Smart Meters Lead with Over 40% Revenue Contribution Among the Hardware Market

DUBLIN, Aug. 5, 2022 /PRNewswire/ — The “Smart Parking Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030” report has been added to ResearchAndMarkets.com’s offering.

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The size of the global market for smart parking systems was evaluated at $5.75 billion in 2021, and it is anticipated to develop at a compound annual growth rate (CAGR) of 22% from 2022 to 2030.

This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments is estimated for the forecast period of 2022 to 2030.

As a result of the epidemic caused by COVID-19, countries all around the world have evidenced lockdowns of varied degrees, and many governments have also adopted initiatives to boost economic recovery. Since the middle of March 2020the demand for parking systems in the United States has decreased by 90%, as reported by SpotHero, Inc., a provider of intelligent parking solutions based in the United States. At the very least for a limited amount of time, it is anticipated that this drop will have a negative impact on the expansion of the market not only in the country but also all over the world.

It is anticipated that an increase in traffic congestion would also lead to an increase in demand for intelligent parking systems. These systems can assist city administrations in effectively managing dispersed parking spaces and in assisting drivers in locating available parking spaces.

The potential of these systems to provide the necessary flexibility and scalability is also projected to fuel the growth, which is a further expected driver of the growth. Nevertheless, the primary factor that will act as a barrier to the expansion of the market over the course of the projection period is the low level of awareness regarding the advantages of smart parking.

It is anticipated that the increase in the deployment of integrated automated solutions, in conjunction with the developments in wireless and digital payment technologies, will contribute to the growth of the market. Machine-to-Machine (M2M) connectivity, data analytics, advanced sensors, smart parking meters, and mobile applications for slot bookings and online payments are some of the technologies that are used in the implementation of these systems.

These technologies are intended to assess whether a parking lot is vacant or occupied, evaluate the data, and transfer it to applications that run on mobile devices and the web. It is anticipated that these technological advances will propel the expansion of the market.

Smart Meters Lead with Over 40% Revenue Contribution Among the Hardware Market

In 2021, the segment that accounted for the biggest revenue share was smart meters, which was above 42%. Because of the growing demand for on-street parking spaces in cities all over the world brought about by the rapid urbanization that is taking place around the world, parking meters are becoming increasingly common.

With the assistance of sensors and mobile applications, these meters keep track of available parking spots and keep a record of the number of vehicles that are parked. The majority of drivers leave their cars parked on the streets for extended periods of time. Because of this, governments have been forced to install intelligent parking meters, which also assist in accurately distributing payments for on-street parking places.

Product and Solution Innovation Remains as the Key Strategy

Companies such as Cisco Systems, Inc., Altiux Innovations, Siemens AG, SKIDATA AG., Robert Bosch GmbH, Amano McGannInc., BMW AG (ParkNow GmbH, Parkmobile LLC), and ParkMe, Inc. are some of the most prominent players in this market.

In order to maintain their position at the head of their industry, leading corporations are marketing cutting-edge hardware and software solutions. As a result of the increasingly diverse requirements of parking lot management, market participants in the smart parking industry are expanding their network with companies that specialize in parking lot management.

Key questions answered in this report

  • What are the key micro and macro environmental factors that are impacting the growth of the Smart Parking market?

  • What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?

  • Estimated forecast and market projections up to 2030.

  • Which segment accounts for the fastest CAGR during the forecast period?

  • Which market segment holds a larger market share and why?

  • Are low and middle-income economies investing in the Smart Parking market?

  • Which is the largest regional market for Smart Parking market?

  • What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin Americaand Middle East & Africa?

  • Which are the key trends driving Smart Parking market growth?

  • Who are the key competitors and what are their key strategies to enhance their market presence in the Smart Parking market worldwide?

Company Profiles

  • Cisco Systems Inc.

  • Altiux Innovations

  • Siemens AG

  • SKIDATA AG.

  • Robert Bosch GmbH

  • Amano McGann Inc.

  • BMW AG (ParkNow GmbH

  • Parkmobile LLC)

  • ParkMe Inc.

Market Segmentation

By Hardware Outlook (2020-2030; US$ Million)

By Sensor Technology (2020-2030; US$ Million)

  • Ultrasonic Sensor

  • Radar Sensor

  • Image Sensor

By Software Outlook (2020-2030; US$ Million)

By Service Outlook (2020-2030; US$ Million)

By Application (2020-2030; US$ Million)

  • Security and Surveillance

  • Parking Reservation Management

  • Valet Parking Management

  • License Plate Recognition

By Solutions (2020-2030; US$ Million)

  • 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 Type Outlook (2020-2030; US$ Million)

  • On-street

  • Off-street

  • Garage Parking

  • Lot Parking

By End User (2020-2030; US$ Million)

Region Segment (2020-2030; US$ Million)

  • North America

  • US

  • Canada

  • Europe and UK

  • UK

  • Germany

  • Spain

  • Italy

  • France

  • RoE

  • Asia Pacific

  • China

  • Japan

  • India

  • Australia

  • South Korea

  • RoAPAC

  • Latin America

  • Brazilian

  • Mexico

  • My role

  • Africa

  • GCC

  • Africa

  • Rome

Global Impact of Covid-19 Segment (2020-2021; US$ Million )

  • Pre-Covid-19 situation

  • Post-Covid-19 situation

For more information about this report visit https://www.researchandmarkets.com/r/ainidy

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