The Africa smart parking market is driven by increase in deployment of smart parking systems in developing countries coupled with rise in awareness among users and advancements in technology. In addition, integration of Artificial Intelligence (AI), Internet of Things (IoT), ultrasonic, and Radio Frequency Identification (RFID) technologies in smart parking systems contributes toward the market growth.
These technologies allow for a wide range of services, including booking, navigation, and payment to be provided by operators. Due to rise in use of social media and analytical tools, adoption of smart parking solutions has increased significantly. Furthermore, increase in preference for seamless & automated payments and connectivity augment the market growth. In addition, technological advancements in software and hardware enable efficient transport infrastructure.
Increase in demand for quality services such as security and navigation is expected to offer remunerative opportunities for market growth. In addition, government initiatives toward the implementation of smart cities project create vast opportunities for market players. Rise in trend of real time operational optimization and analytics influences the Africa smart parking market positively. Providers of services that use sophisticated analytics to manage operations in an efficient way are anticipated to increase. The market growth is expected to augment owing to the substantial investment by government toward the development of infrastructure in cities. Furthermore, in some countries, government-mandated compliance regulations have been imposed for parking companies to adopt certain technologies and solutions, which is projected to increase the demand for smart parking.
The Africa smart parking market is segmented on the basis of type, technology, application, and end user. By type, the market is bifurcated into off-street and on-street. The on-street segment is dominating the market, and is expected to exhibit high growth rate during the forecast period, as parking solutions on the street are gaining high traction due to the ease of managing available parking space. According to technology, the market is divided into IoT, ultrasonic sensors, and RFID. Depending upon application, the market is classified as security & surveillance, smart payment systems, e-parking, and license plate recognition. The smart payment segment is expected to register high growth rate in coming future owing to rise in demand for seamless and secure payments. By end user, the market is categorized into commercial and government.
Leading market players presently focus on modern technology to enhance their clients' experience. For instance, G4S Africa has invested in technology which includes AI and machine learning to accelerate operational efficiency within the market. Google actively implements diverse inorganic strategies along with joint ventures, partnerships, and acquisitions to strengthen its foothold in the market. In addition, IBM has made enormous investments in its core areas such as R&D, product launches, technology advancements, and alliances with other industry players. Microsoft is revolutionizing the smart parking market by offering digital solutions such as Azure IoT, Microsoft Azure, Microsoft Dynamics 365, and Microsoft Power BI. Nipashe Technologies offers services such as fleet management, security, and on-demand services. Voi (formerly Taxify) has enabled smart parking solutions through its apps, providing access to a network of electric scooters and automated bikes.
The Kapsch Group has developed a range of new technologies, which include IoT and AI to deliver solutions such as automatic license plate recognition and smart payment systems. Parkopedia provides digitalized parking solutions such as online booking, navigation, and payment. Esri Africa offers solutions such as geographic information system (GIS), analytics, big data, and cloud-based software as a service (SaaS) to its customers The emerging companies in the Africa smart parking market are Zeemo, IPD Group, ParkIt, Stoneridge Electronics, and Conduent Inc. These companies work on developing technologically advanced and automated solutions to drive the market growth. Zeemo has recently launched its cloud-based parking administration system, which enables operators to manage parking-related processes more effectively. IPD Group offers solutions such as automated payment systems, automatic number plate recognition, guidance technology, and ticket management systems. ParkIt offers technologically advanced solutions such as license plate recognition, smart payment, and parking space management. Stoneridge Electronics provides solutions such as access control and surveillance systems.
Africa Smart Parking Market Report Highlights
| Aspects | Details |
 Forecast period | 2022 - 2032 |
 Report Pages | 81 |
 By Type |
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 By Technology |
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 By Application |
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 By End User |
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 Key Market Players | IBM, Microsoft, Kapsch Group, SAP Africa, Nipashe Technologies, Esri Africa, Parkopedia, G4S Africa, Voi (formerly Taxify), Google |
The Africa Smart Parking Market is projected to grow at a CAGR of 16.37% from 2022 to 2032
SAP Africa, G4S Africa, Google, IBM, Microsoft, Nipashe Technologies, Voi (formerly Taxify), Kapsch Group, Parkopedia, Esri Africa are the leading players in Africa Smart Parking Market
1. Enable informed decision-making process and offer market analysis based on current market situation and estimated future trends.
2. Analyze the key strategies adopted by major market players in africa smart parking market.
3. Assess and rank the top factors that are expected to affect the growth of africa smart parking market.
4. Top Player positioning provides a clear understanding of the present position of market players.
5. Detailed analysis of the africa smart parking market segmentation assists to determine the prevailing market opportunities.
6. Identify key investment pockets for various offerings in the market.
Africa Smart Parking Market is classified as by type, by technology, by application, by end user
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