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According to the estimates by IMARC Group, the global smart parking market is expected to witness a CAGR of 14% from 2021 to 2026.
The increasing demand for efficient control systems to assist smooth flow of traffic in congested areas represents one of the key drivers for the global smart parking market.
The growing number of green and smart cities, industrial parks and economic zones to reduce carbon dioxide emissions represents one of the key trends in the global smart parking market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary shutdown of numerous manufacturing units pertaining to the components of smart parking systems.
On the basis of the technology, the market has been segregated into ultrasonic sensors, radar sensors, image sensors, Internet of Things (IoT) and others. Among these, ultrasonic sensors represent the largest segment.
On the basis of the component, the market has been segmented into hardware, software and services. At present, hardware segment represents the leading category in the market.
On the basis of the solution, the market has been bifurcated into security and surveillance, valet and parking reservation, and license plate recognition. Currently, security and surveillance solution holds the majority of the total market share.
On the basis of the vertical type, the market has been divided into government and municipalities, commercial institutions, corporate institutions, transport facilities, and others. Among these, commercial institutions represent the largest segment.
On the basis of the parking site, the market has been segmented into off-street parking and on-street parking. At present, off-street parking exhibits a clear dominance in the market.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
The key companies in the global smart parking market are Valeo S.A., Continental AG, Robert Bosch GmbH, Kapsch TrafficCom AG, Cubic Corporation, TKH Group-Park Assist., Streetline Inc., Cisco Systems Inc., ParkMe Inc., Urbiotica, Skidata AG, Amano McGann Inc., Swarco AG, Smart Parking Ltd, Nedap N.V., Delphi Automotive PLC, Aisin Seiki Co. Ltd, Siemens AG, Xerox Corporation, etc.
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