Market Insights and Analysis: Global Smart Parking Market Overview and Projections (2024-2030)
The Global Smart Parking Market size was valued at USD 6.28 billion in 2023 and is projected to reach USD 24.03 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 18.4% during the forecast period, i.e., 2024-30. The market growth imputes to the expansion of the middle-class population in emerging countries, and urban migration leading to soaring vehicle sales worldwide.
Top leading companies in the Global Smart Parking Market includes:
Robert Bosch GmbH, Valeo S.A., Continental AG, Siemens AG, Amano Corporation, Park Assist, Nedap Identification Systems, AppyWay, Parkeagle B.V, Urbiotica, Swarco, Altiux, IPS Group, IEM S.A, Inrix, Others.
Global Smart Parking Market Challenge:
High Implementation Costs & Complexities Associated with Configuration – The substantial capital investment required to build a smart parking infrastructure or space poses a significant challenge to the overall market growth. The initial setup of smart parking infrastructure requires the integration of advanced sensors, IoT devices, communication networks, software, etc., which causes a significant financial burden on the end users. The technologies involved in smart parking solutions are often expensive to procure & install, which requires substantial budgets to operate an entire smart parking facility. Moreover, the retrofitting of existing parking spaces with new technology, sensors, transponders, software, etc., requires additional modifications, which further surge the costs of smart parking.
Additionally, the integration of various technologies, wiring, IoT devices, etc., in the parking systems adds a layer of complexity in calibration and configuration. This complexity creates the demand for skilled professionals and experts to optimize and operate the entire system, which increases the overall expense of smart parking infrastructure. Thus, these issues with technology and interoperability of advanced solutions and components make end users skeptical about their adoption, thus impeding the proliferation of smart parking solutions.
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Report Segmentation:
The market is categorized into the following segments in the report:
By Component
-Hardware– Market Size & Analysis, 2019-2030F, USD Million
-Pucks– Market Size & Analysis, 2019-2030F, USD Million
-Cameras & LPRs– Market Size & Analysis, 2019-2030F, USD Million
-Smart Meters– Market Size & Analysis, 2019-2030F, USD Million
-Others (Signage, Parking Gates, etc.) – Market Size & Analysis, 2019-2030F, USD Million
Software– Market Size & Analysis, 2019-2030F, USD Million
-Parking Guidance System– Market Size & Analysis, 2019-2030F, USD Million
-Security & Surveillance– Market Size & Analysis, 2019-2030F, USD Million
-Parking Reservation Management– Market Size & Analysis, 2019-2030F, USD Million
-Valet Parking Management– Market Size & Analysis, 2019-2030F, USD Million
-Analytics & Reporting – Market Size & Analysis, 2019-2030F, USD Million
-Others (Payment & Billing, Enforcement and Violation Management, etc.)– Market Size & Analysis, 2019-2030F, USD Million
Services– Market Size & Analysis, 2019-2030F, USD Million
-Consulting Services– Market Size & Analysis, 2019-2030F, USD Million
-Engineering Services– Market Size & Analysis, 2019-2030F, USD Million
-Others– Market Size & Analysis, 2019-2030F, USD Million
By Technology
-Ultrasonic Technology– Market Size & Analysis, 2019-2030F, USD Million
-Sensor-based – Market Size & Analysis, 2019-2030F, USD Million
-RFID– Market Size & Analysis, 2019-2030F, USD Million
-Others – Market Size & Analysis, 2019-2030F, USD Million
By Parking Type
-On-Street– Market Size & Analysis, 2019-2030F, USD Million
-Off-Street– Market Size & Analysis, 2019-2030F, USD Million
By Application
-Commercial– Market Size & Analysis, 2019-2030F, USD Million
-Government– Market Size & Analysis, 2019-2030F, USD Million.
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Global Smart Parking Market Geographic Reach:
The Geographic Reach of the Global Smart Parking Market evaluates the spread and significance of Global Smart Parking market consumption across different regions/country, emphasizing areas with the largest market size and the most promising growth potential.
· North America: US, Canada, Mexico
· Europe: Germany, The UK, France, Spain, Italy, Rest of Europe
· Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific
· South America: Brazil, Argentina, Rest of South America
· Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA.
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