The outbreak of the Covid-19 pandemic has negatively impacted the market due to the varying levels of lockdowns implemented across the world. However, with the lockdowns being slowly lifted, the demand for smart parking systems is expected to bounce back, and sales of personal vehicles might also witness a rise due to growing concerns over safety in public transport.

Sophisticated features

Additionally, an increase in the number of smartphones users worldwide simultaneously increases the number of users to park, pay, and book the slots in advance over mobile apps. Favourable regulations, government policies, and investments are encouraging the implementation of smart parking systems for a seamless and user-friendly parking experience for drivers and operators. The increasing demand for sophisticated features, such as auto-payment options and voice guidance enabled through smartphone apps, is also anticipated to drive the growth of the market. Several parking lots are incorporating automatic number plate recognition (ANPR) systems to efficiently operate vehicles in parking areas and access control systems.

Helps solve smart city issues

The market is driven by factors such as the increasing availability of integrated automated solutions, advancements in wireless technologies, and developments in payment technologies. Moreover, smart cities are looking for sustainable mobility solutions to reduce pollution and lower congestion by allocating public and private spaces. These parking 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 reducing time spent by circling vehicles searching for parking spaces and improving accessibility as well as center attractiveness.

All sectors to show growth

The signage segment, the parking guidance system segment, the mobile app parking services, the off-street segment and the government segment are all expected to see a CAGR of between 20-23% over the forecast period, and the Asia Pacific area is predicted to witness the highest CAGR at 23.6%.  The governments across the region are improving parking management and reducing traffic congestion and air pollution which is expected to fuel the demand for smart parking systems in the region.

Key players

Some of the key players named by the researchers in the report as being active in this market include: Altiux Innovations, Amano McGann, Inc, Amco S.A,  BMW AG (Parknow GmbH, Parkmobile LLC), Cisco Systems, Inc,  Civicsmart, Inc, Deteq Solutions, Kapsch Trafficcom, Municipal Parking Services, Inc, Nedap N.V, Park Assist, Robert Bosch GmbH, Siemens AG, Skidata AG, Smart Parking Ltd., Swarco AG and Urbiotica, S.L, amongst others.