Real Time Parking System Market Report 2024

The real time parking system market size has grown rapidly in recent years. It will grow from $6.61 billion in 2023 to $7.84 billion in 2024 at a compound annual growth rate (CAGR) of 18.5%. Historical growth can be attributed to several factors, including urbanization, increased vehicle ownership, expansion of smart city initiatives, growing demand for efficient traffic management, government regulations favoring smart parking solutions, rising demand for convenient parking solutions, and the need for optimized parking space utilization.

The real time parking system market size is expected to see rapid growth in the next few years. It will grow to $15.51 billion in 2028 at a compound annual growth rate (CAGR) of 18.6%. Forecasted growth is expected due to rising urbanization, widespread adoption of smart city initiatives, escalating traffic congestion, heightened demand for enhanced user experiences via mobile apps, stringent regulatory requirements for efficient parking management, and increased investments in smart infrastructure projects. Key trends anticipated in the forecast period include the adoption of smart city initiatives, integration of Internet of Things (IoT) and Artificial Intelligence (AI) technologies, advancements in autonomous vehicles, implementation of smart parking solutions, adoption of mobile app-based reservation systems, and utilization of sensor technologies to optimize space usage efficiently.

The real-time parking system market is poised for growth, driven by the increasing popularity of electric vehicles and the need for charging infrastructure. Electric vehicles (EVs), powered by electricity stored in batteries, are gaining traction due to technological advancements, environmental consciousness, government incentives, cost-effectiveness, and changing consumer preferences towards sustainable transport. Real-time parking systems benefit EV owners by offering accurate information on available charging stations, reducing search time and downtime. For example, according to the US Department of Energy, sales of EVs and plug-in hybrid electric vehicles (PHEVs) nearly doubled from 308,000 units in 2020 to 608,000 units in 2021, with EV sales alone growing by 85%. This trend underscores the market's growth potential driven by the demand for charging infrastructure.

Leading companies in the real-time parking system market are focusing on technological advancements, particularly in artificial intelligence (AI), to enhance parking management efficiency and user experience. AI-based systems utilize sensors and cameras to monitor parking availability in real-time, predict open spots, and guide drivers to them efficiently. For instance, Park360, an India-based IT services company, introduced an AI-based vehicle authorization system in September 2023. This system uses IP-based cameras to detect vehicles and license plates, facilitating seamless entry and exit from premises without manual intervention.

In June 2021, FlashParking Inc., a US-based parking technology solutions provider, acquired Parkonect LLC to enhance digital transformation strategies for real estate owners. Parkonect LLC specializes in cloud-based and hardware solutions for parking operators, aligning with the industry's shift towards advanced mobility solutions.

Major companies operating in the real time parking system market are Siemens AG, Cisco Systems Inc., Thales Group, TKH Group NV, Cubic Corporation, SWARCO AG, Amano Corporation, Flowbird Group, FlashParking Inc., INRIX Inc., T2 Systems Inc., Designa, Parkmobile LLC, IPS Group Inc., Klaus Multiparking Systems Pvt Ltd, Altiux Innovations Pvt. Ltd., Smart Parking Limited, Streetline Inc., IEM SA, ParkWhiz API, Came Parkare, Parknav, Robotic Parking Systems Inc., AppyWay, AJ Dongyang Menics Co. LTD.

North America was the largest region in the real time parking system market in 2023. The regions covered in the real time parking system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the real time parking system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Real-time parking systems represent advanced technological solutions aimed at aiding drivers in efficiently locating, reserving, and managing parking spaces. These systems leverage a combination of sensors, cameras, and connectivity technologies to deliver up-to-date information on parking availability. This real-time data helps drivers find vacant spots easily, thereby improving overall parking management.

The real-time parking system market comprises three main types, software, hardware, and services. Software includes programs and applications essential for operating and managing parking systems, such as booking platforms, data analytics software, and mobile apps that offer real-time updates and user interactions. These systems can be deployed in various locations, including on-street, off-street, and other settings, catering to commercial, personal, transportation, aviation, governmental, and other sectors.

The real time parking system market research report is one of a series of new reports that provides real time parking system market statistics, including the real time parking system industry global market size, regional shares, competitors with real time parking system market share, detailed real time parking system market segments, market trends, and opportunities, and any further data you may need to thrive in the real time parking system industry. These real time parking system market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The real-time parking system market consists of revenues earned by entities by providing services such as reservation and booking of parking services, payment processing for parking, and navigation. The market value includes the value of related goods sold by the service provider or included within the service offering. The real-time parking system market also includes sales of ultrasonic sensors, infrared sensors, CCTV cameras, license plate recognition cameras, smart meters, payment kiosks, gateways, and routers and switches. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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