Newark, June 26, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 7 billion in 2022 global smart parking systems market will reach USD 36.63 billion in 2032. Smart cities are estimated to reach USD 310 billion in worth by 2025. Rapid urbanization, increased capital expenditure on smart city development and favourable initiatives will drive the smart city mission globally. The fundamental concept of using technology with human knowledge to improve the city's economic, social, political, and overall health is the foundation of a smart city. One of the primary concerns of traffic congestion and parking space availability is integrating smart technology in facilitating the optimization of parking space and improving efficiency. Municipalities have some control over and a reduced volume of generated roadway traffic. With additional features that make parking quicker, easier, and less of a hassle, the technology also ensures parking safety, which is one factor that contributes most to traffic congestion. Therefore, promoting smart cities will benefit the growth of the global smart parking systems market.
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Key Insight of the Global Smart Parking Systems Market
North America is expected to rise the fastest during the forecast period.
The well-established conventional parking systems have made it simple to include technology to increase their effectiveness and transform them into smart parking systems. The demand for smart parking systems has grown due to the development of big business complexes, restaurants, malls, theatres, workplaces, and private residential areas. The main factor driving demand for these systems in the market is the safety and security of automobiles they provide. These systems are also used by city public authorities to enhance traffic flow.
In 2022, the off-street segment dominated the market with the largest market share of 67% and market revenue of 4.69 billion.
The type segment is divided into on-street and off-street. In 2022, the off-street segment dominated the market with the largest market share of 67% and market revenue of 4.69 billion.
In 2022, the commercial segment dominated the market with the largest market share of 49% and market revenue of 3.43 billion.
The application segment is divided into commercial, government and others. In 2022, the commercial segment dominated the market with the largest market share of 49% and market revenue of 3.43 billion.
In 2022, the services segment dominated the market with the largest market share of 40% and market revenue of 2.80 billion.
The component segment is divided into hardware, software, and services. In 2022, the services segment dominated the market with the largest market share of 40% and market revenue of 2.80 billion.
Advancement in market
The UT civic authority would enlist Chandigarh Smart City Limited's help in developing "consultancy" services for "smart parking" tenders for lots throughout the city. According to reports, the topic will be discussed at the next General House meeting. In this context, Smart City has submitted a proposal to the Chandigarh Municipal Corporation in which it claims to have established core competencies in the design, solicitation, and implementation of IT-based infrastructure projects during the previous five years.
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Market Dynamics
Driver: the rising demand for cars.
The population's rising disposable income has fuelled demand for cars on a global scale. However, the growing number of vehicles is taxing the capacity of the transportation and parking systems. Lack of parking infrastructure results in vehicles parked along the road, which increases traffic congestion and carbon emissions while costing users fuel, time, and money. The rising annoyance of the populace reflects the growing problems of the urban population caused by the scarcity of parking spaces. Metropolitan local bodies are investing in cutting-edge, intelligent technologies To create smart parking spaces and maximize current parking spaces. They are deploying innovative technology to reroute traffic per parking space availability To relieve traffic congestion and enhance traffic flow, which would cut carbon emissions. The implementation of smart parking systems in urban clusters is consistent with the promotion of smart city projects. Therefore, the expansion of the global market for smart parking systems will be fuelled by the rising number of car owners.
Restraints: The expensive installation fees.
Smart parking systems are the fusion of technology and human wisdom to enhance the functionality of traditional parking spots. Smart parking systems use various hardware, software, and services To achieve a functional system. It costs a lot of money to utilize cameras, sensors, signage, smart parking metres, and other technology alongside computers and communication devices. Similarly, maintaining and developing the software for this technology requires a substantial upfront investment. As a result, the market's expansion will be hampered by the high installation costs.
Opportunities: the creation of novel applications and technology.
The creation of mobile applications that provide real-time data on parking spot availability has been made possible by the automation of the world's economy. Additionally, paying a small price using one of the many payment alternatives offered by these applications allows the user to select the parking spot and make a booking according to their convenience for a specific amount of time. Commercial users of smart parking systems can optimize their parking space, provide seamless services, increase safety and security, and shorten turnaround times thanks to analytics. It allows them to find managerial weaknesses and fix them. Additionally, it makes greater information and communication sharing possible. Additionally, the local authorities are using mobile applications, sensors, cameras, and other sophisticated technology to enhance urban mobility. Therefore, the development of new technologies and applications will provide profitable prospects for the market's expansion.
Challenges: The complex process of integration.
Smart parking systems operate on a real-time basis and require a seamless and constant flow of information. These systems need to be integrated with other systems of the parking space. For instance, security and surveillance systems must be integrated with mobile applications to offer real-time services. Interoperability is achieved through these complex integration processes that need qualified professionals. The lack of proper IT infrastructure, logistics, and qualified personnel restricts the market's growth. Therefore, the complex integration process will challenge the market’s growth.
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Some of the major players operating in the global smart parking systems market are:
• Aisin Corporation
• Amano McGann, Inc.
• Continental AG
• IEM SA
• IPS Group, Inc.
• Robert Bosch GmbH
• Smart Parking Ltd
• SWARCO
• TKH Group
• Urbiotica SL
Key Segments cover in the market:
By Type
• On-Street
• Off-Street
By Application
• Commercial
• Government
• Others
By Component
• Hardware
• Software
• Services
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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