The North America Smart Parking System Market would witness market growth of 20.8% CAGR during the forecast period (2024-2031).
The US market dominated the North America Smart Parking System Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $8,308.3 million by 2031. The Canada market is experiencing a CAGR of 23.5% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 22.4% during (2024 - 2031).
The rapid advancement of technology across multiple sectors has dramatically reshaped urban infrastructure and mobility solutions. Among these technological innovations, smart parking systems have emerged as a transformative force in addressing one of the most pressing urban challenges—parking management.
Using in-ground sensors, cameras, and other detection technologies, smart parking systems can precisely monitor occupancy status and direct drivers to the nearest available space. This reduces the time spent searching for parking, easing traffic congestion and lowering vehicle emissions. Furthermore, these systems are typically integrated with automated payment solutions, offering users a seamless, cashless parking experience.
The region’s major urban centers face mounting challenges related to traffic congestion and limited parking availability. According to the ‘A novel parking management system, for smart cities, to save fuel, time, and money’ paper, in the USA, over 70 billion dollars are wasted every year searching for parking, equal to 3.6 billion hours and 1.7 billion gallons of fuel. To address these issues, cities across the U.S., Canada, and Mexico are deploying intelligent parking solutions powered by IoT sensors, AI, and automation technologies. In the United States, the Smart City Challenge program, launched by the U.S. Department of Transportation in 2015, catalyzed advancements in urban mobility, including the deployment of these systems. Columbus, Ohio, the challenge winner, implemented comprehensive smart parking solutions that integrated mobile apps, dynamic pricing, and real-time availability tracking. Major airports like San Francisco International (SFO) and Los Angeles International (LAX) have also adopted automated parking guidance systems, utilizing License Plate Recognition (LPR) technology to streamline vehicle entry and exit, improving flow and minimizing congestion. Hence, the region will present lucrative growth opportunities for the market throughout the forecast period.
Free Valuable Insights: The Smart Parking Systems Market is Predict to reach USD 33.47 Billion by 2031, at a CAGR of 21.5%
Based on Software, the market is segmented into Parking Guidance System, and Analytics Solutions. Based on Type, the market is segmented into On-street, and Off-street (Garage Parking, and Lot Parking). Based on Service, the market is segmented into Consulting Service, Engineering Service, and Mobile App Parking Service. Based on Hardware, the market is segmented into Smart Meters, Cameras & LPRs, Pucks (Wireless Sensors), Signage, and Parking Gates. Based on Application, the market is segmented into Commercial, Government, and Transport Transit. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Software
By Type
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By Hardware
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