North America Smart Parking System Market Size, Share & Trends Analysis By Hardware, By Software, By Service, By Type (On-street, Off-street), By Application, And Segment Forecasts, 2019 - 2025

Industry Insights

The North America smart parking system market was valued at USD 1,337.8 million in 2018 and is projected to grow significantly over the forecast period. The increasing urbanization across the globe and accelerated use of automobiles is expected to propel the market growth over the forecast period, as they lead to congestion in cities.

The rising use of analytics for developing applications that provide parking solutions is further accelerating the industry growth. Consumers are increasingly adopting smartphones and devices that support mobile applications that aid in reserving, paying, and checking the availability of parking slots.

Technological proliferation has resulted in the development of equipment that enables easy parking of vehicles. Indoor and outdoor Parking Guidance Systems (PGS) direct the vehicle drivers that saves their time and fuel consumed.

However, the increasing regulations in North America might pose a few challenges as manufacturers are required to comply with the regulations such as the layout of parking slots in terms of dimensions and safety mirrors at parking slots. The solution providers are further required to maintain precision in order to avoid mishaps and congestions arising due to mismanagement of apps and solutions.

The smart parking system includes an on-site deployment of an Internet of Things (IoT) module, which is used to signalize and monitor the state of availability of parking spaces. A mobile application enables end-users to check the availability of parking spaces and book a parking space accordingly.

Hardware Insights

The cameras & LPRs segment is expected to emerge as the fastest-growing segment, owing to the LPR camera’s ability to detect vehicles and capture license plates of automobiles in motion. The information related to vehicles, their entry, exit time, and license plate numbers are recorded.

The smart meters have captured the largest market share, owing to their applications in the on-street avenue. Easy collection of fines using smart meters for illegal positioning and identification of fraudulent tickets has reduced the burden of traffic police in cities. The smart meters segment was valued at USD 331.6 million in the year 2018.

The application of pucks, signage, and barrier gates is on a rise in various metro cities. Signages provide directions to drivers and enable wayfinding. Wireless sensors have been increasingly used for underground slots and outdoor sites as they provide a count of vehicles surpassing these locations.

Software Insights

On the basis of software, the market is segmented into a parking guidance system and analytics solution. The Parking Guidance System (PGS) software has been widely used due to its benefits such as easy implementation and reduction in time consumption of drivers. The segment serves a major portion of the market and was valued at USD 279.1 million in the year 2018. Various companies are introducing solutions to support indoor as well as outdoor PGS that cater to customer requirements.

The market for analytics solutions is expected to witness faster growth over the forecast period, owing to the presence of a large number of key players in the region. The companies are largely adopting analytical tools to gather information regarding locations, vehicles, availability, and reservations of slots. This is further propelling market growth.

Service Insights

On the basis of service, the market is segmented into consulting services, engineering services, and mobile app parking services. The mobile application parking services segment is expected to grow significantly over the forecast period. Industry participants are focusing on developing various applications that enable easy booking of slots and update users with notifications regarding the validity of their tickets. The usage of such apps is on a rise due to the increased use of smartphones.

The engineering services segment dominated the market and was valued at USD 158.7 million in the year 2018, owing to the large-scale demand for design and engineering consultancies by the companies who manufacture equipment such as parking meters and boards. A majority of companies prefer outsourcing critical design and engineering services for focusing on marketing strategies of their products.

Type Insights

On the basis of type, the market is segmented into on-street parking and off-street parking. The off-street segment captured the largest market share in 2018. There is a substantial rise in the number of garages and lots that allow parking of a large number of vehicles due to the increased use of automobiles. Moreover, the off-street segment is expected to witness growth over the forecast period due to smart cities and infrastructure initiatives. Also, the off-street parking segment is further sub-segmented into the garage and lot.

In countries, such as the U.S. and Canada, available plots are converted into lots, thereby, providing large spaces for positioning of vehicles. Currently, several sites have installed PGS and analytics solutions that enable users to check the availability of slots for booking.

Application Insights

On the basis of application, the North America smart parking system market is segmented into commercial, government, and transport transit. The commercial segment captured the largest market share and was valued at USD 625.1 million in 2018. Increased adoption of smart parking systems at sports complexes, stadiums, commercial complexes, shopping malls, and multiplexes among others has led to large-scale adoption of these systems in the commercial segment.

The government segment is expected to witness significant growth over the forecast period owing to the numerous smart city project initiatives across the U.S. and Canada. The government segment is estimated to witness lucrative growth over the forecast period.

Regional Insights

The U.S. country dominated the North American smart parking system market. The presence of a large number of key market players in the U.S. has resulted in the exceptional growth of smart parking systems in the country. The demand for these solutions is increasing owing to the increasing congestion issues.

Canada is expected to be the fastest-growing region in the North American smart parking system market owing to the increasing number of smart cities and smart infrastructure in the country. This has resulted in increase in the number of non-residential and private parking spaces in the country. The Canadian government is supporting the initiative taken by parking service providers as it helps in traffic management in the cities, thereby, boosting the regional growth.

North America Smart Parking System Market Share Insights

The prominent players dominating the market include Altiux Innovations; BMW AG (ParkNow GmbH); Robert Bosch GmbH; Siemens AG; Conduent, Inc.; SKIDATA AG.; Amano McGann.; Streetline, Inc.; Cisco Systems, Inc.; ParkMe, Inc.; and Parkmobile LLC, among others. These companies provide different types of solutions, applications, and hardware equipment that can be deployed in smart parking systems.

The key players in the market are focusing on developing new solutions and products that can be deployed in traffic management to avoid congestions in cities. Companies are emphasizing on incorporating the latest technologies into their solutions to avoid wastage of time and fuel.

Report Scope

North America Smart Parking System Report

This report forecasts revenue growth at regional and country levels and provides an analysis of the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the North America smart parking system market based on hardware, software, service, type, application, and countries:

• Hardware Outlook (Revenue, USD Million; 2014 - 2025)

  • Pucks (wireless sensors)

  • Cameras & LPRs

  • Smart Meters

  • Signage

  • Parking Gates

• Software Outlook (Revenue, USD Million; 2014 - 2025)

  • Parking Guidance Systems

  • Analytics Solutions

• Service Outlook (Revenue, USD Million; 2014 - 2025)

  • Consulting Services

  • Engineering Services

  • Mobile App Parking Services

    • Enforcement Apps

    • Reservation Apps

    • Way-Finding Apps

    • Payment Apps

• Type Outlook (Revenue, USD Million; 2014 - 2025)

  • On-Street

  • Off-Street

    • Garage Parking

    • Lot Parking

• Application Outlook (Revenue, USD Million; 2014 - 2025)

  • Commercial

  • Government

  • Transport Transit

• Country Outlook (Revenue, USD Million; 2014 - 2025)

  • The U.S.

  • Canada