The Global Smart Parking Market was worth US$ 7.16 billion in 2022 and is anticipated to reach a valuation of US$ 16.31 billion by 2028 and is predicted to register a CAGR of 17.90% during 2023-2028.

Smart parking helps to achieve faster, easier, and denser parking of automobiles during the time they are stationary while utilizing the least number of resources like fuel, space and time. Microcontrollers and sensors are components of IoT-based smart parking systems and may be found in each parking space. The user will subsequently be able to keep track of every parking space's availability and select the best one. As an alternative, the user can observe the length of parking usage from the application, and with the aid of smart parking meters, fees can be computed and sent to the user. Additionally, the user may choose to prolong their time. It only requires a good internet connection to function.

Major driving forces behind the growth of the global smart parking market include the need for a smart city to establish connected demands and the emergence of smart parking systems to address several environmental and economic issues. While cities have been integrating technology for a while, the world is seeing an increase in urbanization. However, as unquiet digital technologies can address significant urban concerns like safe parking, the rate at which this adoption occurs is accelerating. Urban regions could become more prosperous and secure thanks to smart cities. Smart parking is the most popular and rapidly expanding solution, used in airports, colleges, shopping malls, and public garages.

Market Drivers and Restraints:

Over the anticipated period, the increasing use of integrated automation solutions, along with wireless technology developments and the emergence of digital payment technologies, will promote corporate growth. Sensing devices, Machine-to-Machine communication, smart parking meters, mobile applications for e-reservations, and online transactions are among the technologies utilized to create economic systems. These sensing systems analyze and transfer information to various channels, such as Internet apps and mobile applications. Rising technological improvements are, likely to drive the growth of the global smart parking market over the projected timeframe.

The market for smart parking systems is projected to face challenges from growing car sizes and constrained parking spaces in major centers. Additionally, parking facilities require expensive building costs per square foot as well as a maintenance agreement with the provider. It thus contributes to the high costs of operation and upkeep for those institutions. Additionally, several obstacles, including high installation costs and a lack of supporting infrastructure, are anticipated to impede the market's growth for smart parking systems.

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The report is segmented as follows:

The Smart Parking Market is segmented based on System; the Market is segmented based on Technology; the Market is segmented based on Solution:

By System (Guided & Smart Park)

By Technology (Ultrasonic, Radar, Image, Component, Parking Management)

By Solution (Security & Surveillance, Valet & Parking Reservation, and License Plate Recognition)

Geographical Segmentation

The Asia-Pacific region has been recognized for having the largest market share in the smart parking market because of the existence of countries like China, Japan, and India. The massive demand from nations and the strong growth rate in new automobile registrations worldwide could create new prospects for the smart parking industry in this region.

Europe was projected to be the second-largest market worldwide due to its increasing urbanization. The increased demand for infrastructure, transportation, and construction is a result of rising urbanization. Smart cities provide advanced technologies via mobile devices,

maximize already-existing infrastructure, and inexpensively utilize the land. As a result, there may be an increase in demand for smart parking in smart

cities.

The market for smart parking systems in North America is anticipated to expand rapidly over the following years. Over the projection period, the market expansion is expected to be driven by the acceleration of automotive use and global urbanization, both of which cause urban congestion. The development of programs that offer parking solutions is increasingly using

analytics, which is propelling industry growth.

The UAE Smart Parking Market is anticipated to grow at a double-digit CAGR during the forecast period due to the rising demand for automobiles in the UAE, technological advancements, the increasing number of accidents brought on by cars reversing out of parking spaces, the increasing demand for sensors in cars and strict regulations for road safety.

During the projected period, Latin America, Middle East, and Africa Smart Parking Market are anticipated to rise at a 14% CAGR. Disruptive digital technologies that have the ability to solve many urban difficulties, like parking, are also to blame for the rapid rate of urbanization.

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Impact of COVID-19 on the Market

The COVID-19 pandemic had a significant influence on the growth of the smart parking market. Numerous difficulties were brought on by the epidemic, including a lack of qualified labour and project delays or cancellations because of a partial or complete lockdown around the world. However, the market is expected to grow rapidly during the anticipated period.

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