North America Smart Parking System Market by 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), Services (Engineering Services, Consulting Services, and Mobile App Parking Services [Reservation Apps, Enforcement Apps, Way-finding Apps, and Payment Apps]), and Countries (the US and Canada) –Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
North America Smart Parking System Market Outlook 2031
The North America smart parking system market size was USD 2.33 Billion in 2022 and is expected to reach USD 8.20 Billion by 2031 expand at a significant CAGR 41.2% during the forecast period, 2023–2031. 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.
North America Smart Parking System Market Trends, Drivers, Restraints, and Opportunities
- Rising traffic congestion and increasing needs for more systematic parking system by city administrations are expected to boost the market during the forecast period.
- Increasing availability of advanced technology for easy management of parking space such as the advancements in wireless, automated solutions, as well as digital payment technologies are key factors boosting the market.
- Rising number of personal and commercial vehicle owners with limited space for public parking system further fuel the market.
- Issues concerning to inaccurate direction of the software on drivers’ devices and equipment installed in vehicles are major challenges that can restrict the market expansion.
- High penetration of the Internet and wide access to smart devices having installed with map technology to find easy route and avoid traffic congestion are key factors offering several opportunities for the market expansion.
Scope of The North America Smart Parking System Market Report
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.
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Attributes |
Details |
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Report Title |
Smart Parking System Market – North America Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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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]) |
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Countries |
The US and Canada |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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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 |
North America Smart Parking System Market Segment Insights
Parking guidance system segment to expand at a considerable CAGR
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.
Off-street parking segment to expand at a healthy growth rate
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.
Commercial segment to dominate the market
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.
Parking gates segment to grow at a rapid pace
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.
Engineering service segment to account for a large revenue share
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.
US market to constitute a key market share
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.
2. Assumptions and Acronyms Used
3. Research Methodology
4. Smart Parking System Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Smart Parking System Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Smart Parking System Market - Supply Chain
4.5. Global Smart Parking System Market Forecast
4.5.1. Smart Parking System Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Smart Parking System Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Smart Parking System Market Absolute $ Opportunity
5. Global Smart Parking System Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Smart Parking System Market Size and Volume Forecast by Types
5.3.1. On-street
5.3.2. Off-street
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Smart Parking System Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Smart Parking System Market Size and Volume Forecast by Applications
6.3.1. Commercial
6.3.2. Government
6.3.3. Transport Transit
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Smart Parking System Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Smart Parking System Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Smart Parking System Demand Share Forecast, 2019-2026
8. North America Smart Parking System Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Smart Parking System Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Smart Parking System Market Size and Volume Forecast by Types
8.4.1. On-street
8.4.2. Off-street
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Smart Parking System Market Size and Volume Forecast by Applications
8.7.1. Commercial
8.7.2. Government
8.7.3. Transport Transit
8.8. Basis Point Share (BPS) Analysis by Applications
8.9. Y-o-Y Growth Projections by Applications
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Smart Parking System Demand Share Forecast, 2019-2026
9. Latin America Smart Parking System Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Smart Parking System Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Smart Parking System Market Size and Volume Forecast by Types
9.4.1. On-street
9.4.2. Off-street
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Smart Parking System Market Size and Volume Forecast by Applications
9.7.1. Commercial
9.7.2. Government
9.7.3. Transport Transit
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Smart Parking System Demand Share Forecast, 2019-2026
10. Europe Smart Parking System Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Smart Parking System Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Smart Parking System Market Size and Volume Forecast by Types
10.4.1. On-street
10.4.2. Off-street
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Smart Parking System Market Size and Volume Forecast by Applications
10.7.1. Commercial
10.7.2. Government
10.7.3. Transport Transit
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Smart Parking System Demand Share Forecast, 2019-2026
11. Asia Pacific Smart Parking System Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Smart Parking System Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Smart Parking System Market Size and Volume Forecast by Types
11.4.1. On-street
11.4.2. Off-street
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Smart Parking System Market Size and Volume Forecast by Applications
11.7.1. Commercial
11.7.2. Government
11.7.3. Transport Transit
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Smart Parking System Demand Share Forecast, 2019-2026
12. Middle East & Africa Smart Parking System Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Smart Parking System Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Smart Parking System Market Size and Volume Forecast by Types
12.4.1. On-street
12.4.2. Off-street
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Smart Parking System Market Size and Volume Forecast by Applications
12.7.1. Commercial
12.7.2. Government
12.7.3. Transport Transit
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Smart Parking System Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Smart Parking System Market: Market Share Analysis
13.2. Smart Parking System Distributors and Customers
13.3. Smart Parking System Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Altiux Innovations
13.4.2. ParkMe, Inc.
13.4.3. Robert Bosch GmbH
13.4.4. Siemens AG
13.4.5. BMW AG (ParkNow GmbH)
13.4.6. SKIDATA AG
13.4.7. Conduent, Inc.
13.4.8. Amano McGann
13.4.9. Cisco Systems, Inc.
13.4.10. Streetline, Inc.
13.4.11. Parkmobile LLC