The global Smart Parking Systems market, valued at $6.40 billion in 2022, is projected to grow at a compound annual growth rate (CAGR) of 21.38% from 2023 to 2033. These systems use digital technologies to manage parking resources across cities in real-time, offering various services to both drivers and parking operators. They incorporate cameras, sensors, signage, smart meters, computers, and communication devices to improve the efficiency of traditional parking infrastructures. The market's growth is fueled by rising automobile ownership, advancements in technology, and the need for more effective parking management in urban environments. However, challenges such as high installation costs and the complexity of integration pose obstacles. The market is segmented by type, application, and component, with the commercial application segment leading due to the high demand for parking in places like office buildings, shopping malls, and entertainment venues. Additionally, the services segment is the largest within components, driven by the need for parking maintenance, system integration, mobile app services, and consulting.
The latest research report by Evolve Business Intelligence explores the various factors influencing the global market. It includes an analysis of the current market size, forecasts for key segments and regions, and the driving forces behind market growth. The report examines the potential impacts of key trends on business strategies and provides a SWOT analysis of critical sectors for each major competitor and customer group. This valuable data highlights the conglomerates likely to impact the industry, crucial for any company planning to invest strategically over the next five years. These insights complement our initial quantitative study, aiding in new investments and strategic planning to mitigate threats in existing sectors.
Segments covered
By Offerings (Hardware, Software and Service)
By Hardware (Sensors, Cameras, Smart Meters, Parking Gates and Others)
By Software(Parking Guidance System and Analytics Solutions)
By Services(Consulting Service, Engineering Service and Others)
By Type( On-street and Off-street)
By Application (Commercial, Government, Transport and Transit)
Key players
WORLDSENSING
Nedap
ParkMobile
Siemens
Amano McGann, Inc.
Continental AG
IPS Group Inc
Klaus Multiparking Systems
Robert Bosch GmbH
SMART PARKING LIMITED
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