Meticulous Research®, a leading global market research firm, has released a new report titled, "Smart Parking Market by Offering (Hardware, Software, Services), Application (Parking Management, Payment, Vehicle Identification, Security & Surveillance, Others), Parking Site, End User (Commercial, Residential) & Geography - Global Forecast to 2031."

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According to this latest report, the global smart parking market is anticipated to reach $22.9 billion by 2031, growing at a CAGR of 18.2% from 2024 to 2031. This growth is primarily fueled by increasing traffic congestion due to improper parking, rising investments in smart parking facilities, and the growing demand for parking spaces. However, the high implementation costs associated with smart parking systems are expected to hinder market growth.

The report highlights several key drivers and trends in the smart parking market, including the rising investments in smart city initiatives, the emergence of parking-as-a-service models, and the increasing integration of EV charging stations. However, challenges such as the lack of standardization in smart parking systems, which leads to interoperability and compatibility issues, along with vulnerabilities to weather conditions and vandalism, are restraining market growth. Notable trends include the integration of Internet of Things (IoT) and sensor technologies, as well as the growing demand for AI-powered parking solutions.

Key Market Segments:
• By Offering: The global smart parking market is segmented into hardware, software, and services. In 2024, the hardware segment is expected to dominate the market, driven by the widespread adoption of pay-and-display machines, parking meters, and the increased integration of surveillance cameras and monitoring systems. Meanwhile, the services segment is projected to exhibit the highest CAGR during the forecast period, fueled by the growing integration of IoT and sensor technologies in parking spaces, along with the rising adoption of wireless and digital payment solutions.

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• By Application: The market is divided into parking management, payment, enforcement, security & surveillance, and vehicle identification. The parking management segment is projected to hold the largest market share in 2024, attributed to the widespread use of sensors for spot identification and the increasing adoption of Automatic Number Plate Recognition (ANPR) technology. Conversely, the security & surveillance segment is expected to witness the highest CAGR, driven by the deployment of smart cameras for crime prevention and enforcement.

• By Parking Site: The market is categorized into off-street and on-street parking. The off-street segment is anticipated to capture the largest market share in 2024, driven by rapid urbanization and the proliferation of pay-and-park facilities in congested areas. Additionally, this segment is expected to register a higher CAGR during the forecast period.

• By End User: The market is segmented into commercial and residential sectors. The commercial segment is expected to dominate the market in 2024, accounting for a substantial share, driven by the increasing adoption of smart parking technologies by commercial establishments to enhance parking experiences and address security concerns. This segment is also expected to register the highest CAGR over the forecast period.

Regional Insights:
The North America is projected to hold the largest share of the global smart parking market in 2024, driven by significant investments in smart parking initiatives and the growing challenges in urban mobility and infrastructure. However, the Asia-Pacific region is expected to exhibit the highest CAGR during the forecast period, attributed to the region's densely populated cities, escalating congestion issues, and increasing focus on developing smart parking solutions.

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Key Players:
Prominent players in the smart parking market include Cisco Systems, Inc. (U.S.), Siemens AG (Germany), Swarco AG (Austria), Robert Bosch GmbH (Germany), Amano Corporation (Japan), PRECISE PARKLINK INC. (Canada), Nedap N.V. (Belgium), Libelium Comunicaciones Distribuidas S.L. (Spain), Meter Feeder, Inc. (U.S.), ST Engineering (Singapore), TKH Security B.V. (Netherlands), CivicSmart, Inc. (U.S.), FLOWBIRD (France), SKIDATA GmbH (Austria), and Smart Parking Limited (U.K.).

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