Smart parking is a safe parking solution for smart drivers. Using embedded software and sensors the sign or symbol reveals the available parking spot on the lot. The unoccupied space is appropriately acquainted with the driver due to proper vehicle management. Smart parking delivers drivers real-time information about the availability of adjacent parking spaces and allows them to reserve a spot without having to wait. Every year, the number of vehicles on the road increases substantially, causing traffic congestion. Car parking has become a major concern in metropolitan areas due to the vast number of parking lots available. Every year the supply-demand parking spaces expand.

According to facts and factors, the global smart parking systems market was valued at approximately USD 4.40 Billion in 2020 and is predicted to create revenue of roughly USD 14.15 Billion by the end of 2026, with a CAGR of approximately 21.5% between 2021 and 2026.

A smart parking system is a computerized system that assists drivers in identifying available parking spaces. With the use of sensors, this system detects an available parking place and then leads the car to that space. The technologies used in smart parking systems are RFID, IoT, ultrasonic, and others. Meanwhile, smart parking systems are gaining popularity and are being deployed at a variety of private and public locations, including universities, airports, public parking lots, shopping malls, and other locations. Furthermore, the smart parking system technology is aimed at addressing the long-standing problem of parking, which contributes to air pollution. The system consists of real-time data interference, low-cost sensors, and mobile applications that allow customers to locate available parking spaces.

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Top Market Players

Major players operative in the smart parking systems market is Altiux Innovations, Inc., BMW AG (ParkNow GmbH, Parkmobile LLC), Inc., CivicSmart, Inc., Deteq Solutions, Flowbird, gtechna, INDECT Electronics & Distribution GmbH, LibeliumComunicacionesDistribuidas S.L., Meter Feeder, Inc., Mindteck, Municipal Parking Services, Inc., Park Assist, ParkHelp Technologies, ParkJockey, ParkMe Inc., Robert Bosch GmbH, Siemens AG, Smart Parking Ltd., SpotHero, Inc. and among others.

Prominent companies are offering innovative solutions and hardware equipment to stay ahead of competitors. Smart parking market players are expanding their collaboration with parking lot management corporations in response to the increasingly changing needs of parking lot management.

Market Dynamics

All of the key verticals have witnessed rapid adoption of parking management technologies. The verticals are divided into two categories: government and commercial. Recreational, academic, transit, retail, and hospitality industries and among others are all part of the commercial parking management market. Increased traffic congestion and vehicular pollution have resulted from the expansion of younger workers in numerous sectors as well as an increase in global demand for vehicles, which has given rise to the demand for parking management solutions. Companies developing new technologies in the field of parking management and conducting strategic mergers and acquisitions are anticipated to drive growth in the parking management market during the forecast period. Various industrial verticals that require a smooth flow of automobiles to accomplish their day-to-day activities require parking management solutions.

The (IoT) i.e. Internet of Things is a set of interconnected computing devices that are connected to the web and exchange information without requiring human-to-human or human-to-computer interaction to execute a specific purpose. The University of Kansas has developed a project on smart parking solutions with the use of IoT technology to resolve the increasing amount of time spent searching for a parking spot around the world. Furthermore, implementing an IoT-based smart parking system assists in improved parking management while also saving time for drivers. For example, before reaching a parking garage, a vehicle can list the number of parking spaces available at the entry. This is accomplished by receiving continuous sensor data updates and relaying this information to the driver. The smart parking market is expected to benefit significantly from advances in IoT technology for smart parking solutions.

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North America is projected to dominate global smart parking systems market growth

In North America, government measures supporting intelligent parking systems as part of efforts to minimize pollution are projected to provide significant potential prospects in the market. Furthermore, increasing concerns about limited parking places, particularly in urban areas are boosting the region’s adoption of smart parking systems. The requirement for parking sensors will rise as more parking management solutions are implemented to reduce the time it takes to find a parking spot and ease traffic congestion.