The North America smart parking system market size is expected to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the growing road traffic and overcrowding space for vehicle parking in residential areas.
Smart parking system includes the use of advanced technology in the management of vehicle parking areas to avoid traffic congestion or easily location of public parking arena. The system allows users to find a public-accessible vacant spot for parking their vehicles in nearby location by using data showing a real time parking map. Several advanced technologies are basically employed to generate accurate result of the parking space, which can be easily accessible using web/mobile application and Internet of Things (IoT)-based system that sends data for free. However, the facility of such smart parking comes with a little cost to drivers as they need to pay marginal fees to those service providers of such parking system.
The market has been adversely affected due to movement restriction and travel ban imposed by several governments across the globe in an attempt to curb the spread of COVID-19 virus. Temporary closure of airports, malls, theaters, and hotels, impacted by sudden implementation of emergency lockdown has further escalated the negative impact of the pandemic on the market. However, the market is slowly coming back to its normal track as the world has witnessed a sharp decline of coronavirus cases.
The report on the North America smart parking system market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Smart Parking System Market – North America Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018–2019 |
Forecast Period |
2021–2028 |
Segmentation |
Software (Analytics Solutions and Parking Guidance System), Types (On-street and Off-street {Garage Parking and Lot Parking}), Applications (Government, Commercial, and Transport Transit), Hardware (Parking Gates, Smart Meters, Pucks, Cameras & LPRs, and Signage), and Services (Engineering Services, Consulting Services, and Mobile App Parking Services [Reservation Apps, Enforcement Apps, Way-finding Apps, and Payment Apps]) |
Countries |
The US and Canada |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
Altiux Innovations; ParkMe, Inc.; Robert Bosch GmbH; Siemens AG; BMW AG (ParkNow GmbH); SKIDATA AG.; Conduent, Inc.; Amano McGann; Cisco Systems, Inc.; Streetline, Inc.; and Parkmobile LLC |
On the basis of software, the market is bifurcated into parking guidance system and analytics solutions. The parking guidance system segment is projected to expand at a considerable CAGR during the forecast period due to wide use of the software that help motorists or drivers save time in finding details of vacant spaces of various parking system. The software provides detailed information regarding parking guidelines, number of available spaces, and duration of availability.
Based on types, the North America smart parking system market is bifurcated into on-street and off-street. The off-street parking segment is projected to expand at a healthy growth rate during the forecast period owing to the rising assumption of off-street parking that can provide the increasing need to accommodate and utilize space for many cars in a single slot. On the other hand, the on-street segment is anticipated to account for a major market share during the forecast period due to several benefits as smartphone applications allow users to track the availability of parking spaces in real-time.
On the basis of applications, the market is segmented into commercial, government, and transport transit. The commercial segment is likely to dominate the market in the coming years due to the rising adoption of smart parking systems at shopping malls, theaters, corporate buildings, sports complexes, and among other public venues. On the other hand, the transport transit segment is anticipated to account for a major market share during the forecast period due to rising visit to airports due to increasing number of people for air travel.
In terms of hardware, the North America smart parking system market is divided into parking gates, pucks, smart meters, cameras & LPEs, and signage. The parking gates segment is expected to grow at a rapid pace during the forecast period owing to the rising condition for on-street parking expansion across various cities. However, the cameras & LPEs segment is anticipated to hold a key share of the market in the coming years due to the increasing use of technologies including human-computer interaction and image processing for vehicle entry and exit.
Based on services, the market is divided into consulting services, engineering services, and mobile app parking services. The engineering service segment is projected to account for a large revenue share of the market owing to the rising availability of semi-autonomous cars, autonomous, and developed economies. However, the consulting services segment is anticipated to hold a key share of the market in the coming years due to rising requirement of advanced consulting services to address any other segment management needs including learning the use of a customizing a parking space and smart parking application.
In terms of countries, the North America smart parking system market is classified as the US and Canada. The US is expected to constitute a key share of the market during the projected period owing to the rising number of vehicles’ owners and wide acceptance of smart technology for parking system in the country. On the other hand, the market of Canada is anticipated to expand at a rapid pace during the forecast period due to high adoption of the related technologies and smart cities concept including autonomous vehicles.
Key players competing in the North America smart parking system market are Altiux Innovations; ParkMe, Inc.; Robert Bosch GmbH; Siemens AG; BMW AG (ParkNow GmbH); SKIDATA AG; Conduent, Inc.; Amano McGann; Cisco Systems, Inc.; Streetline, Inc.; and Parkmobile LLC. In February 2020, Amco S.A. was awarded with an agreement by the Memphis Area Transit Authority (MATA), the US for an agreement fare collection system.
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