Fort Collins, Colorado, April 05, 2024 (GLOBE NEWSWIRE) -- The North America Smart Parking System Market size was valued at USD 3.1 Billion in 2023 and is expected to reach USD 14.9 Billion by 2032 at a CAGR of 19.5%.
North America is witnessing a rapid surge in urbanization as more individuals relocate to cities and urban hubs in pursuit of enhanced opportunities and amenities. This trend has led to heightened demand for parking spaces within urban areas, placing strain on existing parking infrastructure and exacerbating traffic congestion and pollution issues. In response to these challenges, smart parking systems have emerged as a solution, offering real-time information regarding available parking spaces. This enables drivers to efficiently locate and reserve parking spots, thereby alleviating congestion and enhancing traffic flow.
Governments and municipal authorities across North America increasingly acknowledge the significance of smart parking systems in improving urban mobility and reducing greenhouse gas emissions. Many cities are investing in smart parking infrastructure as a pivotal component of their smart city initiatives. These initiatives involve deploying various technologies, such as smart meters, license plate recognition systems, and dynamic pricing mechanisms, to optimize parking management and utilization. For instance, San Francisco has implemented a demand-based pricing system for parking meters, adjusting parking rates based on demand levels to promote turnover and alleviate congestion.
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Segmentation Overview:
The North America smart parking system market has been segmented into type, component, application, and country. Based on application, the market is again divided into commercial, government, and transport transit. The commercial segment holds a major smart parking system market share and is expected to continue its dominance throughout the forecast period.
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North America Smart Parking System Market Report Highlights:
- The North America Smart Parking System market growth is anticipated at a CAGR of 19.5% by 2032.
- The market growth is attributed to the increase in integrated automation solutions, development of wireless technology and payment methodologies in the network.
- The U.S. will be a prominent country in the North American smart parking systems market in 2022 owing to its advanced technological infrastructure and widespread adoption of smart solutions.
- Some prominent players in the North America Smart Parking System market report include Smart Parking Ltd, IPS Group, Inc., Amano McGann, Inc., TKH Group, Continental AG, BMW AG (ParkNow GmbH, Parkmobile LLC), Cisco Systems, Inc., Siemens AG, SWARCO, IEM SA, Urbiotica, S.L., Aisin Corporation, and Robert Bosch GmbH among others.
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North America Smart Parking System Market Segmentation:
By Type: On-street, off-street
By Component: Hardware (Sensor, Camera, Parking Meter, Others), Software (Parking Guidance System, Analytics Solution), Services (System Integration & Installation, Parking Management, Maintenance).
By Application: Commercial, government, transit.
By Country: U.S., Canada
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