Smart Parking Solutions Market To Register Exponential Compound Annual Growth Rate Through 2022 – 2031 : Fact.MR

ICT companies are extensively adopting technologies such as cloud computing and artificial intelligence to ensure seamless operations as teams continue working from home. Focus on fast automation, use of real-time operation within various end-use sectors such as automotive, food & beverage and others will provide stimulus to the growth.

The report offers actionable and valuable market insights of Smart Parking Solutions. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Smart Parking Solutions Market across various industries and regions.

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The global smart parking solutions market size and revenue are expected to increase from over US$ 4.4 Bn in 2022 to US$ 30.84 Bn by 2032, ascending at a stellar 21% CAGR during the forecast period.

Report Attribute	Details
Market size value in 2022	USD 4.4 Bn
Market forecast value in 2032	USD 30.84 Bn
Global Growth Rate (2022-2032)	CAGR of 21%

The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Smart Parking Solutions market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Smart Parking Solutions

This newly published and insightful report sheds light on Market Insights of Smart Parking Solutions, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Smart Parking Solutions Market.

Key Segments Covered in the Smart Parking Solutions Report

• By System Components & Services

  • Smart Parking Software
    • On-Premise
    • Cloud Based
  • Smart Parking System Devices
    • Entry/Exit Terminals
    • Card Readers
    • Validation Solution
    • Pay-on-Foot Solution
    • LPR System
    • Others
  • Smart Parking Professional Services
    • Consulting
    • Deployment and Customization
    • Maintenance and Support

• By Solutions

  • Smart Parking Access Control Solutions
  • Smart Parking Fee & Revenue Collection Solutions
  • Smart Parking Reservation Management Solutions
  • Smart Valet Parking Management Solutions
  • Smart Parking Guidance and Slot Management Solutions
  • Other Smart Parking Solutions (Parking Enforcement Management)

• By End Use

  • Smart Parking Solutions for Government and Municipalities
  • Smart Parking Solutions for Airports
  • Smart Parking Solutions for Corporate & Commercial Parks
  • Smart Parking Solutions for Commercial Institutions
  • Smart Parking Solutions for Healthcare
  • Smart Parking Solutions for Other End Uses (Tourist Destinations and Hospitality Sector)

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Key Takeaways from the Market Study

• Global smart parking solutions market to be valued at US$ 4.4 Bn by 2022-end
• Germany to emerge as the fastest growing market, clocking a CAGR of 16%
• U.S to register a staggering 15% CAGR, amid rising traffic congestion across major cities
• Smart parking solutions uptake in China likely to increase at a CAGR of 12%
• Smart valet parking solutions to experience 9.9% Y-o-Y growth in 2022 over 2021
• Commercial smart parking solutions to account for nearly 40% revenue share

Growing traffic congestion problems is prompting automotive manufacturers and vehicle users alike to opt for internet and smart-enabled parking solutions, enabling an improvement in city decongestion, remarks a Fact.MR analyst.

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Competitive landscape

1. APT Skidata, one of the UK’s leading parking solutions companies, announced the launch of a new mobile-based digital solution in December 2020 to deliver greater operational efficiencies and enhanced financial returns to owners and operators of an individual or multiple car park.
2. Amco S.A. was awarded a contract by the Memphis Area Transit Authority (MATA) in the United States in February 2020.
3. In January 2019, China opened its first robotic diagonal smart parking garage in Nanjing, East China. It is a smart parking system that optimizes space utility, fuel efficiency, and cost-effectiveness in order to make cities more livable.

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