenue and Forecast, by Hardware (2020-2032)

13.2.14.2. Market Revenue and Forecast, by Software (2020-2032)

13.2.14.3. Market Revenue and Forecast, by Service (2020-2032)

13.2.14.4. Market Revenue and Forecast, by Type (2020-2032)

13.2.15. Market Revenue and Forecast, by Application (2020-2032)

13.3. APAC

13.3.1. Market Revenue and Forecast, by Hardware (2020-2032)

13.3.2. Market Revenue and Forecast, by Software (2020-2032)

13.3.3. Market Revenue and Forecast, by Service (2020-2032)

13.3.4. Market Revenue and Forecast, by Type (2020-2032)

13.3.5. Market Revenue and Forecast, by Application (2020-2032)

13.3.6. India

13.3.6.1. Market Revenue and Forecast, by Hardware (2020-2032)

13.3.6.2. Market Revenue and Forecast, by Software (2020-2032)

13.3.6.3. Market Revenue and Forecast, by Service (2020-2032)

13.3.6.4. Market Revenue and Forecast, by Type (2020-2032)

13.3.7. Market Revenue and Forecast, by Application (2020-2032)

13.3.8. China

13.3.8.1. Market Revenue and Forecast, by Hardware (2020-2032)

13.3.8.2. Market Revenue and Forecast, by Software (2020-2032)

13.3.8.3. Market Revenue and Forecast, by Service (2020-2032)

13.3.8.4. Market Revenue and Forecast, by Type (2020-2032)

13.3.9. Market Revenue and Forecast, by Application (2020-2032)

13.3.10. Japan

13.3.10.1. Market Revenue and Forecast, by Hardware (2020-2032)

13.3.10.2. Market Revenue and Forecast, by Software (2020-2032)

13.3.10.3. Market Revenue and Forecast, by Service (2020-2032)

13.3.10.4. Market Revenue and Forecast, by Type (2020-2032)

13.3.10.5. Market Revenue and Forecast, by Application (2020-2032)

13.3.11. Rest of APAC

13.3.11.1. Market Revenue and Forecast, by Hardware (2020-2032)

13.3.11.2. Market Revenue and Forecast, by Software (2020-2032)

13.3.11.3. Market Revenue and Forecast, by Service (2020-2032)

13.3.11.4. Market Revenue and Forecast, by Type (2020-2032)

13.3.11.5. Market Revenue and Forecast, by Application (2020-2032)

13.4. MEA

13.4.1. Market Revenue and Forecast, by Hardware (2020-2032)

13.4.2. Market Revenue and Forecast, by Software (2020-2032)

13.4.3. Market Revenue and Forecast, by Service (2020-2032)

13.4.4. Market Revenue and Forecast, by Type (2020-2032)

13.4.5. Market Revenue and Forecast, by Application (2020-2032)

13.4.6. GCC

13.4.6.1. Market Revenue and Forecast, by Hardware (2020-2032)

13.4.6.2. Market Revenue and Forecast, by Software (2020-2032)

13.4.6.3. Market Revenue and Forecast, by Service (2020-2032)

13.4.6.4. Market Revenue and Forecast, by Type (2020-2032)

13.4.7. Market Revenue and Forecast, by Application (2020-2032)

13.4.8. North Africa

13.4.8.1. Market Revenue and Forecast, by Hardware (2020-2032)

13.4.8.2. Market Revenue and Forecast, by Software (2020-2032)

13.4.8.3. Market Revenue and Forecast, by Service (2020-2032)

13.4.8.4. Market Revenue and Forecast, by Type (2020-2032)

13.4.9. Market Revenue and Forecast, by Application (2020-2032)

13.4.10. South Africa

13.4.10.1. Market Revenue and Forecast, by Hardware (2020-2032)

13.4.10.2. Market Revenue and Forecast, by Software (2020-2032)

13.4.10.3. Market Revenue and Forecast, by Service (2020-2032)

13.4.10.4. Market Revenue and Forecast, by Type (2020-2032)

13.4.10.5. Market Revenue and Forecast, by Application (2020-2032)

13.4.11. Rest of MEA

13.4.11.1. Market Revenue and Forecast, by Hardware (2020-2032)

13.4.11.2. Market Revenue and Forecast, by Software (2020-2032)

13.4.11.3. Market Revenue and Forecast, by Service (2020-2032)

13.4.11.4. Market Revenue and Forecast, by Type (2020-2032)

13.4.11.5. Market Revenue and Forecast, by Application (2020-2032)

13.5. Latin America

13.5.1. Market Revenue and Forecast, by Hardware (2020-2032)

13.5.2. Market Revenue and Forecast, by Software (2020-2032)

13.5.3. Market Revenue and Forecast, by Service (2020-2032)

13.5.4. Market Revenue and Forecast, by Type (2020-2032)

13.5.5. Market Revenue and Forecast, by Application (2020-2032)

13.5.6. Brazil

13.5.6.1. Market Revenue and Forecast, by Hardware (2020-2032)

13.5.6.2. Market Revenue and Forecast, by Software (2020-2032)

13.5.6.3. Market Revenue and Forecast, by Service (2020-2032)

13.5.6.4. Market Revenue and Forecast, by Type (2020-2032)

13.5.7. Market Revenue and Forecast, by Application (2020-2032)

13.5.8. Rest of LATAM

13.5.8.1. Market Revenue and Forecast, by Hardware (2020-2032)

13.5.8.2. Market Revenue and Forecast, by Software (2020-2032)

13.5.8.3. Market Revenue and Forecast, by Service (2020-2032)

13.5.8.4. Market Revenue and Forecast, by Type (2020-2032)

13.5.8.5. Market Revenue and Forecast, by Application (2020-2032)

Chapter 14. Company Profiles

14.1. Altiux Innovations

14.1.1. Company Overview

14.1.2. Product Offerings

14.1.3. Financial Performance

14.1.4. Recent Initiatives

14.2. Amano McGann, Inc.

14.2.1. Company Overview

14.2.2. Product Offerings

14.2.3. Financial Performance

14.2.4. Recent Initiatives

14.3. Amco S.A.

14.3.1. Company Overview

14.3.2. Product Offerings

14.3.3. Financial Performance

14.3.4. Recent Initiatives

14.4. BMW AG (ParkNow GmbH, Parkmobile LLC)

14.4.1. Company Overview

14.4.2. Product Offerings

14.4.3. Financial Performance

14.4.4. Recent Initiatives

14.5. Cisco Systems, Inc.

14.5.1. Company Overview

14.5.2. Product Offerings

14.5.3. Financial Performance

14.5.4. Recent Initiatives

14.6. CivicSmart, Inc.

14.6.1. Company Overview

14.6.2. Product Offerings

14.6.3. Financial Performance

14.6.4. Recent Initiatives

14.7. Deteq Solutions

14.7.1. Company Overview

14.7.2. Product Offerings

14.7.3. Financial Performance

14.7.4. Recent Initiatives

14.8. Flowbird

14.8.1. Company Overview

14.8.2. Product Offerings

14.8.3. Financial Performance

14.8.4. Recent Initiatives

14.9. gtechna

14.9.1. Company Overview

14.9.2. Product Offerings

14.9.3. Financial Performance

14.9.4. Recent Initiatives

14.10. INDECT Electronics & Distribution GmbH

14.10.1. Company Overview

14.10.2. Product Offerings

14.10.3. Financial Performance

14.10.4. Recent Initiatives

Chapter 15. Research Methodology

15.1. Primary Research

15.2. Secondary Research

15.3. Assumptions

Chapter 16. Appendix

16.1. About Us

16.2. Glossary of Terms

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