Smart Parking System Market Size, Share & Trends Report

Smart Parking System Market Size, Share & Trends Analysis Report By Hardware, By Software, By Service, By Type, By Application, By Region, And Segment Forecasts, 2019 - 2025

  • Published Date: Jul, 2019
  • Base Year for Estimate: 2018
  • Report ID: 978-1-68038-859-6
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2018
  • Number of Pages: 170

Industry Insights

The global smart parking system market was valued at USD 3,406.8 million in 2018 and is projected to grow significantly over the forecast period. While the rising number of vehicles across the globe is leading to traffic congestions in various parts of the world, it is equally making it challenging for drivers to find parking spaces.

The demand for smart and intelligent parking systems that can help city administrations in efficiently managing the dispersed spaces and the drivers in finding parking spaces has been rising as a result. The ability of intelligent parking systems to ensure the required flexibility and scalability is also expected to trigger the demand for these systems.

U.S. smart parking system Market

Poor parking management is turning out to be the root cause of vehicle overcrowding and resultant congestion, which further leads to noise pollution and air pollution that can potentially stifle economic activities. Intelligent parking systems driven by advances in technology can be very useful at this juncture owing to their ability to facilitate collection of real-time data and determine the availability of parking lots, thereby benefiting the users in terms of time and fuel costs.

Smart parking systems can often involve low-cost sensors and smartphone-enabled automated payment systems that can allow drivers to identify the available parking spaces and reserve their spot in advance. These systems can subsequently minimize vehicular emissions as drivers do not have to circle the city blocks unnecessarily in search of parking spaces.

Having realized that such systems can also help in minimizing traffic congestion and curtailing pollution levels, several governments across the globe are undertaking initiatives for large-scale adoption of these systems. As such, favorable government schemes launched toward this end are expected to contribute remarkably to the growth of the market.

Given that large-scale deployment of these systems is possible through significant funding from the national governments, increasing deployment of these systems at airports, corporate campuses, and other public venues is anticipated to drive the growth of the market.

Hardware Insights

The cameras & LPRs segment is expected to emerge as the fastest-growing segment over the forecast period owing to the increasing use of LPRs in parking zone surveillance and license plate recognition. Smart parking guidance systems and LPR systems often feature PTZ cameras and stereo cameras to monitor and guide vehicles in the parking slots. The cameras & LPRs are widely installed in the smart parking system as they can detect cars leveraging backend video analytics.

The smart meters segment was valued at USD 849.4 million in 2018. It accounted for the largest market share owing to the adoption of smart meters for on-street applications. Smart meters are widely used owing to their ability to continuously provide large volumes of data for further processing and analysis using the operator model.

Application Insights

On the basis of application, the market has been further segmented into commercial, government, and transport transit. The commercial segment accounted for the largest share in 2018 and was valued at USD 1,594.3 million. The commercial segment holds high growth potential and is projected to gain traction over the forecast period. The growth of the commercial segment can be attributed to the increased adoption of parking systems at corporate buildings, shopping malls, theaters, and sports complexes, among other public venues. The high level of convenience and flexibility along with mobile payment options associated with commercial parking systems are projected to drive the growth of the commercial segment.

Europe smart parking system Market

The government segment is expected to witness significant growth over the forecast period. The smart city initiatives being pursued in different parts of the globe would contribute to the growth of the segment. Numerous vendors are focusing on launching new apps with innovative features as part of their initiatives to ensure user convenience.

Software Insights

On the basis of software, the market has been further segmented into parking guidance system and analytics solution. The parking guidance system segment held the largest market share in 2018. These systems can guide drivers to vacant parking slots and eventually help in saving their time. These systems can ensure a user-friendly experience for vehicle drivers as they monitor the status of various ultra-sonic sensors and electronic signs and offer a user-friendly graphical interface for drivers.

The analytics solutions segment is expected to grow at a higher rate over the forecast period. The growth of the segment can be attributed to the ability of the parking sensors affixed to the light poles to systematically and reliably gather information about the occupied and vacant parking spaces in real time and transmit it to the drivers and managerial personnel using an analytics solution.

Service Insights

On the basis of service, the market has been further segmented into consulting services, engineering services, and mobile app services. The engineering services segment held the largest market share in 2018 and was valued at USD 403.1 million. Companies providing engineering services often offer services, such as designing, development, and installation of customized equipment and solutions in line with the parking requirements in order to reduce the hassles as well as the time and costs associated with parking.

The mobile app services segment is expected to grow significantly over the forecast period as several vendors of smart parking systems are launching smartphone apps that can allow drivers to reserve parking slots and make online payments. Such apps may also include a feature that can help drivers in locating electric vehicle charging spots. The usage of such apps has been rising in line with the proliferation of smartphones.

Type Insights

On the basis of type, the market has been further segmented into on-street and off-street. The off-street segment accounted for the largest market share in 2018 and is predicted to continue dominating the market over the forecast period. The growth of the segment can be attributed to the continued rollout of smart city and smart infrastructure projects in various parts of the world. The off-street segment has been further segmented into garage and lot parking.

Facilities, such as enhanced ticketing and payment solutions, coupled with the launch of several smartphone app-based parking guidance systems are expected to contribute to the growth of the off-street segment. Off-street parking facilities are equally ideal for drivers parking their vehicles for shorter durations as well as longer durations. The on-street segment is also anticipated to gain market share owing to the large-scale deployment of smartphone apps that can enable users to track the availability of parking spaces in real time.

Regional Insights

The North American region dominated the smart parking system market. The demand for parking management systems is expected to grow in North America as civic authorities in the U.S. and Canada are trying aggressively to reduce the traffic congestion, which has been getting more and more severe owing to the growing number of vehicles.

The regional markets of Asia Pacific and Latin America are also predicted to gain traction owing to the increasing number of municipalities in emerging economies. The growth rate is expected to be relatively higher in China, India, South Korea, and Brazil.

The European regional market is equally expected to present significant growth opportunities for the market, particularly owing to the favorable government initiatives being pursued by the European Union in promoting the deployment of intelligent parking systems as part of the efforts to reduce the pollution and ensure a sustainable environment.

Smart Parking System Market Share Insights

The prominent players active in the market include Altiux Innovations; Robert Bosch GmbH; Siemens AG; Conduent, Inc.; SKIDATA AG.; Streetline, Inc.; Amano McGann, Inc.; Cisco Systems, Inc.; Parkmobile LLC; and ParkMe, Inc.; among others. These companies are offering various solutions and hardware equipment that can be used in smart parking systems.

Market incumbents are focusing on offering differentiated products as well as on integrating applications with additional features that supplement the basic utility of determining the availability of parking lots. The key players are also focusing on developing new traffic management solutions and products based on the latest technologies in order to avoid congestions in cities.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2014 - 2018

Forecast period

2019 - 2025

Market representation

Revenue in USD Million, CAGR from 2019 to 2025

Country scope

U.S., Canada, Germany, U.K., China, India, Japan, and Brazil

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

15% free customization scope (equivalent to 5 analyst working days)

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Segments Covered in the
Report

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

  • 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 System

    • Analytics Solutions

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

    • Consulting Services

    • Engineering Services

    • Mobile App Parking Services

  • 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

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

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

    • Middle East & Africa (MEA)

Key questions answered by the report
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