Smart Parking System Market Was valued at USD 5,834.8 million in 2023, Growing at a CAGR of 12.3%

According to Precision Business Insights (PBI), the latest report, the smart parking system market was valued at USD 5,834.8 million in 2023 and is expected to grow at a CAGR of 12.3% from 2024-2030. The primary factors that drive the market are the capacity of smart parking systems to provide essential scalability and flexibility. The growing acceptance of integrated automation systems, together with advancements in digital and wireless disbursement technologies, is likely to contribute to market expansion.

View The Detailed Report Description Here - https://www.precisionbusinessinsights.com/market-reports/smart-parking-system-market

THE SMART PARKING SYSTEM MARKET DETAILED SEGMENTATION:
Based On the Technology, The Market is Segmented into the Following:
• Ground Sensor Technology
• Counter Technology
• Overhead Sensor or Camera-Based Technology

Based On hardware, the market is Segmented into the Following:
• Pucks
• Cameras and LPRs
• Smart Meters
• Signage
• Parking Gates

Based On Software, the Market is Segmented into the Following:
• Parking Guidance System
• Analytics Solutions

Based On Type, The Market is Segmented into the Following:
• On Street
• Off-Street

Based On Application, The Market is Segmented into the Following:
• Commercial
• Government
• Transport Transit

Based on system type, The global smart parking system market has been classified into Parking Guidance systems and Analytics Solutions. The parking guidance system industry was the largest and controlled the market. These systems have gained commercial traction because they help drivers save time by practically providing details of vacant locations, parking restrictions, the number of accessible places, and the period of accessibility.

Request Sample: https://www.precisionbusinessinsights.com/request-sample/?product_id=868870

Based On Geography, the market is Segmented into the Following:
• North America
• Europe
• Asia-Pacific
• Middle East and Asia
• Latin America

Asia Pacific region is expected to expand at a rapid pace. The high pace of growth in new automobile registrations worldwide, including significant growth from regional economies such as Asia Pacific, will provide a window of opportunity for parking management businesses. The market is predicted to expand in tandem with the increase in vehicle ownership and the expansion of parking facilities. The major drivers for the smart parking system sector are the need for smooth traffic flow, commercial benefits to parking site operators, and reduced hardware and connection costs.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players
The global smart parking system market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share. In the Asia Pacific region, Kerala has announced that the operations of the Smart Parking System will be started and those visiting the city can reserve a parking space in advance using a smartphone app.

Request Methodology: https://www.precisionbusinessinsights.com/request-methodology/?product_id=868870

Key players' profiles in the Smart Parking System Market report are Altiux Innovations, Amano McGann, Inc., Amco S.A., BMW AG (ParkNow GmbH, Parkmobile LLC), Cisco Systems, Inc., CivicSmart, Inc., Deteq Solutions, Flowbird, gtechna, INDECT Electronics & Distribution GmbH, Kapsch TrafficCom, Libelium Comunicaciones Distribuidas S.L., Meter Feeder, Inc., Mindteck, Municipal Parking Services, Inc., Nedap N.V., Park Assist, and ParkHelp Technologies.

Contact:
Mr. Satya
Precision Business Insights | Toll-Free: +1 866 598 1553
Email: sales@precisionbusinessinsights.com
Kemp House, 152 - 160 City Road, London EC1V 2NX
Website: https://precisionbusinessinsights.com/ | D U N S® Number: 852781747

About Precision Business Insights:
We are a market research company that strives to provide the highest quality market research insights. Our diverse market research experts are enthusiastic about market research and therefore produce high-quality research reports. We have over 500 clients with whom we have a good business partnership and capacity to provide in-depth research analysis for more than 30 countries. In addition to deliver more than 150 custom solutions, we already have accounts with the top five medical device manufacturers.

Precision Business Insights offers a variety of cost-effective and customized research services to meet particular research requirements. We are a leading research service provider because of our extensive database built by our experts and the services we provide.

This release was published on openPR.