Rapid Integration of AI and ML Enhancing Capabilities of Smart Parking Solutions
Rockville , April 10, 2024 (GLOBE NEWSWIRE) — Numerous smart city initiatives across the world are set to push the global smart parking solution market from a value of US$ 6.3 billion in 2024 to US$ 39.2 billion by the end of 2034. According to this revised study by Fact.MR, the market has been projected to expand at a CAGR of 20% between 2024 and 2034.
Technological advancements such as integration of artificial intelligence (AI), machine learning (ML), Internet of Things (IoT), and smart sensors are set to boost the smart parking solution market growth during the next 10 years. The infrastructure development projects and growing traffic congestion are also boosting the demand for smart parking solutions.
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Related Market Projections for 2034
| Intelligent Traffic Management Systems Market | US$ 40 Billion |
| Parking Management System Market | US$ 12.16 Billion |
| Parking Services Market | US$ 220 Billion |
Constantly increasing automobile ownership, particularly in urban cities, is contributing to the high need for advanced parking solutions. During the peak hours finding parking becomes more difficult, smart parking solutions helps to mitigate such issues in just one click. Smart parking software offers real time information to drivers as well as they can easily book parking slot in just a click.
Smart parking solutions are widely popular in North American and European countries. The rising awareness and presence of tech savvy consumers is mainly driving sales of smart parking solutions in these regions. The migration of people towards urban cities is set to boost the deployment of smart parking solutions in the Asia Pacific region.
Key Takeaways from Market Study
- Global demand for smart parking solutions is forecasted to evolve at a CAGR of 20% from 2024 to 2034.
- The United States market for smart parking solutions is calculated at US$ 700 million for 2024.
- Sales of smart parking solutions in Japan are projected to reach US$ 2.7 billion by 2034.
- Smart parking software is estimated to hold 60% of the global market share in 2024.
“Mobile app smart parking solutions gaining popularity due to their easy-to-use characteristic,” says a Fact.MR analyst.
Competitive Landscape
The smart parking market is characterized by the presence of leading companies and start-ups. Key market players are focused on boosting their market position through mergers, collaborations, and global expansions. Start-ups are concentrating on the production of parking solutions with advanced features. This tactic is expected to attract a wider consumer base and boost their profit shares.
Some of the new companies in the smart parking solution market include Parkwise, PayBySky, Stanley Robotics, Smart Parking, and Cleverciti Systems.
Key Companies Profiled
- Amco S.A.
- Cisco Systems, Inc.
- Altiux Innovations
- Deteq Solutions
- Flowbird
- Swarco AG
- Urbiotica, S.L.
- Meter Feeder, Inc.
- ParkJockey
- ParkMe Inc.
- Amano McGann, Inc.
- CivicSmart, Inc.
- Robert Bosch GmbH
- Siemens AG
- SpotHero, Inc.
- Mindteck
- ParkHelp Technologies
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Regional Analysis
Smart parking providers are poised to find abundant opportunities across North American countries in the foreseeable future. Projections indicate that the North American market is anticipated to surge to a value of US$ 9.5 billion by the year 2034.
The sales of smart parking solutions in the United States are propelled by several factors, including the robust automotive industry, escalating demand for automotive sensors, and growing investments in infrastructure development. Additionally, the presence of diverse technology firms, favorable government policies, and financial backing for startups through subsidies are anticipated to render the United States a lucrative market for smart parking solution providers.
Moreover, the escalating traffic congestion in metropolises like New York and Los Angeles, alongside a heightened awareness of contemporary traffic control and parking solutions, is fueling the expansion of the smart parking solution market in the United States.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global smart parking solution market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights on the market based on system component & service (smart parking software, smart parking system devices, smart parking professional services), solution (access control solutions, parking fee & revenue collection solutions, parking reservation management solutions, valet parking management solutions, parking guidance and slot management solutions, others), and end use (government & municipalities, airports, corporate & commercial parks, commercial institutions, healthcare, others), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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