The global smart parking systems market size is expected to reach USD 16.06 billion by 2028 according to a new study by Polaris Market Research. The report “Smart Parking Systems Market Share, Size, Trends, Industry Analysis Report, By Hardware; By Software (Guidance System, Analytics Solution); By Service; By Application; By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The key factors favouring the global market growth include the increasing rate of adoption of vehicles with an ever-increasing level of urbanization, surge in concerns related to space worldwide, particularly in developing economies, and the substantial growth in demand for advanced technologies, such as IoT, in the automobile industry is one of the integral factors accelerating the market growth. Furthermore, automakers’ increasing investments in driverless vehicles globally, along with the rise in government initiatives to build intelligent city projects, are driving the market forward.
Based on software, the guidance system is the dominating segment in the global industry. It proactively delivers information on unfilled spaces, guidelines, and duration of availability that will boost the segment. Whereas analytics solutions are projected to grow at the fastest CAGR in the overall industry, owing to the increasing capability of the sensors installed on numerous structures, such as light poles.
With a significant surge in the number of intelligent city projects over the past decade, smart systems have witnessed a higher demand. According to the Consumer Technology Association, the spending on intelligent city projects reached almost USD 35.35 billion in 2020, globally.
With the rising rate of intelligent city spending, consumers are shifting their interest towards digital solutions for vehicle parking; thereby, the adoption of intelligent systems is growing worldwide.
Polaris Market Research has segmented the smart parking systems market report based on hardware, software, service, application, and region:
Smart Parking Systems, Hardware Outlook (Revenue – USD Billion, 2016 – 2028)
- Pucks (wireless sensors)
- Cameras and LPRs
- Smart Meter
- Parking Gates
Smart Parking Systems, Software Outlook (Revenue – USD Billion, 2016 – 2028)
- Parking Guidance System
- Analytics Solution
Smart Parking Systems, Service Outlook (Revenue – USD Billion, 2016 – 2028)
- Consulting Service
- Engineering Service
- Mobile App Service
Smart Parking Systems, Application Outlook (Revenue – USD Billion, 2016 – 2028)
- Transport Transit
Smart Parking Systems, Regional Outlook (Revenue – USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa