Overview of the Global Smart Parking Market: Key Statistics and Trends:

According to the latest report by MarkNtel Advisors, titled “Global Smart Parking Market By Component (Hardware [Pucks, Cameras & LPRs, Smart Meters, Others], Software [Parking Guidance System, Security & Surveillance, Parking Reservation Management, Valet Parking Management, Analytics & Reporting, Others], Services [Consulting Services, Engineering Services, Others]), By Technology (Ultrasonic Technology, Sensor-based, RFID, Others), By Parking Type (On-Street, Off-Street), By Application (Commercial, Government) and others, The Global Smart Parking Market size was valued at USD 6.28 billion in 2023 and is projected to reach USD 24.03 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 18.4% during the forecast period, i.e., 2024-30. The report provides a thorough analysis of the market, covering competitor dynamics, regional insights, and a detailed breakdown of industry segments.

Global Smart Parking Market Growth and Scope:

Base Year: 2023

Forecast Period: 2024-30

Historical Data: 2019-22

CAGR (2024-2030): 18.4%

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Global Smart Parking Market Challenge:

High Implementation Costs & Complexities Associated with Configuration – The substantial capital investment required to build a smart parking infrastructure or space poses a significant challenge to the overall market growth. The initial setup of smart parking infrastructure requires the integration of advanced sensors, IoT devices, communication networks, software, etc., which causes a significant financial burden on the end users. The technologies involved in smart parking solutions are often expensive to procure & install, which requires substantial budgets to operate an entire smart parking facility. Moreover, the retrofitting of existing parking spaces with new technology, sensors, transponders, software, etc., requires additional modifications, which further surge the costs of smart parking.

Additionally, the integration of various technologies, wiring, IoT devices, etc., in the parking systems adds a layer of complexity in calibration and configuration. This complexity creates the demand for skilled professionals and experts to optimize and operate the entire system, which increases the overall expense of smart parking infrastructure. Thus, these issues with technology and interoperability of advanced solutions and components make end users skeptical about their adoption, thus impeding the proliferation of smart parking solutions.

A Comprehensive Analysis of Leading Companies of Smart Parking Market by MarkNtel Advisors:

• Robert Bosch GmbH
• Valeo S.A.
• Continental AG
• Siemens AG
• Amano Corporation
• Park Assist
• Nedap Identification Systems
• AppyWay
• Parkeagle B.V.
• Urbiotica
• Swarco
• Altiux
• IPS Group
• IEM S.A.
• Inrix

Key Smart Parking Market Segmentation:

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-By Technology

• Ultrasonic Technology
• Sensor-based
• RFID
• Others

Ultrasonic Technology is expected to hold a significant market share driven by its cost-effectiveness and better reliability.

-By Application

• Commercial
• Government

The Commercial segment is expected to gain a considerable market share in the Smart Parking Market owing to the rising incorporation of smart parking solutions in commercial spaces, such as offices, entertainment centers, shopping malls, retail complexes, etc.,

-By Component

• Hardware– Market Size & Analysis, 2019-2030F, USD Million
• Software– Market Size & Analysis, 2019-2030F, USD Million
• Services– Market Size & Analysis, 2019-2030F, USD Million

-By Parking Type

• On-Street– Market Size & Analysis, 2019-2030F, USD Million
• Off-Street– Market Size & Analysis, 2019-2030F, USD Million

Geographical Analysis

-By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

North America is expected to hold a substantial market share due to the increasing deployment of smart parking solutions in the commercial and government sectors.

Key Reports Highlights:

• Market Dimensions & Projections
• Pricing Evaluation,
• Recent Strategic Moves by Companies,
• Primary Stakeholders,
• Analysis of Import and Export Trends,
• Competitive Landscape Assessment,
• Emerging Opportunities,
• Market Trends and Indicators

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Key Advantages of the Report by MarkNtel Advisors:

• Accurate Revenue Projections: The report provides precise revenue estimates for the market and its key sub segments, benefiting both market leaders and new entrants.
• Strategic Insights for Stakeholders: By understanding the competitive landscape, stakeholders can strategically position their businesses and develop effective go-to-market strategies.
• Comprehensive Market Dynamics Analysis: The report offers valuable insights into the key drivers, restraints, challenges, and opportunities within the market, helping stakeholders make well-informed decisions.

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