Global Smart Parking Market Comprehensive Analysis and Forecast 2024 to 2030

Global Smart Parking Market Overview: 2024-2030

Base Year: 2023

Historical Years:  2019-22

Forecast Years: 2024-2030

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 Global Smart Parking Market is going through significant growth due to multiple drivers like technological advancements and, of course, increasing healthcare needs. The increase in road accidents throughout the country creates a greater demand for X-rays.

Markntel Advisor’s Global Smart Parking Market Insights report provides the current and forecast market analysis, individual leading companies' market shares, challenges, Global Smart Parking Market drivers, barriers, Global Smart Parking Market Trends, and Key Players in Global Smart Parking Market.

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Global Smart Parking Market Dynamics: 2024-2030

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.

Browse Full Report with Detail Analysis – https://www.marknteladvisors.com/research-library/smart-parking-market.html

Global Smart Parking Market (2024-30): Segmentation Outlook

The market report has segmented the market into the following categories:

By Component

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

-Pucks– Market Size & Analysis, 2019-2030F, USD Million

-Cameras & LPRs– Market Size & Analysis, 2019-2030F, USD Million

-Smart Meters– Market Size & Analysis, 2019-2030F, USD Million

-Others (Signage, Parking Gates, etc.) – Market Size & Analysis, 2019-2030F, USD Million

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

-Parking Guidance System– Market Size & Analysis, 2019-2030F, USD Million

-Security & Surveillance– Market Size & Analysis, 2019-2030F, USD Million

-Parking Reservation Management– Market Size & Analysis, 2019-2030F, USD Million

-Valet Parking Management– Market Size & Analysis, 2019-2030F, USD Million

-Analytics & Reporting – Market Size & Analysis, 2019-2030F, USD Million

-Others (Payment & Billing, Enforcement and Violation Management, etc.)– Market Size & Analysis, 2019-2030F, USD Million

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

-Consulting Services– Market Size & Analysis, 2019-2030F, USD Million

-Engineering Services– Market Size & Analysis, 2019-2030F, USD Million

-Others– Market Size & Analysis, 2019-2030F, USD Million

By Technology

-Ultrasonic Technology– Market Size & Analysis, 2019-2030F, USD Million

-Sensor-based – Market Size & Analysis, 2019-2030F, USD Million

-RFID– Market Size & Analysis, 2019-2030F, USD Million

-Others – 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

By Application

-Commercial– Market Size & Analysis, 2019-2030F, USD Million

-Government– Market Size & Analysis, 2019-2030F, USD Million

By Region

-North America

-South America

-Europe

-The Middle East & Africa

-Asia-Pacific.

Note - If there are any particular details you need that are not currently included in the report, we will be happy to provide them as part of our customization services.

Top Companies Operating in the Global Smart Parking Market:

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, Others.

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