Smart Parking Technologies Market Size Projected to Garner Significant Revenues By 2021 – 2030
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The term "smart parking technologies" refers to the application of various technologies, such as cameras, detectors, and smart bias, to enhance the efficacy and ease of parking in various surroundings, such as public spaces, airports, and commercial parking lots. Smart parking systems provide several important advantages, including shorter search times for parking spaces, improved business inflow, and fewer carbon emissions from moving cars. Due to the increasing need for efficient and accessible parking solutions as well as the expanding abandonment of smart megacity technologies, it is projected that the market for smart parking would increase dramatically globally in the next years. Siemens AG, IBM, Cisco Systems, Inc., and Xerox Corporation are significant participants in the smart parking market.
Smart Parking Technologies Market: Size and Share
The global smart parking market size was valued at 5.23 USD billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 13.6% from 2022 to 2030 and reach around 16.54 USD billion.
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Smart Parking Technologies Market: Report Scope |
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Base Year Market Size |
2022 |
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Forecast Year Market Size |
2023-2032 |
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CAGR Value |
13.6% |
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Segmentation |
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Challenges |
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Growth Drivers |
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Smart Parking Technologies Market Key Drivers
Some key drivers that are expected to drive the growth of the smart parking market are:
1. Increased market for efficient and convenient parking solutions: As urbanization and population growth continue to increase, the market for effective and accessible parking results is also anticipated to increase. Smart parking technologies can help palliate the problem of limited parking space and reduce the time and frustration associated with chancing a parking spot.
2. Growing adoption of smart city technologies: The conception of smart metropolises, which involves the use of colorful technologies to ameliorate the quality of life and effectiveness of civic areas, is gaining fashion ability around the world. Smart parking technologies are an integral part of smart megacity enterprise, and the adoption of these technologies is anticipated to increase as further metropolises apply smart megacity enterprise.
3. Government initiatives and regulations: Governments all around the world are pushing for the abandonment of smart parking technology as a way to lessen commercial traffic and enhance the general efficacy of public spaces. Incentives and laws are being implemented to promote the abandonment of these technologies.
4. Technological advancements: In the realm of smart parking, there have been considerable technical breakthroughs recently, including the creation of more sophisticated detectors and improved data processing capabilities. It is projected that these developments would lead to the abandonment of smart parking systems.
5. Increasing market for electric vehicles: Given that electric cars have specific charging stations, it is projected that a rising market for electric vehicles would lead to the abandonment of smart parking technology. Utilizing smart parking technology, the availability and usage of these charging stations may be efficiently managed.
Smart Parking Technologies Market Challenges
Some challenges that may impact the growth of the smart parking market are:
1. High upfront costs: The high outright costs associated with policing these systems are one of the biggest obstacles to the abandonment of smart parking technology. Because installing detectors, cameras, and other equipment might be expensive, some organizations may choose not to enforce these systems.
2. Lack of standardization: The absence of technology and protocol standardization is another issue with the smart parking proposal. The difficulty of multiple systems interacting due to the lack of standardization may deter certain associations from supporting these technologies.
3. Privacy concerns: Some individuals may feel threatened by the deployment of cameras and other detectors in smart parking systems. In some instances, these businesses could make it more difficult to abandon this technology.
4. Technical challenges: There are additional specialized difficulties with implementing smart parking systems, such as determining the dependability and prudence of detectors and other equipment. The efficacy and abandonment of these systems may be impacted by these difficulties.
5. Competition from traditional parking solutions: Despite the advantages that smart parking technologies provide, some associations could be hesitant to borrow these systems because of their perception of their complexity and lack of knowledge about them. This might result in rivalry with conventional parking options, such as parking lots and garages.
Smart Parking Technologies Market Segmentation
Segmentation of the smart parking market are:
- Based on technology: sensors, cameras, smart devices, and software.
- Based on end-user: airports, commercial parking lots, hospitals, and universities.
- Based on application: on-street parking and off-street parking.
- Based on region: North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Smart Parking Technologies Market Regional Synopsis
Some of the key regions for the smart parking market
1. North America: Due to the increasing need for efficient and accessible parking solutions as well as the expanding abandonment of smart megacity technologies in the area, North America is predicted to play a significant role in the smart parking market.
2. Europe: Due to the existence of several smart metropolises there and the growing market for efficient parking solutions, Europe is also predicted to be a substantial market for smart parking technology.
3. Asia-Pacific: The Asia- Pacific region is anticipated to be a major market for smart parking technologies due to the rapid-fire urbanization and population growth in the region. The adding market for effective parking results and the adoption of smart megacity technologies are anticipated to drive the growth of the smart parking market in the Asia- Pacific region.
4. Latin America: Latin America is anticipated to be a growing market for smart parking technologies, due to the adding market for effective parking results and the adoption of smart megacity technologies in the region.
5. Middle East and Africa: The Middle East and Africa are also anticipated to be significant markets for smart parking technologies, due to the adding market for effective parking results and the adoption of smart megacity technologies in the region.
Smart Parking Technologies Market Key Players
Some key players in the global smart parking market are:
- Siemens AG
- IBM
- Cisco Systems, Inc.
- Xerox Corporation
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- Publication date: Aug 2023
- Base year: 2022
- Forecast year: 2023-2033
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