The smart parking market is projected to grow at a compound annual growth rate (CAGR) of 17.8% from 2023 to 2033. Although the market is estimated to be worth US$ 10.7 billion in 2023, it is expected to reach a market share of US$ 54.8 billion by 2033. A growing number of advanced guided park assist systems are being introduced, and fewer parking spaces are becoming available.

The rising population around the world along with the technological advancements in the automotive industry and its components are fueling the sales of smart parking systems.
The small spaces for designated parking demand a platform that provides the parking information, distance, and other details. Smart cloud integration, IoT integration, and vehicle detection sensors provide services like smart spots and mobile parking.
Smart parking can be explained as the joint parking strategy of technology and human innovation that saves time, fuel, and space while enhancing the overall parking experience.
The addition of a central server that inputs through sensors, cameras, parking meters, and smart city APIs and delivers output to management, authorities, and third-party solutions. This provides an ease to the end user in finding, purchasing, and locating a parking space for their vehicles.
Traffic and parking authorities across the globe are also promoting smart parking systems as it cuts the hassle and decreases manual inspection and parking allocation.
Vehicles with advanced transmission along with increased awareness around machine-to-machine communication have also limited the market space and have gained value for the smart parking market.
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Key Takeaways

The United States market leads the market in terms of market share. The market is anticipated to cross a value of 11.0 billion by 2033. The regional market is expected to record a CAGR of 12.9% between 2023 and 2033.
The smart parking market in China leads the space in terms of CAGR. It thrives at a CAGR of 28.7% during the forecast period. The market is likely to reach US$ 9.6 billion by 2033. The rapid growth is attributed to the increased population and the introduction of new parking guidelines.
The hardware component is likely to thrive in the component category due to their significant price and one-time application. It is expected to record a CAGR of 15.3% during the forecast period.
The guided park assist systems segment tops the system tally with a CAGR of 16.4% between 2023 and 2033. The growth is attributed to the autonomous parking operations that are auto-enabled in most of the high-tech vehicles.
Competitive Landscape

Providing full support for parking operations for saving time, fuel, and space is the motive of vendors while designing smart parking systems. The prominent players are focused on sensory technology that is also integrated with cloud storage. The companies are also involved in mergers & acquisitions and strategic partnership with other companies to increase the supply chain and distribution channel. The key players in the market include Siemens, Cisco Systems, Huawei Technologies, Delphi Technologies, Intercomp S.p.A.

Recent Development:

Siemens and TASS International (A Siemens business) has collectively introduced UrbanSmartPark. It is a European initiative that is currently going through its test phase on real-world scenarios. It is likely to provide information around accident databases, manually created scenarios.
Cisco Systems launched its IoT Solution with LoRaWAN to enable smart parking operations. While LoRa delivers parking sensors, Cisco delivers the IXM LoRa Gateway for Frankfurt E-parking Architecture.
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Key Segments

By Component:

Hardware
Sensors
Cameras
Parking Meters
Digital Guidance Signage
Others
Software
Parking Management Platforms
SDK/API
Services
Consulting
Integration & Support Services
Device Management Services
By System Type:

Guided Park Assist Systems
Smart Park Assist Systems
By Sensor Technology:

Ultrasonic Sensors
RFID
Image Sensors
Others
By Application Area:

Commercial
Government
Corporate
By Region:

North America
Latin America
Europe
Asia Pacific (APAC)
The Middle East & Africa (MEA)