Global Smart Parking Systems Market to Reach $11.89 Billion by 2030
- VynZ Research
- Sep 19, 2023
- 3 min read
The global smart parking systems market is expected to grow at a CAGR of 10.57% from 2022 to 2030 to reach $11.89 billion by 2030.
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The growth of the smart parking systems market is attributed to a number of factors, including:
Increasing traffic congestion in urban areas
Rising demand for parking solutions
Growing government initiatives to promote smart city development
Technological advancements in IoT, AI, and big data
Smart parking systems use a variety of sensors and technologies to collect data on parking availability, occupancy, and traffic conditions. This data is then used to provide drivers with real-time information on where to find available parking spaces and to optimize traffic flow.
Key Market Drivers
Increasing traffic congestion in urban areas: Traffic congestion is a major problem in urban areas around the world. Smart parking systems can help to reduce traffic congestion by providing drivers with real-time information on where to find available parking spaces.
Rising demand for parking solutions: The demand for parking solutions is increasing due to the growing number of vehicles on the road. Smart parking systems can help to meet this demand by making it easier for drivers to find available parking spaces.
Growing government initiatives to promote smart city development: Governments around the world are increasingly investing in smart city initiatives. Smart parking systems are one of the key components of smart city development.
Technological advancements in IoT, AI, and big data: Technological advancements in IoT, AI, and big data are enabling the development of more sophisticated and efficient smart parking systems.
Key Market Trends
Growing demand for cloud-based smart parking systems: Cloud-based smart parking systems are gaining popularity due to their affordability, scalability, and ease of use. Cloud-based smart parking systems can be deployed and managed remotely, which can save businesses time and money.
Increasing adoption of smart parking sensors: Smart parking sensors are used to collect data on parking availability and occupancy. The data collected by smart parking sensors can be used to provide drivers with real-time information on where to find available parking spaces and to optimize traffic flow.
Integration of smart parking systems with other smart city solutions: Smart parking systems are being increasingly integrated with other smart city solutions, such as traffic management systems and public transportation systems. This integration allows for more efficient and coordinated management of urban transportation systems.
Competitive Landscape
The global smart parking systems market is highly competitive, with a number of domestic and international players vying for market share. Some of the key players in the market include:
Siemens AG
Bosch Group
IBM Corporation
Cisco Systems, Inc.
Xerox Corporation
Parkeon SA
Parkex International Corporation
Smart Parking Limited
Flowbird Group
Passport Labs, Inc.
Parkmobile USA, Inc.
Conclusion
The global smart parking systems market is expected to witness significant growth in the coming years, driven by the increasing traffic congestion in urban areas, rising demand for parking solutions, growing government initiatives to promote smart city development, and technological advancements in IoT, AI, and big data.
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