Home / Technology & Media / Smart Parking System Market Growth, Share, Opportunities, and Competitive Analysis, 2016 - 2023

Smart Parking System Market Growth, Share, Opportunities, and Competitive Analysis, 2016 - 2023


Smart parking structures are the systems that assist drivers to find and locate available parking space, thereby avoiding the hunt for parking without hassle and saving time and cost on fuel. The system is a combination of hardware and software components including sensors, smart parking meters, computerized payment systems, and analytics that assist drivers to locate parking space at the desired location and pay for the services in advance. The components like sensors and smart parking meters detect the availability of parking spaces, and transmit the detected information to the car drivers via smartphone app, thereby offering parking guidance.

The perpetually growing automotive production has increased traffic congestion, especially in urban areas, posing daunting challenge to government and municipal authorities to control and manage traffic. As a result, several initiatives including transport infrastructure development and parking and traffic management have been initiated by the concerned authorities in their respective regions. Smart parking systems that can be used for online parking reservations through advance parking payment are used to address these challenges. The advent of Internet of Things technology coupled with the government initiatives to develop smart cities will promote the use of smart parking systems among transport and municipal authorities that are already struggling to manage traffic congestion. On the contrary, limited interoperability among the hardware and software components coupled with the lack of awareness and high upfront cost have somewhat inhibited swift adoption of smart parking systems. North America is currently the largest smart parking system market in terms of both revenue and volume. The multitude of research, high technology acceptance, and replacement of traditional parking meters with smart parking meters are collectively shaping the smart parking system market in North America.

The global Smart Parking System Market is segmented on the following bases:

1.   By Component

a.    Hardware

b.    Software

c.    Services

2.   By Parking Site

a.    Off-street Parking

b.    On-street Parking

3.   By End-use Application

a.    Government and Municipality

b.    Commercial Establishments

c.    Corporate Establishments

d.   Airports and Transport Facilities

Key Players Identified in the Smart Parking System Market include but are not limited to:

Streetline, Inc., Amano McGann, Cisco System, Inc., Smart Parking Limited, Parkmobile LLC, Nedap N.V., Swarco AG, Skidata AG, Urbiotica, ParkMe, Inc., The Kapsch Group, and Xerox Corporation 

This report offers:

  • An overview of the global smart parking system market
  • Market trends assessment for the period 2016-2023, with historical information for 2014 & 2015, and projections through 2023, with respective CAGRs during 2016-2023
  • Qualitative assessment tools such as market drivers, challenges and future prospects, value chain, and attractive investment proposition.
  • Focus on each level of market segmentation based on product approvals, launch, and current and anticipated market dynamics.
  • A general overview of the industry structure
  • Company profiles highlighting key information about the major players operating in the global smart parking system market
  • Market competition scrutiny tools such as market share analysis, fractal map, etc.
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