IoT Sensor Technology to Revolutionize Smart Parking Technology

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. Smart Parking is a parking system that includes sensors, cameras, and counting sensors embedded in the ground. These devices are frequently implanted in or placed closed to parking spaces to detect whether they are empty or occupied. The acquisition of real-time data accomplishes this. The information is subsequently sent to a smart parking mobile app or website, which notifies users of the availability. Other in-app details, such as parking costs and locations, are provided by some companies. This allows you to investigate every parking alternative available to you.

Market Dynamics

Market Drivers

  • Parking Problems are Increasing Across the Globe

Parking for residents and businesses is becoming increasingly problematic as the city's population expands. This method reduces the amount of time a user spends looking for an available parking spot by automating the determination of the appropriate parking floor and position. As a result, the need for smart parking has grown worldwide.

  • Rise in Demands for IoT-based Smart Parking Solutions

As the world's population expands, the rate of urbanization has accelerated. Thus, the number of people who own cars grows, creating a massive need for parking places. To reduce the assist ever-increasing burden of global traffic, automakers are implementing the internet of things (IoT) allowed and smart parking solutions. The growing popularity of data-driven operations and the benefits that come with them have increased the adoption of smart parking software around the world.

Market Restraints

  • Complex Design and High Implementation Costs

All components, including fuzzy logic, sensors, RFID, and the required assembly in smart parking, are more expensive. It is more costly because numerous components and sensors are merged in a single dielectric plate depending on compatibility. As a result, greater design complexity and higher initial installation costs stymie the smart parking market's widespread acceptance.

Market Opportunity

  • People are Investing More in Self-Driving Cars

Many automobile firms, including Tesla, Waymo, and Ford, have trialed a parking assistance feature in an autonomous vehicle that displays available parking spaces due to ongoing technological advancements. To address the issue of congestion for smart parking, software companies give frequent upgrades. The smart parking business is expected to see profitable growth soon as technology and infrastructure advancements continue.

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Segmental Insights

Parking sites, technology, solution, and geography have segmented the worldwide intelligent parking market. The market has been divided into two types of parking sites: on-street and off-street, with the off-street smart parking technology segment expected to develop the fastest. 

Off-street parking is becoming increasingly popular in places like companies, shopping malls, universities, airports, and train stations.

Furthermore, both on-street and off-street parking areas require network coverage. Because it is built on existing mobile networks, mobile IoT provides extensive coverage. It's designed to go deeper indoors and underground than existing networks, making it suitable for a wide range of parking lots. As a result, the IoT segment has the most significant market share. Security and surveillance, intelligent payment systems, e-parking, and license plate recognition are the four divisions based on the solution.

Regional Insights

Four regions make up the worldwide smart parking market: Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa.

Europe has the highest proportion of the worldwide smart parking market, followed by North America. In countries all around Europe, the growing usage of cameras and ultrasonic sensors in passenger cars is driving the demand for innovative parking solutions. Rapid urbanization has necessitated infrastructure and transportation growth, raising the need for parking assistance and intelligent parking systems.

Key Players

Some of the prominent players in the global smart parking market are

  • AMCO
  • Cisco Systems, Inc.
  • CivicSmart, Inc.
  • Continental AG
  • Huawei Technologies Co.
  • IEM SA
  • IPS Group, Inc.
  • Nedap
  • NEXPA
  • ParkMobile
  • Robert Bosch GmbH
  • Siemens
  • Smart Parking Systems – (A division of Intercomp S.p.A.)
  • Streetline
  • Urbiotica

Smart Parking Market Segmentation

By Parking Site

  • On-street
  • Off-street

By Application

  • Government
  • Commercial

By Technology

  • IoT
  • Ultrasonic
  • RFID

By Solution

  • Security & Surveillance
  • Smart Payment System
  • E-parking
  • License Plate Recognition

Recent Development

  • On 29 April 2022: General Motors is the first automaker to use Cisco wireless backhaul technology for pre-production vehicle real-time, high-speed performance testing. GM engineers use Cisco's industrial wireless networking to immediately examine key vehicle data and make data-driven choices.
  • On 29 March 2022: Cisco and Verizon are working together on a proof-of-concept that rethinks autonomous driving by virtualizing expensive roadside equipment.
  • On 5 May 2022: Fayetteville, Arkansas, switches to ParkMobile's contactless payment solution for all parking payments.
  • On 27 April 2022: Jacksonville, Florida, partners with ParkMobile to introduce mobile parking payments.

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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