The primary growth drivers for the market are the rising number of vehicles on the road and the resulting rise in traffic jams. Due to the various degrees of lockdowns enacted globally, the COVID-19 pandemic outbreak has had a negative effect on the market. The demand for smart parking systems market is anticipated to increase as the lockdowns are gradually removed, and sales of personal vehicles may also increase as a result of growing worries about safety in public transportation.

Market Dynamics:

Increasing demand for the internet of things (IoT) based technology is expected to drive market growth during the forecast period. IoT is a system of interrelated computer devices that are connected to the internet in order to perform various tasks without any human interference. Globally, the maximum time spent on searching for parking is a major issue which is solved by the University of Kansas by developing a project on smart parking solutions using IoT technology. Moreover, an IoT-based smart parking system helps to manage parking and reduces driver’s time. For instance, in parking garages, the driver can identify the number of parking slots in the garage without entering the garage. This is done by receiving constant data information updates from sensors and providing this information to the driver.

Growing focus on improving customer service can present lucrative growth opportunities. Key companies in the market are focused on improving customer service. Better customer service leads to a longer operational cycle of smart parking systems market at lower costs. Moreover, during recent years, the number of electric vehicles has been increasing which is also aiding the demand for electric vehicle charging stations. Further, some companies are focusing on installing solar electric vehicle charging stations at parking spaces.

Key Developments

1. In 2020, Worldsensing launched fstpark2 which helps to enhanced on-street parking management system.

Key features of the study:

• This report provides an in-depth analysis of the global smart parking systems market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2023–2030), considering 2022 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global smart parking system  based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include Streetline, Inc., Worldsensing, Smart Parking Limited, Swarco AG, Amano McGann, Skidata AG, Nedap N.V., ParkMe, Inc., Cisco System, Inc., Parkmobile LLC, and Urbiotica.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global smart parking systems market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global smart parking system market.

Detailed Segmentation:

• Global Smart Parking Systems Market, By Parking Site
  • On-street
  • Off-street
• Global Smart Parking Systems Market, By Component
  • Hardware
  • Software
  • Services
  • System Integration and Installation
  • Parking Management
  • Maintenance
• Global Smart Parking Systems Market, By Application
  • Airports
  • Government & municipalities
  • Corporate & commercial Institutions
• Global smart parking systems market, By Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
• Company Profiles
  • Streetline, Inc.*
    • Company Overview
    • Product Portfolio
    • Financial Performance
    • Key Strategies
    • Recent Developments
    • Future Plans
  • Worldsensing
  • Smart Parking Limited
  • Swarco AG
  • Amano McGann
  • Skidata AG
  • Nedap N.V.
  • ParkMe, Inc.
  • Cisco System, Inc.
  • Parkmobile LLC
  • Urbiotica