Global Smart Parking Market Industry Trends and Forecast to 2029


The Smart Parking Market is anticipated to grow as a result of the increased acceptance of integrated automation systems, along with advancements in digital and wireless disbursement technologies. These technologies help determine whether a parking space is occupied or available, evaluate the situation, and broadcast the information to online and mobile applications. It is predicted that developments in these technologies will drive the market's expansion.

However, after COVID-19, citizens are expected to avoid collective mobility, such as using public transportation, and instead use their cars for solo travel. According to projections, this will cause gridlock in numerous cities across the globe. During the forecast period, it is expected that the increase in traffic congestion would increase demand for smart parking systems. During the projected period, it is anticipated that the consulting service area will experience significant growth. Consulting services address a variety of administrative needs, such as modifying parking spaces to better suit user needs and learning how to use smart parking applications. Operators and drivers alike benefit from these services for convenient and comfortable parking.

The global Smart Parking Systems Market was valued at US$ 106.1 Mn in 2019 and is forecast to reach a value of US$ 385.0 Mn by 2027 at a CAGR of 17.5% between 2020 and 2027.

Due to ents, and rising need for better parking systems, the Smart Parking Market solutions in Germany the country's expanding population, industrialization, urbanisation, technological advancemis anticipated to expand at a CAGR of 16% over the course of the projected period. As more parking management solutions are installed, which shorten the time it takes to find a parking space and ease traffic congestion, the need for parking sensors in Germany will increase. Furthermore, it is anticipated that during the following ten years, better traffic and parking management solutions will be available in Germany due to an increase in the number of vehicles on the road and government programmes like smart cities.

Governments all around the world are looking forward to the creation of smart cities because of growing environmental concerns, traffic congestion, and population growth. These cities will successfully increase quality of life while assisting authorities in resource conservation. Therefore, it is anticipated that favourable government policies in this area will considerably contribute to Smart Parking Market growth. For instance, the Australian government announced funding of USD 50 million in April 2021 to support the adoption of smart parking throughout the nation.

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