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Smart Parking Solutions Market is expected to generate a revenue of USD 11.793 Billion by 2026, Globally, at 10.66% CAGR: Verified Market Research®

Verified Market Research
Verified Market Research

Rapid urbanization, a steady rise in the number of vehicles, and technological advancements in this segment are anticipated to drive the smart parking solution during the forecasted period.

Jersey City, New Jersey, Sept. 29, 2022 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Smart Parking Solutions Market” By Type (System Devices, Parking Software, and Professional Services), By Application (Commercial Use, Residential Use, and Government Use), and By Geography.

As per the deep research carried out by Verified Market Research, the global Smart Parking Solutions Market was valued at USD 5.250 Billion in 2018 and is projected to reach USD 11.793 Billion by 2026, growing at a CAGR of 10.66 % from 2019 to 2026.

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Browse in-depth TOC onSmart Parking Solutions Market

202 - Pages

126 – Tables

37 – Figures

Global Smart Parking Solutions Market Overview

Smart parking solutions are intended to provide drivers an ultimate solution on their journey from the beginning to the end. Smart parking is the most effective solution for parking space usage, improve efficiency in parking, and enable free traffic flow. It is the best approach to resolve parking issues like insufficient parking space in heavily populated areas, inefficient use of existing parking capacity, struggle to find an open parking slot in a large parking space, confusion in finding your vehicle in a large parking lot, traffic problems created due to poorly designed parking spaces and waste of time & fuel while searching other resources.

smart parking solution eliminates the need for guards that help find a parking spot and one who also collects tickets. Robust innovations are revolutionizing the parking experience. Innovations include wireless sensor-based technology, dynamic messaging, parking sensors, and administrative facilities for viewing data on parking, provision of real-time parking data to citizens, as well as the instant regulation of parking areas. There are certain restraints and challenges faced which can hinder the market growth. Factors such as non-availability of supporting infrastructure and higher implementation cost are likely to act as market restraints

Key Players

The major players in the market are Robert Bosch GmbH, Continental AG, Valeo S.A., Delphi Automotive PLC, Aisin Seiki Co., Ltd, Siemens AG, Xerox Corporation, Cubic Corporation, Amano Corporation, Kapsch Trafficcom AG.

Verified Market Research has segmented the Global Smart Parking Solutions Market On the basis of Type, Application, and Geography.

  • Smart Parking Solutions Market, By Type

    • System Devices

    • Parking Software

    • Professional Services

  • Smart Parking Solutions Market, By Application

    • Commercial Use

    • Residential Use

    • Government Use

  • Smart Parking Solutions Market, by Geography

    • North America

      • U.S

      • Canada

      • Mexico

    • Europe

      • Germany

      • France

      • U.K

      • Rest of Europe

    • Asia Pacific

      • China

      • Japan

      • India

      • Rest of Asia Pacific

    • ROW

      • Middle East & Africa

      • Latin America

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