The global smart parking systems market size is expected to reach USD 16.06 billion by 2028 according to a new study by Polaris Market Research. The report “Smart Parking Systems Market Share, Size, Trends, Industry Analysis Report, By Hardware; By Software (Guidance System, Analytics Solution); By Service; By Application; By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The key factors favoring the global market growth include the increasing rate of adoption of vehicles with an ever-increasing level of urbanization, surge in concerns related to space worldwide, particularly in developing economies, and the substantial growth in demand for advanced technologies, such as IoT, in the automobile industry is one of the integral factor accelerating the market growth. Furthermore, automakers' increasing investments in driverless vehicles globally, along with the rise in government initiatives to build intelligent city projects, are driving the market forward.
Based on software, the guidance system is the dominating segment in the global industry. It proactively delivers information on unfilled spaces, guidelines, and duration of availability that will boost the segment. Whereas analytics solutions are projected to grow at the fastest CAGR in the overall industry, owing to the increasing capability of the sensors installed on numerous structures, such as light poles.
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With a significant surge in the number of intelligent city projects over the past decade, smart systems have witnessed a higher demand. According to the Consumer Technology Association, the spending on intelligent city projects reached almost USD 35.35 billion in 2020, globally.
With the rising rate of intelligent city spending, consumers are shifting their interest towards digital solutions for vehicle parking; thereby, the adoption of intelligent systems is growing worldwide.
Industry participants such as Amco S.A., Altiux Innovations, BMW AG, CivicSmart, Inc., Cisco Systems, Inc., Deteq Solutions, INDECT Electronics, gtechna, Meter Feeder, Inc., Kapsch TrafficCom, Mindteck, SKIDATA AG Municipal Parking Services, ParkHelp Technologies, Flowbird, ParkJockey, Siemens AG, ParkMe Inc., Nedap N.V., are some of the key players operating in the global industry.
In March 2021, RR Parkon deployed a multi-level car system at South Delhi Municipal Corporation's (SDMC). Similarly, in July 2021, Delhi Metro introduced FASTag based intelligent facility at Kashmere Metro Station. This project is a substantial step as a significant part of the Indian government's 'Digital India' initiative, which drives the market forward.
Polaris Market Research has segmented the smart parking systems market report on the basis of hardware, software, service, application, and region:
Smart Parking Systems, Hardware Outlook (Revenue - USD Billion, 2016 - 2028)
Smart Parking Systems, Software Outlook (Revenue - USD Billion, 2016 - 2028)
Smart Parking Systems, Service Outlook (Revenue - USD Billion, 2016 - 2028)
Smart Parking Systems, Application Outlook (Revenue - USD Billion, 2016 - 2028)
Smart Parking Systems, Regional Outlook (Revenue - USD Billion, 2016 - 2028)