Smart Parking Systems Market
The Smart Parking Systems Market was estimated at USD 4386 million in 2020 and is predicted to grow at a CAGR of 21.2% over the forecast period (2021-2028).
The factors driving the growth of Smart Parking Systems Market includes increasing number of smart cities around the world, rise in the traffic congestion and growing adoption of wireless and digital payment technologies. According to the report published by Statista, the total transformation through digital payments worldwide is projected to reach USD 8.49 trillion by the end of 2022, expanding at a CAGR of 12.31% over the forecast period (2022-2027), which will boost the Smart Parking Systems Market size in the approaching years. Moreover, the growing concerns about noise and air pollution, integration of advanced technologies such as Artificial Intelligence (AI) and Internet of Things (IoT) with the smart parking systems and increasing demand for passenger vehicles, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, growing popularity of autonomous cars, rapid urbanization and rising population growth are further propelling the market growth.
However, the growth of Smart Parking Systems Market is hindered due to high installation and maintenance costs of smart parking systems.
The leading players operating in the Smart Parking Systems Market incldues Cisco Systems, Inc., CivicSmart, Inc., Deteq Solutions, Altiux Innovations, Amano McGann, Inc., Amco S.A., Gtechna, BMW AG (ParkNow GmbH, Parkmobile LLC), INDECT Electronics & Distribution GmbH and Kapsch TrafficCom, among others.
Hardware – Segment Analysis
Based on Hardware, the Smart Meters segment is predicted to expand at a significant CAGR over the forecast period, The increasing installation of smart meters at on-street vacant spaces because the smart meters help the authorities to calculate the number of vehicles parked by using sensors sensors, which is the major factor responsible for the growth of the segment.
Software – Segment Analysis
Based on Software, the Analytics Solutions segment is projected to grow at a remarkable CAGR during the forecast period because the analytics software helps in collecting information about occupied and vacant spaces.
Regional – Segment Analysis
As per the Smart Parking System Market Report, the North America region is anticipated to capture a sizeable market share over the forecast period. The growing adoption of advanced parking solutions, rise in the digital transaction, high disposable incomes, increasing sales of electric vehicles and growing emphasis on road safety, are some of the important factors influencing the market growth in North America.
Global Smart Parking Systems Market by Hardware
Global Smart Parking Systems Market by Software
Global Smart Parking Systems Market by Application
Global Smart Parking Systems Market by Region
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