Smart Parking Systems Market Share, Size | Global Report 2025

Smart Parking Systems Market to 2025 - Global Analysis and Forecasts by Parking Site, Method and End-user Industry

Publication Month : Sep 2016

  • Report Code : TIPTE100000102
  • Category : Electronics and Semiconductor
  • Status : Published
  • No. of Pages : 175
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The smart parking systems market was valued at US$ 398.6 million in 2016 and is projected to reach US$ 1,462.3 million by 2025; it is expected to grow at a CAGR of 15.7% during 2017–2025.

Parking has been a challenging issue, especially in the urban landscape, where 30% – 40% of all traffic congestion is mainly caused by drivers struggling to find a parking space. Increasing number of vehicles running on road, surging sizes of vehicles in the luxurious segment, and decrease in the available parking space are influencing the traffic congestion, making it an alarming issue globally. Also, limited availability of data required to guide a driver’s decisions tend to waste lot of time, subsequently fuelling the parking woes in urban areas. This also causes environmental damages such as increase in carbon dioxide emissions, sound pollution, and land contamination. Somewhere, these parking related issues are also impacting the revenues of local businesses in urban areas. Due to unavailability of proper parking space, many local retail shops tend to lose huge business, significantly impacting their incomes directly.

Parking in itself is a huge industry comprising revenues of more than $100 billion globally, and smart parking systems market is emerging as an attractive potential market for flourished as well as new parking players.
Smart parking systems market currently is experiencing significantly high growth in several developed geographical regions, and is expected to foresee exponential growth in other areas globally in the coming years.

Lucrative Regions for Smart Parking Systems Market

Lucrative Regions for Smart Parking Systems Market
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Market Insights–Smart Parking Systems Market

Growth in The Implementation of IoT Based Smart City Programs

A smart city utilizes the power of technology to run processes efficiently and smoothly making smart parking system as a vital fragment of its framework. Smart technology possesses significant power to maximize the most critical assets of its customers and register responsible development by providing better efficiency, revenue growth, contributing to sustainable future. The graph below depicts the share of investment made in various critical aspects of smart cities, where smart transportation exhibits a significant growth in its investment. Parking being the major concern in modern transportation sector, is expected to gain high attention in coming years. One of the most helpful aspects of a smart city is using technology to ease traffic and parking woes.


Parking Sites Segment Insights

Based on parking sites, the smart parking systems market is segmented into off-street and on-street. On-street parking refers to parking of vehicles on the road side itself, and is majorly controlled by government agencies. On the other hand, in off-street parking vehicles are parked in garages or specific parking areas, being controlled by commercial agencies.


Components Segment Insights

Intelligent/smart parking systems comprises majorly of two elements, namely; hardware and software. To support smooth functioning of these two elements concerned services are provided. So, in this research study we have segmented the smart parking systems market into three components; hardware, software, and services. The total revenues in the global smart parking systems market comprises of accumulated revenues coming from these three components.

End-user Industries Segment Insights

Based on end-user industries, the smart parking systems market is segmented into transport facilities, government & municipalities, commercial institutions, and corporate institutions. The airports in the transportation facilities are the major contributors to the smart parking systems market.  As number of footfalls in such places is high and therefore management of parking spaces has become a priority making therefore transportation facilities capture the most of market. However, the government authorities are also initiating the adoption of smart parking for public parking spaces such as on-street parking and public garages.

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Smart Parking Systems Market: Strategic Insights

Market Size Value inUS$ 398.6 Million in 2016
Market Size Value byUS$ 1,462.3 Million by 2025
Growth rateCAGR of 15.7% from 2017-2025
Forecast Period2017-2025
Base Year2017
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The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.

2017:Amano Mcgann extended its partnership with one of its oldest dealers PSX to Colorado.
2017:Valeo and Cisco announced a cooperation agreement to develop strategic innovations in smart mobility services.
2017:Smart Parking announced that it won a new contract in New Zealand, chosen by Wilson Parking New Zealand as the preferred supplier of sensor and bay-finding technology at nine new sites.
2017:Smart Parking launched its newly designed SmartSpot IoT Gateway, with new and improved features adapted to meet the needs of smart city.

The Global Smart Parking Systems Market has been Segmented as Follows:

Smart Parking Systems Market – by Parking Sites

  • Off-Street
  • On-Street

Smart Parking Systems Market – by Vehicle Type

  • Hardware
  • Software
  • Services

Smart Parking Systems Market – by End User Industries

  • Transport Facilities
  • Government & Municipalities
  • Commercial Institutions
  • Corporate Institutions

Smart Parking Systems Market – by Geography

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • UK
    • Russia
    • Rest of Europe
  • Asia Pacific (APAC)

    • China
    • India
    • South Korea
    • Japan
    • Rest of APAC
  • Middle East & Africa (MEA)

    • South Africa
    • Rest of MEA
  • South America (SAM)

    • Brazil
    • Argentina
    • Rest of SAM  

Smart Parking Systems Market – Companies Profiles

  • Amano McGann, Inc.
  • Cisco Systems, Inc.
  • Kapsch
  • Nedap N.V
  • Parkmobile, LLC
  • Parkmobile, LLC
  • Skidata AG
  • Smart Parking Ltd.
  • Swarco AG
  • Urbiotica
  • Xerox Corp.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Parking Site, Method and End-user Industry

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

The List of Companies

- Cisco Systems, Inc.
- Amano McGann, Inc.
- Smart Parking Ltd.
- Urbiotica
- Skidata AG
- Swarco AG
- Parkmobile, LLC
- Nedap N.V
- Kapsch
- Xerox Corp.
- Parkmobile, LLC

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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