City Smart Parking Service Market was valued at USD 5.6 Billion in 2022 and is projected to reach USD 11.2 Billion by 2030, growing at a CAGR of 9.2% from 2024 to 2030.
The global City Smart Parking Service market was valued at approximately USD 7.4 billion in 2022. This market is projected to experience a compound annual growth rate (CAGR) of 14.3% from 2022 to 2027. The growth is driven by increasing urbanization, a surge in the adoption of smart technologies, and the need to address parking congestion in densely populated cities. The market's expansion is also supported by advancements in IoT, data analytics, and the integration of real-time information systems to enhance parking management efficiency. The deployment of smart parking solutions offers significant potential for optimizing space utilization and reducing traffic congestion, contributing to the market's robust growth trajectory.
Opportunity analysis reveals that emerging markets, particularly in regions like Asia-Pacific and Latin America, present substantial growth potential due to rapid urban development and increasing investments in smart infrastructure. Additionally, the integration of AI and machine learning technologies into smart parking systems is expected to drive further market expansion by improving accuracy in space availability and enhancing user experience. The growing trend of smart city initiatives and government support for sustainable urban solutions are also likely to fuel the demand for advanced parking management solutions. These factors create lucrative opportunities for stakeholders to capitalize on evolving market dynamics and drive innovation in the smart parking sector.
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Amano Corporation
Xerox Corporation
Siemens
Cubic Corporation
Swarco AG
Thales
JIESHUN
SKIDATA
Kapsch TrafficCom
KEYTOP
Hangzhou Reformer
FlashParking
Fujica
T2 Systems
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global City Smart Parking Service Market
Commercial Use
Residential Use
Government Use
Other
Based on Types the Market is categorized into Below types that held the largest City Smart Parking Service market share In 2023.
On-street
Off-street
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global City Smart Parking Service Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global City Smart Parking Service Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global City Smart Parking Service Market, By Type
6. Global City Smart Parking Service Market, By Application
7. Global City Smart Parking Service Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global City Smart Parking Service Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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