Smart Parking Market Size, Share, Industry Trends and Forecast to 2030

Smart Parking Market Size & CAGR in 2021

The global smart parking market is expected to reach a size of USD 7.28 billion by the end of 2021, with a compound annual growth rate (CAGR) of 15.2% from 2021 to 2025. The increasing adoption of smart parking solutions in various sectors such as commercial, residential, and government is driving the market growth.

COVID-19 Impact on the Smart Parking Market

The COVID-19 pandemic had a significant impact on the smart parking market, leading to a temporary decline in demand due to restrictions on mobility and reduced traffic volumes. However, as restrictions eased, there was a resurgence in the adoption of smart parking solutions to promote contactless transactions and ensure safe parking experiences.

Smart Parking Dynamics

The smart parking industry is witnessing rapid technological advancements, including the integration of IoT devices, AI algorithms, and mobile applications to enhance parking efficiency and user experience. The demand for smart parking solutions is driven by the need for optimized parking spaces, reduced traffic congestion, and environmental sustainability.

Segments and Related Analysis

The smart parking market can be segmented based on technology (sensor technology, RFID, ultrasonic, etc.), solution (security and surveillance, parking reservation, etc.), and application (commercial, residential, government). The adoption of sensor technology for real-time parking space management is expected to drive market growth.

By Region Analysis

The smart parking market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America dominates the market due to the early adoption of smart parking solutions, while Asia Pacific is expected to witness significant growth driven by urbanization and smart city initiatives.

Key Market Players and Competitive Landscape

Key players in the smart parking market include ParkMobile, Streetline, T2 Systems, Siemens, and Amano Corporation. These companies are focusing on strategic partnerships, product innovation, and acquisitions to gain a competitive edge in the market.

Recent Happenings in the Smart Parking Market

- In 2021, ParkMobile launched a new feature that allows users to reserve parking spaces in advance through their mobile app, enhancing the convenience of parking. - Streetline announced a partnership with a leading parking management company to deploy smart parking solutions in major cities, improving parking availability and reducing congestion. - Siemens introduced a cloud-based parking management platform that integrates AI algorithms to predict parking demand and optimize parking space utilization. - Amano Corporation collaborated with a tech startup to develop a contactless payment solution for parking meters, promoting touchless transactions and ensuring customer safety.