Smart parking market expected to supersede $19b by 2028

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The global smart parking systems market size is expected to reach USD 19.29 billion by 2028, registering a CAGR of 21.5% from 2021 to 2028, according to a new report by Grand View Research, Inc. The market is expected to witness growth at a promising pace in near future, thanks to the increasing number of automobiles on the roads and the subsequent rise in traffic congestion.

However, the Covid-19 pandemic has considerably slowed down the market due to the varying levels of lockdowns implemented across several countries globally. The impact of this slowdown is expected to be experienced in the short term. As the world re-opens, smart parking systems are expected to regain demand due to the potential rise in the use of private transportation and its impact on the demand for smart parking space management. The steadily widening consumer base of autonomous vehicles is also expected to drive the demand for smart parking facilities as self-driven cars require robotically automated parking spaces. Moreover, the exponential rise in the number of smartphone users globally is enabling an increasing number of users to park, pay, and book slots in advance through mobile apps.

User-friendly features

Favourable regulations, government policies, and investments are encouraging the implementation of smart parking systems for a seamless and user-friendly parking experience for both drivers and operators. Furthermore, the addition of sophisticated features, such as auto-payment options and voice guidance enabled through smartphone apps, is also projected to drive the demand for innovative solutions. Several car parks are incorporating Automatic Number Plate Recognition (ANPR) systems to operate vehicles in parking areas and access control systems efficiently.

Eases congestion and gives cost benefits

The increasing availability of integrated automated solutions, advancements in wireless technologies, and developments in payment methodologies are estimated to drive the adoption of smart parking systems. Moreover, smart parking management systems aid in increasing mobility in cities and offer a dependable revenue model. These systems use data analytics, wireless communication technology, and sensors to address parking issues in cities and metros. These solutions can be used to locate available parking spaces with the help of sensors and mobile applications, thereby saving customers’ time and minimizing the wastage of fuel spent on the lookout for available parking spaces.

The parking guidance system segment of the software sector is poised to exhibit a CAGR of 19.8% during the forecast period. The promising growth prospects of the segment can be attributed to benefits offered by these systems such as the analysis of customer behaviour and usage patterns. Geographically, the researchers anticipate that the Asia Pacific region will witness the highest CAGR of 21.4% over the forecast period. The increasing focus of governments across the Asia Pacific on improving parking management and reducing traffic congestion and air pollution is expected to fuel the demand for smart parking systems in the region.

Some of the key players mentioned in the report include, Amano McGann, Inc., Amco, BMW, Cisco, Civicsmart, Deteq, Flowbird, Indect, Kapsch Trafficom, Meterfeeder, Nedap, Bosch, Siemens, Park Assist, Park Jockey, Smart Parking,, Swarco, and Urbiotica..


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