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Smart Parking Systems Market Size - Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2024 – 2032
- Report ID: GMI5499
Smart Parking Systems Market Size
Smart Parking Systems Market is expected to grow at significant rate during 2024 to 2032, driven by the growing number of vehicles on roads. For instance, as per Forbes data, from 2018 to 2022, there was a 3.5% rise in registrations for both personal and commercial vehicles, signaling a growing trend in car ownership. As of 2022, the majority of U.S. households (91.7%) possessed at least one vehicle, while 22.1% of households owned three or more vehicles. Smart parking solutions offer a transformative response to this challenge by leveraging advanced technologies such as IoT sensors, data analytics, and mobile applications to optimize parking space utilization and enhance the overall parking experience.
Smart Parking Systems Market Trend
The smart parking landscape is evolving, extending its reach beyond conventional parking management solutions to encompass a diverse array of stakeholders, including technology providers, transportation agencies, and urban planners, mainly because of increasing urbanization. This can be ascertained from the fact that, as per UN estimates, today, over half of the world's population resides in cities, a significant increase from one-third in 1950, and this number is expected to reach two-thirds by 2050.
This fosters innovation and is reshaping the trajectory of urban mobility. For instance, cities are integrating smart parking data with transportation systems to deliver real-time traffic updates and optimize travel routes. As the smart parking ecosystem advances, a deeper collaboration and integration across various sectors is anticipated, heralding a future of interconnected urban infrastructure and enhanced mobility solutions.
Smart Parking Systems Market Analysis
Hardware component segment is set to gain traction till 2032. The hardware components such as sensors, cameras, and gate systems are essential for gathering real-time data on parking space occupancy, vehicle movements, and payment transactions. These hardware innovations enhance parking infrastructure by enabling automated parking guidance, vehicle detection, and secure access control, thereby optimizing parking operations and improving user experience.
The analytics software segment is predicted to expand significantly by 2032, due to their vital role in driving operational efficiency and decision-making. Advanced software solutions leverage data analytics, machine learning, and AI algorithms to process real-time parking data, generate actionable insights, and optimize parking operations. From parking space availability predictions to demand forecasting and revenue optimization, analytics software empower parking operators and city authorities to make data-driven decisions and streamline parking management processes.
Asia Pacific smart parking systems market is poised to grow rapidly between 2024 and 2032, impelled by rapid urbanization, increasing vehicle ownership, and government initiatives to address urban mobility challenges. The smart city initiatives and infrastructure development projects further accelerate the deployment of smart parking systems across the region. With a burgeoning urban population and growing demand for efficient parking solutions, the region presents lucrative opportunities for market players in the region.
Smart Parking Systems Market Share
Prominent players in the smart parking systems industry include:
- Park Assist
- Amano Corporation
- SWARCO
- Flowbird
The presence of several new companies and startups offering dedicated parking solutions and services is increasing competition in the market. Strategies such as mergers & acquisitions and partnerships & collaborations assist vendors in improving their industry share.
Smart Parking Systems Industry News
- In October 2023, Amano McGann, Inc., renowned as the premier provider of Parking Access and Revenue Control Systems (PARCS) across North America, celebrates the successful conclusion of the PARCS project at the Cardone Corporate Center.
- In July 2023, Park+ and Google Cloud announced a collaboration to elevate smart parking solutions. Park+ will harness the capabilities of open-source services offered by Google Cloud to develop tailored integrations, dashboards, and orchestration pipelines.
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