Global Smart Parking Market Size, Trends & Growth Opportunity and By Type (On-Street and Off-Street), By Technology (IoT, Ultrasonic, and RFID), By Application (Security & Surveillance, E-Parking, Smart Payment System, and License Plate Recognition), By End User (Government and Commercial), By Region and Forecast till 2027.
Global Smart Parking Market 
The Global Smart Parking Market is expected to grow from US$ 6.49 Billion in 2021 to US$ 13.6 Billion by 2027; it is estimated to grow at a CAGR of 13.02% from 2022 to 2027.
Market Overview
A smart parking system aids drivers in finding open spaces and gathers real-time data via sensors placed in each parking space to identify the presence or absence of vehicles. Drivers are directed to places that are open by this system. Automating parking facilities with this method is convenient, time-saving, and time-efficient.
Market Drivers
The increasing number of vehicles on the road worldwide and the decreasing amount of on-street parking are the two main factors anticipated to fuel the growth of the global smart parking market. Additionally, the market will expand as smart parking systems are adopted more frequently in parking garages and multistory parking facilities. Additionally, during this projection period, a rise in demand for technologically advanced integrated automated solutions will propel market expansion. Additionally, the market will expand as a result of rising Internet of Things (IoT) demand and high vehicle adoption rates.
Market Restraints
The market's biggest obstacle is high installation costs, which are predicted to restrain the development of the global smart parking market. Additionally, a dearth of knowledge about the benefits of smart parking systems in underdeveloped areas will restrain market expansion.
Market Opportunities
New possibilities for the growth of the smart parking market will be presented by the rising investments in emerging technologies. Additionally, the creation of new parking lots and the production of cutting-edge cars will open up a number of new possibilities.
Impact of Covid-19
The Smart Parking Revenue was significantly impacted by the coronavirus outbreak. The procedure had to be abruptly stopped for a few months by the companies. The Covid-19 pandemic caused a major change in business for many industries. The expansion of the market for smart parking systems is significantly impacted. The revenue of smart parking systems has decreased as lockdown measures have been implemented in the majority of nations to stop the spread of COVID-19. Parking, public transportation, and other services have all been eliminated as a result of the shift to virtual learning by numerous educational and professional institutions, including schools and colleges. Additionally, this has led to the monthly parking pass reimbursement. The global travel prohibition has also significantly impacted the smart parking industry.
Market Segmentation
Segmentation By Type: Global Smart Parking Market is segmented into type such as On-Street, and Off-Street.
Segmentation By Technology: Global Smart Parking Market is segmented into technology such as IoT, Ultrasonic, and RFID.
Segmentation By Application: Global Smart Parking Market is segmented into application such as Security & Surveillance, E-Parking, Smart Payment System, and License Plate Recognition. 
Segmentation By End-user: Global Smart Parking Market is segmented into end user such as Government, and Commercial. 
Segmentation By Region: Global Smart Parking Market is segmented into five regions North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Due to government initiatives supporting intelligent parking systems as part of efforts to reduce pollution, the market in Europe is anticipated to offer substantial development opportunities.
Market Key Players
Various key players are discussed in this report such as 3M Company, Cubic Corporation, Bosch, BMW Group, Siemens, Xerox Corporation, Kapsch TrafficCom AG, Swarco AG, Nortek Control Systems Ltd, and Amano Corporation.
Market Taxonomy
By Type
• On-Street
• Off-Street
By Technology
• IoT
• Ultrasonic
• RFID
By Application
• Security & Surveillance
• E-Parking
• Smart Payment System
• License Plate Recognition

By End User
• Government
• Commercial
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
Key Questions Addressed by the Report
• What are the Key Opportunities in Smart Parking Market?
• What will be the growth rate from 2022 to 2027?
• Which segment/region will have highest growth?
• What are the factors that will impact/drive the Market?
• What is the competitive Landscape in the Industry?
• What is the role of key players in the value chain?

Global Smart Parking Market 
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Smart Parking Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Smart Parking Market, By Type
5.1 Y-o-Y Growth Comparison, By Type 
5.2 Global Smart Parking Market Share Analysis, By Type 
5.3 Global Smart Parking Market Size and Forecast, By Type
5.3.1 on-Street
5.3.2 Off-Street
6 Global Smart Parking Market, By Technology
6.1 Y-o-Y Growth Comparison, By Technology
6.2 Global Smart Parking Market Share Analysis, By Technology
6.3 Global Smart Parking Market Size and Forecast, By Technology
6.3.1 IoT
6.3.2 Ultrasonic
6.3.3 RFID
7 Global Smart Parking Market, By Application
7.1 Y-o-Y Growth Comparison, By Application
7.2 Global Smart Parking Market Share Analysis, By Application
7.3 Global Smart Parking Market Size and Forecast, By Application
7.3.1 Security & Surveillance 
7.3.2 E-Parking
7.3.3. Smart Payment System
7.3.4License Plate Recognition
8 Global Smart Parking Market, By End User
8.1 Y-o-Y Growth Comparison, By End User
8.2 Global Smart Parking Market Share Analysis, By End User
8.3 Global Smart Parking Market Size and Forecast, By End User
8.3.1 Government
8.3.2 Commercial
9 Global Smart Parking Market, By Region
9.1 Global Smart Parking Market Share Analysis, By Region
9.2 Global Smart Parking Market Share Analysis, By Region
9.3 Global Smart Parking Market Size and Forecast, By Region
10 North America Smart Parking Analysis and Forecast (2022 – 2027)
10.1 Introduction
10.2 North America Smart Parking Market Share Analysis, By Type
10.3 North America Smart Parking Market Size and Forecast, By Technology
10.4 North America Smart Parking Market Size and Forecast, By Application
10.5 North America Smart Parking Market Size and Forecast, By End User
10.6 North America Smart Parking Market Size and Forecast, By Country
10.6.1 U.S.
10.6.2 Canada
10.6.3 Mexico
11 Europe Smart Parking Market Analysis and Forecast (2022 – 2027)
11.1 Introduction
11.2 Europe Smart Parking Market Share Analysis, By Type 
11.3 Europe Smart Parking Market Size and Forecast, By Technology 
11.4 Europe Smart Parking Market Size and Forecast, By Application
11.5 Europe Smart Parking Market Size and Forecast, By End User
11.6 Europe Smart Parking Market Size and Forecast, By Country
11.6.1 Germany
11.6.2 France
11.6.3 UK
11.64. Rest of Europe
12 Asia Pacific Smart Parking Market Analysis and Forecast (2022 – 2027)
12.1 Introduction
12.2 Asia Pacific Smart Parking Market Share Analysis, By Type 
12.3 Asia Pacific Smart Parking Market Size and Forecast, By Technology  
12.4 Asia Pacific Smart Parking Market Size and Forecast, By Application
12.5 Asia Pacific Smart Parking Market Size and Forecast, By End User
12.6 Asia Pacific Smart Parking Market Size and Forecast, By Country
12.6.1 China
12.6.2 Japan
12.6.3 India
12.6.4. Rest of Asia Pacific
13 Latin America Smart Parking Market Analysis and Forecast (2022 – 2027)
13.1 Introduction
13.2 Latin America Smart Parking Market Share Analysis, By Type 
13.3 Latin America Smart Parking Market Size and Forecast, By Technology 
13.4 Latin America Smart Parking Market Size and Forecast, By Application
13.5 Latin America Smart Parking Market Size and Forecast, By End User
13.6 Latin America Smart Parking Market Size and Forecast, By Country
14 Middle East Smart Parking Market Analysis and Forecast (2022 – 2027)
14.1 Introduction
14.2 Middle East Smart Parking Market Share Analysis, By Type 
14.3 Middle East Smart Parking Market Size and Forecast, By Technology 
14.4 Middle East Smart Parking Market Size and Forecast, By Application
14.5 Middle East Smart Parking Market Size and Forecast, By End User
14.6 Middle East Smart Parking Market Size and Forecast, By Country
15 Competitive Analysis
15.1 Competition Dashboard
15.2 Market share Analysis of Top Vendors
15.3 Key Development Strategies
16 Company Profiles
16.1 3M Company
16.1.1 Overview
16.1.2 Offerings
16.1.3 Key Financials
16.1.4 Business Segment & Geographic Overview
16.1.5 Key Market Developments
16.1.6 Key Strategies
16.2 Cubic Corporation
16.2.1 Overview
16.2.2 Offerings
16.2.3 Key Financials
16.2.4 Business Segment & Geographic Overview
16.2.5 Key Market Developments
16.2.6 Key Strategies
16.3 Bosch
16.3.1 Overview
16.3.2 Offerings
16.3.3 Key Financials
16.3.4 Business Segment & Geographic Overview
16.3.5 Key Market Developments
16.3.6 Key Strategies
16.4 BMW Group
16.4.1 Overview
16.4.2 Offerings
16.4.3 Key Financials
16.4.4 Business Segment & Geographic Overview
16.4.5 Key Market Developments
16.4.6 Key Strategies
16.5 Siemens
16.5.1 Overview
16.5.2 Offerings
16.5.3 Key Financials
16.5.4 Business Segment & Geographic Overview
16.5.5 Key Market Developments
16.5.6 Key Strategies
16.6 Xerox Corporation
16.6.1 Overview
16.6.2 Offerings
16.6.3 Key Financials
16.6.4 Business Segment & Geographic Overview
16.6.5 Key Market Developments
16.6.6 Key Strategies
16.7 Kapsch TrafficCom AG
16.7.1 Overview
16.7.2 Offerings
16.7.3 Key Financials
16.7.4 Business Segment & Geographic Overview
16.7.5 Key Market Developments
16.7.6 Key Strategies 
16.8 Swarco AG
16.8.1 Overview
16.8.2 Offerings
16.8.3 Key Financials
16.8.4 Business Segment & Geographic Overview
16.8.5 Key Market Developments
16.8.6 Key Strategies 
16.9 Nortek Control Systems Ltd
16.9.1 Overview
16.9.2 Offerings
16.9.3 Key Financials
16.9.4 Business Segment & Geographic Overview
16.9.5 Key Market Developments
16.9.6 Key Strategies 
16.10 Amano Corporation
16.10.1 Overview
16.10.2 Offerings
16.10.3 Key Financials
16.10.4 Business Segment & Geographic Overview
16.10.5 Key Market Developments
16.9.6 Key Strategies