Smart Parking Market worth USD 95059.93 million by 2027

The Market Statsville Group (MSG) publishes the new report on the "Smart Parking Market by Type (Off-street, On-street, by Technology (Internet of Things (IoT), Ultrasonic, RFID), by Application (Security & Surveillance, Smart Payment Systems, E-parking, License Plate Recognition), by End User (Commercial, Government) and Region - Global Trends, Market Share, and Forecast to 2027". The global smart parking market is expected to grow from USD 24,329.61 million in 2020 to USD 95059.93 million by 2027, at a CAGR of 25.5% from 2021 to 2027. Generally, smart mobility requires better and efficient service providers to offer better services to its customers. All the process, such as keeping a record of available parking space at different locations, their fare calculation & estimation, and other relatable information and making them available to the user, are done by using a smartphone with mandatory internet connectivity. Some countries, such as Eritrea, Burundi, Chad, Somalia, and others, have low internet penetration that threatens the growth of the smart parking market in these areas. To hail the service, the driver must have a GPS-equipped smartphone with an active internet connection to identify the exact location of available parking, which is affected by the lower internet penetration in developing countries. Hence, this low penetration of the internet hampers the smart parking market across the globe.

Global Smart Parking Market Segmentation

The overall smart parking market has been segmented into type, application, end-user, and regions.

• By Type (Off-street, On-street, by Technology (Internet of Things (IoT), Ultrasonic, RFID)
• By Application (Security & Surveillance, Smart Payment Systems, E-parking, License Plate Recognition)
• By End User (Commercial, Government)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Ultrasonic, by technology, is estimated to hold the largest market share during the forecast period

The market is classified into the Internet of Things (IoT), ultrasonic, and RFID by technology. These technologies are deployed at parking spaces, which allow an end user to check the availability of parking space as well as helps track or monitor the vehicle and book a parking slot accordingly. In 2020, ultrasonic accounted for the largest market share of 51.65% in the global smart parking market and was anticipated to maintain its dominance throughout the forecast period.

With the help of IoT, a user is notified about the empty parking space through a smartphone application or a satellite navigation device. The prior notification of free parking space is provided to the user through a smartphone when the vehicle enters particular shopping places and some streets in a city. IoT helps reduce the time required to find the parking lot and search for the parking space, driving the market growth. In addition, mobile and web application feature also play a big role in the IoT architecture. Thus, the development of various smartphone and web-based application fuels the market growth in the IoT segment.

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North America accounts for the largest market share during the forecast period in the smart parking market

Based on the regions, the global smart parking market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America was accounted for the highest market revenue share of 67.4% in the global smart parking market. North America includes the U.S, Canada, and Mexico. An increase in parking concerns across North America and the rise in the number of vehicles have contributed to the growth of the smart parking market in this region. Small and large-scale projects related to smart parking in San Francisco and Los Angeles, and other cities have helped propel the growth of the smart parking market.

Consumers in North American countries are increasingly adopting smartphones and devices that support mobile applications which aid in reserving, paying, and checking the availability of parking slots. In addition, the rising use of analytics for developing applications that provide parking solutions is expected to boost the smart parking market growth in the region. In August 2019, SpotHero, a consumer marketplace and mobility platform for off-street parking in North America, has introduced SpotHero for Fleets, an industry-first parking-as-a-service solution. SpotHero for fleets provides hardware, software, and services to help fleets secure, access, and pay for parking at scale.

The smart parking market is consolidated with a few players such as Amano McGann, Inc., Continental AG, Dongyang Menics Co., Ltd, IEM SA, IPS Group Inc., Klaus Multiparking Systems, Robert Bosch GmbH, Smart Parking Limited, Swarco AG, and Urbiotica. Comprehensive analysis of various companies' recent developments and growth curves helps to understand the growth strategies and their potential effect on the market.

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