Smart Parking Market: Industry Analysis and Future Growth 2024–2031

Global smart parking market size was valued at USD 6.29 billion in 2023 and is projected to reach USD 24.21 billion by 2031, with a CAGR of 18.35% during the forecast period of 2024 to 2031.

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Smart Parking Market: Industry Analysis and Future Growth 2024–2031

The Smart Parking Market sector is undergoing rapid transformation, with significant growth and innovations expected by 2031. In-depth market research offers a thorough analysis of market size, share, and emerging trends, providing essential insights into its expansion potential. The report explores market segmentation and definitions, emphasizing key components and growth drivers. Through the use of SWOT and PESTEL analyses, it evaluates the sector’s strengths, weaknesses, opportunities, and threats, while considering political, economic, social, technological, environmental, and legal influences. Expert evaluations of competitor strategies and recent developments shed light on geographical trends and forecast the market’s future direction, creating a solid framework for strategic planning and investment decisions.

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Which are the top companies operating in the Smart Parking Market?

The report profiles noticeable organizations working in the water purifier showcase and the triumphant methodologies received by them. It likewise reveals insights about the share held by each organization and their contribution to the market's extension. This Global Smart Parking Market report provides the information of the Top Companies in Smart Parking Market in the market their business strategy, financial situation etc.

Robert Bosch GmbH (Germany), Continental AG (Germany), Valeo (France), AISIN SEIKI Co. Ltd. (Japan), Siemens (Germany), Cubic Corporation (U.S.), Amano Corporation (Japan), Kapsch TrafficCom AG (Austria), AppyWay (U.K.), Smart Parking (Australia), TKH Security B.V. (Netherlands), Nedap (Netherlands), Urbiotica (Spain), SWARCO (Austria), Klaus Multiparking (India), IPS Group Inc. (U.S.), IEM SA (Switzerland), DONGYANG PC. Inc. (South Korea), Altiux Innovations (India), ParkMobile LLC (U.S.), ParkMe, Inc. (U.S.)

Report Scope and Market Segmentation

Which are the driving factors of the Smart Parking Market?

The driving factors of the Smart Parking Market are multifaceted and crucial for its growth and development. Technological advancements play a significant role by enhancing product efficiency, reducing costs, and introducing innovative features that cater to evolving consumer demands. Rising consumer interest and demand for keyword-related products and services further fuel market expansion. Favorable economic conditions, including increased disposable incomes, enable higher consumer spending, which benefits the market. Supportive regulatory environments, with policies that provide incentives and subsidies, also encourage growth, while globalization opens new opportunities by expanding market reach and international trade.

Smart Parking Market - Competitive and Segmentation Analysis:

**Segments**

- **Technology**: The smart parking market can be segmented based on technology into IoT-enabled sensors, ultrasonic sensors, RFID, and others. IoT-enabled sensors are expected to have a significant growth rate due to their ability to provide real-time data on parking space availability.

- **Solution**: In terms of solutions, the market can be categorized into security and surveillance systems, valet parking management systems, parking reservation management systems, and others. The demand for security and surveillance systems is expected to increase as they enhance the overall safety and security of parking facilities.

- **Service**: Services provided in the smart parking market include professional services and managed services. Professional services such as consulting, system integration, and support and maintenance are crucial for the successful implementation of smart parking solutions.

**Market Players**

- **Siemens AG**: Siemens AG is a key player in the global smart parking market, offering a wide range of solutions that leverage advanced technologies for efficient parking management.

- **Robert Bosch GmbH**: Robert Bosch GmbH is another prominent player that provides smart parking solutions such as intelligent parking guidance systems and integrated parking management platforms.

- **Cubic Corporation**: Cubic Corporation specializes in smart parking systems that utilize real-time data analytics to optimize parking operations and enhance the overall customer experience.

- **Amano Corporation**: Amano Corporation is a leading provider of parking reservation management systems and automated parking solutions, catering to the growing demand for smart parking technologies.

- **Nedap N.V.**: Nedap N.V. is known for its innovative RFID-based parking solutions that streamline parking operations and enable seamless access control for vehicles.

The global smart parking market is witnessing significant growth, driven by technological advancements, increasing urbanization, and the need for efficient parking solutions in congested urban areas. By 2031, the market is expected to showcase remarkable progress in various segments such as technology, solutions, and services. Key market players like Siemens AG, Robert Bosch GmbH, CubicThe global smart parking market is currently experiencing robust growth, propelled by a confluence of factors such as technological innovation, urbanization trends, and the pressing need for more efficient parking solutions in densely populated urban areas. The market's segmentation into technology, solutions, and services allows for a comprehensive understanding of the dynamics driving its expansion.

The technology segment of the smart parking market is a key driver of growth, particularly with the rise of IoT-enabled sensors as a leading technology for real-time data collection on parking space availability. The deployment of IoT sensors enables parking operators and drivers to access accurate and up-to-date information on parking availability, leading to improved utilization of parking spaces and enhanced user experience. Additionally, the use of ultrasonic sensors, RFID technology, and other innovative solutions further contribute to the efficiency and effectiveness of smart parking systems, catering to the increasing demand for seamless parking experiences in urban environments.

Moving on to the solutions segment, the market offers a wide range of options to address various parking management needs. Security and surveillance systems play a crucial role in enhancing safety and security within parking facilities, thereby boosting their demand in the market. Valet parking management systems and parking reservation management systems also offer convenience and operational efficiency for both parking operators and users, further driving the adoption of smart parking solutions. As urban areas continue to grapple with parking space scarcity and congestion issues, the deployment of advanced solutions becomes imperative to optimize parking operations and improve overall urban mobility.

In terms of services, professional services such as consulting, system integration, and support and maintenance are vital for the successful implementation and operation of smart parking solutions. These services facilitate the seamless integration of technology into existing parking infrastructure, ensuring optimal performance and reliability. Managed services also play a crucial role in providing ongoing support and monitoring, ensuring the sustainability and efficiency of smart parking systems over time.

Market players such as Siemens AG, Robert Bosch GmbH, Cubic Corporation, Amano Corporation, and Nedap N.V. are at the forefront of driving innovation and shaping the**Market Players**

- **Siemens AG**
- **Robert Bosch GmbH**
- **Continental AG**
- **Valeo**
- **AISIN SEIKI Co. Ltd.**
- **Cubic Corporation**
- **Amano Corporation**
- **Kapsch TrafficCom AG**
- **AppyWay**
- **Smart Parking**
- **TKH Security B.V.**
- **Nedap**
- **Urbiotica**
- **SWARCO**
- **Klaus Multiparking**
- **IPS Group Inc.**
- **IEM SA**
- **DONGYANG PC. Inc.**
- **Altiux Innovations**
- **ParkMobile LLC**
- **ParkMe, Inc.**

The global smart parking market is currently witnessing a significant surge in demand, driven by the rapid urbanization and the increasing need for efficient parking solutions in congested urban areas. The market players mentioned above are instrumental in shaping the landscape of smart parking solutions and driving innovation within the industry. With their diverse range of offerings, these key players are catering to the ever-evolving needs of urban environments, where parking space scarcity and congestion are prevalent issues.

Key trends in the smart parking market include the growing adoption of IoT-enabled sensors for real-time data collection, the emphasis on security and surveillance systems to enhance safety within parking facilities, and the increasing demand for parking reservation management systems to streamline operations. These trends reflect a shift towards more technologically

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Key Benefits for Industry Participants and Stakeholders: –

Industry drivers, trends, restraints, and opportunities are covered in the study.
Neutral perspective on the Smart Parking Market scenario
Recent industry growth and new developments
Competitive landscape and strategies of key companies
The Historical, current, and estimated Smart Parking Market size in terms of value and size
In-depth, comprehensive analysis and forecasting of the Smart Parking Market

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historical data and forecast (2024-2031) of the following regions are covered in Chapters

The countries covered in the Smart Parking Market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, and Rest of the Middle East and Africa

Detailed TOC of Smart Parking Market Insights and Forecast to 2031

Part 01: Executive Summary

Part 02: Scope Of The Report

Part 03: Research Methodology

Part 04: Smart Parking Market Landscape

Part 05: Pipeline Analysis

Part 06: Smart Parking Market Sizing

Part 07: Five Forces Analysis

Part 08: Smart Parking Market Segmentation

Part 09: Customer Landscape

Part 10: Regional Landscape

Part 11: Decision Framework

Part 12: Drivers And Challenges

Part 13: Smart Parking Market Trends

Part 14: Vendor Landscape

Part 15: Vendor Analysis

Part 16: Appendix

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