According to a new report, published by KBV research, The Global Smart Parking System Market size is expected to reach $33.47 billion by 2031, rising at a market growth of 21.5% CAGR during the forecast period.
The escalating demand for efficient parking management solutions in commercial establishments such as shopping malls, airports, and hospitals has become a critical focus in urban planning and infrastructure development. In commercial buildings and shopping malls, efficient parking management is paramount to enhancing customer satisfaction and operational efficiency.
The Parking Guidance System segment is exhibiting a CAGR of 20.7 % during the forecast period. These systems offer real-time information on available parking spaces, enabling drivers to locate spots swiftly and efficiently, reducing vehicle emissions, and minimizing the time spent circling for parking. The integration of dynamic signage, mobile apps, and sensor-based technology enhances convenience and streamlines parking operations.
The Off-street segment captured the maximum revenue in the Global Smart Parking System Market by Type in 2023, thereby, achieving a market value of $23.00 billion by 2031. These facilities often experience high vehicle traffic, making it essential to have systems that optimize parking space utilization and enhance user convenience. Off-street smart parking solutions offer automated entry and exit, real-time space availability updates, advanced security features, and multiple payment options, which improve operational efficiency and customer satisfaction.
The Engineering Service segment is experiencing a CAGR of 21 % during the forecast period. The engineering service segment is experiencing strong growth due to the complex nature of deploying smart parking systems that require seamless integration of hardware components, such as sensors, cameras, and parking gates, with software platforms.
The Smart Meters segment led the maximum revenue in the Global Smart Parking System Market by Hardware in 2023, thereby, achieving a market value of $13.00 billion by 2031. These devices support multiple payment methods, including mobile apps, credit/debit cards, and contactless payments, catering to modern consumers' preferences. Additionally, smart meters can provide real-time parking availability information, optimize space turnover, and help municipalities generate revenue through dynamic pricing strategies.
The Commercial segment is growing at a CAGR of 20.7 % during the forecast period. Businesses in commercial sectors prioritize offering seamless parking experience to enhance customer satisfaction and loyalty. Smart parking systems in commercial spaces help optimize space utilization, reduce congestion, and minimize waiting times, ultimately improving the overall customer experience.
Full Report: https://www.kbvresearch.com/smart-parking-systems-market/
The North America region dominated the Global Smart Parking System Market by Region in 2023, thereby, achieving a market value of $11.50 billion by 2031. The Europe region is anticipated to grow a CAGR of 21.2% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 22.1% during (2024 - 2031).
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