Smart Parking Solutions Market expects a massive 21% CAGR growth during 2022-2032

A recently revamped report by Fact.MR estimates that the global smart parking solutions market is likely to surpass US$ 30 Bn in value by the end of the 2022-2032 forecast period, registering an astounding 21% value CAGR.  Increased traffic congestion is expected to drive demand for smart parking solutions over the coming decade.

From 2017 to 2021, demand for smart parking solutions experienced an incline at a CAGR of 18%. During the height of the COVID-19 pandemic, the industry experienced a moderate slump, attributed to reduced traffic flow across roads in the wake of stringent lockdowns and restrictions on public traveling.

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Market growth is expected to be driven by the increasing adoption of integrated automated solutions, as well as advancements in wireless and digital payment technologies. Among the technologies used to implement effective systems are machine-to-machine (M2M) communication, data analytics, advanced sensors, smart parking meters, and mobile applications for slot reservations and online payments.

Key Takeaways from the Market Study

• Global smart parking solutions market to be valued at US$ 4.4 Bn by 2022-end
• Germany to emerge as the fastest growing market, clocking a CAGR of 16%
• U.S to register a staggering 15% CAGR, amid rising traffic congestion across major cities
• Smart parking solutions uptake in China likely to increase at a CAGR of 12%
• Smart valet parking solutions to experience 9.9% Y-o-Y growth in 2022 over 2021
• Commercial smart parking solutions to account for nearly 40% revenue share

Growing traffic congestion problems is prompting automotive manufacturers and vehicle users alike to opt for internet and smart-enabled parking solutions, enabling an improvement in city decongestion, remarks a Fact.MR analyst.

Sophistication-driven Technological Advancements to Fuel Growth

Increasing penetration of wireless networking systems, IoT, and cloud-based services, has laid down the platform for innovations in the smart parking solutions market.

For instance, easy accessibility to affordable GPS, cloud software, smartphones, and smart sensors is resulting in the development of sophisticated systems that aid drivers in detecting the nearest empty parking spot in real-time.

The emergence of cashless transactions and e-payment facilities are further paving gateways to new opportunities for smart parking solution companies to explore. Moreover, developments in artificial intelligence and machine learning are aiding companies in making groundbreaking discoveries in the field.

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Competitive landscape

1. APT Skidata, one of the UK’s leading parking solutions companies, announced the launch of a new mobile-based digital solution in December 2020 to deliver greater operational efficiencies and enhanced financial returns to owners and operators of an individual or multiple car park.
2. Amco S.A. was awarded a contract by the Memphis Area Transit Authority (MATA) in the United States in February 2020.
3. In January 2019, China opened its first robotic diagonal smart parking garage in Nanjing, East China. It is a smart parking system that optimizes space utility, fuel efficiency, and cost-effectiveness in order to make cities more livable.

Key Companies Profiled

• Aisin Seiki Co.Ltd
• Amano McGann
• Amco S.A.
• Cisco Solutions
• Delphi Automotive PLC
• Kapsch
• Nedap N.V
• Parkmobile
• LLC
• Skidata AG

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Key Segments Covered in the Smart Parking Solutions Report

• By System Components & Services

  • Smart Parking Software
    • On-Premise
    • Cloud Based
  • Smart Parking System Devices
    • Entry/Exit Terminals
    • Card Readers
    • Validation Solution
    • Pay-on-Foot Solution
    • LPR System
    • Others
  • Smart Parking Professional Services
    • Consulting
    • Deployment and Customization
    • Maintenance and Support

• By Solutions

  • Smart Parking Access Control Solutions
  • Smart Parking Fee & Revenue Collection Solutions
  • Smart Parking Reservation Management Solutions
  • Smart Valet Parking Management Solutions
  • Smart Parking Guidance and Slot Management Solutions
  • Other Smart Parking Solutions (Parking Enforcement Management)

• By End Use

  • Smart Parking Solutions for Government and Municipalities
  • Smart Parking Solutions for Airports
  • Smart Parking Solutions for Corporate & Commercial Parks
  • Smart Parking Solutions for Commercial Institutions
  • Smart Parking Solutions for Healthcare
  • Smart Parking Solutions for Other End Uses (Tourist Destinations and Hospitality Sector)

Check Out More Related Studies Published By Fact.MR Research: https://www.prnewswire.com/news-releases/vehicle-tracking-system-market-to-grow-three-fold-amid-growing-focus-towards-improving-vehicle-and-passenger-safety-301621145.html