Crowdsourced Smart Parking Market Size, Share, Growth, And Industry Analysis By Type (On- Street, Off-Street) By Application (Commercial Use, Residential Use, Government Use, Others) and Regional Forecast To 2031

Updated On: 15 April 2024

Crowdsourced Smart Parking Market Report Overview

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The global crowdsourced smart parking market size was USD 350.1 million in 2022 & the market is expected to reach USD 711 million by 2031, exhibiting a CAGR of 8.2% during the forecast period.

The COVID-19 pandemic has been unprecedented and staggering, with crowdsourced smart parking experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Crowdsourced smart parking is an innovative approach that leverages the power of technology and community participation to address the challenges associated with urban parking. Traditional parking management often leads to congestion, wasted time, and increased emissions, especially in densely populated areas. Crowdsourced smart parking aims to alleviate these issues by utilizing real-time data collection and information sharing among drivers. In this system, individuals contribute to a digital platform, such as a mobile app, by providing real-time updates on parking availability and occupancy. This data is then aggregated and made accessible to other drivers, allowing them to make informed decisions about where to find parking spaces. Additionally, this technology can integrate with sensors and cameras embedded in parking areas to further enhance accuracy. Crowdsourced smart parking not only reduces the time and frustration associated with searching for parking but also promotes more efficient use of existing parking resources. This approach has the potential to decrease traffic congestion, lower carbon emissions, and enhance the overall urban mobility experience.

The Crowdsourced Smart Parking Market has witnessed significant growth over the past few years, driven by the increasing adoption of smart city initiatives, advancements in Internet of Things (IoT) technology, and the growing need for efficient urban parking management solutions. This market has revolutionized the traditional parking system by leveraging real-time data collection, cloud computing, and mobile applications to provide users with accurate information about available parking spaces, thus optimizing the overall parking experience. The global Crowdsourced Smart Parking Market has displayed substantial potential and is poised for further expansion in the coming years.

COVID-19 Impact: Lockdown Caused Reduction in Vehicular Movement and A Corresponding Decline in The Demand for Parking Spaces Hampered the Market Growth

The outbreak of the COVID-19 pandemic had a notable impact on the Crowdsourced Smart Parking Market. With lockdowns and restrictions imposed in various regions, there was a considerable reduction in vehicular movement and a corresponding decline in the demand for parking spaces. As people shifted to remote work and online shopping became more prevalent, the utilization of parking facilities decreased. However, as economies have gradually reopened, the market is showing signs of recovery, with increasing urbanization and the resumption of regular commuting patterns.

Latest Trends

"Integration of Artificial Intelligence (AI) and Machine Learning (ML) to Boost the Market Development."

One prominent trend shaping the Crowdsourced Smart Parking Market is the integration of artificial intelligence (AI) and machine learning (ML) technologies. These technologies enable parking management systems to analyze historical data, predict parking space availability, and optimize parking operations. AI-driven algorithms can analyze patterns in user behavior and usage data to offer personalized parking recommendations, reducing the time spent searching for parking spots. Additionally, machine learning algorithms can aid in traffic flow optimization and the identification of parking violations, enhancing overall urban mobility.

Crowdsourced Smart Parking Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into on- street, off-street. On- street being the leading segment of the market by type analysis.

• By Application Analysis

Based on application, the market can be divided into commercial use, residential use, government use, others. Commercial use being the leading segment of the market by application analysis.

Driving Factors

"Urbanization and Congestion Challenges to Drive the Market Growth"

The rapid pace of urbanization has led to increased traffic congestion and parking challenges in metropolitan areas. As more people migrate to cities, the demand for parking spaces has surged, resulting in inefficient parking management. Crowdsourced smart parking solutions address this issue by providing real-time information about available parking spaces, helping drivers make informed decisions and reducing traffic congestion.

"Sustainable Urban Mobility Initiatives to Drive the Market Development"

Governments and city planners worldwide are focusing on sustainable urban mobility solutions to reduce carbon emissions and improve air quality. Crowdsourced smart parking contributes to these initiatives by minimizing unnecessary vehicle circling, which leads to fuel wastage and increased pollution. By guiding drivers to available parking spaces, these solutions contribute to a more sustainable and eco-friendly urban environment.

Restraining Factors

"Lack of Standardization and Interoperability to Impede the Market Growth"

One of the significant challenges in the market is the lack of standardization and interoperability among different smart parking systems. Various vendors and cities have implemented their solutions, often using different technologies and protocols. This lack of uniformity can create confusion for users and hinder the seamless integration of smart parking systems into broader smart city frameworks.

Crowdsourced Smart Parking Market Regional Insights

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"Robust Adoption of Smart City Technologies and Well-Established Urban Infrastructure in North America to Bolster the Market Development"

North America stands as a frontrunner in the Crowdsourced Smart Parking Market, commanding a substantial share driven by its robust adoption of smart city technologies and well-established urban infrastructure. The United States and Canada, in particular, have spearheaded the integration of Internet of Things (IoT) and connected technologies, laying the groundwork for innovative parking management solutions. These advancements have not only transformed the way parking is perceived but have also paved the way for a holistic approach to urban mobility. The region's unwavering emphasis on enhancing urban mobility has been a pivotal driver behind the surge in the Crowdsourced Smart Parking Market. As metropolitan areas continue to grapple with escalating traffic congestion and parking challenges, North American cities are increasingly turning to technology-driven solutions. Crowdsourced smart parking has emerged as a game-changer by equipping drivers with real-time information about available parking spaces, thereby reducing the time spent searching for spots and ultimately alleviating traffic bottlenecks.

The Asia-Pacific region is currently witnessing an unprecedented surge in the Crowdsourced Smart Parking Market, primarily attributable to its densely populated cities and the relentless wave of urbanization sweeping across the region. Countries such as China, India, and South Korea are at the forefront of smart city initiatives, channeling substantial investments into cutting-edge technologies, including smart parking solutions. This concerted push toward smarter urban infrastructure has created an ideal environment for the adoption and proliferation of crowdsourced parking systems. In the face of burgeoning vehicular populations and limited parking real estate, the Asia-Pacific region has embraced crowdsourced smart parking as a transformative solution. The exponential increase in vehicles traversing city streets has amplified the demand for streamlined parking management strategies. Crowdsourced smart parking platforms have emerged as a beacon of hope, guiding drivers to available parking spaces and significantly reducing the often-frustrating endeavor of finding a suitable spot.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled Players

• 3M (U.S.)
• Amano Corporation (Japan)
• Cubic Corporation (U.S.)
• Thales (France)
• Kapsch TrafficCom AG (Austria)
• Nortech Control Systems Limited (U.K.)
• Siemens (Germany)
• Swarco AG (Austria)
• Fujica (China)
• Imtech (Netherlands)
• Xerox Corporation (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.