Smart Parking System Market Size, Share, Growth, Trends, and Global Industry Analysis: By Type (On Street, and Off-Street Garage, and Lot Parking), By Technology (Ground Sensor Technology, Counter Technology, and Overhead Sensor or Camera-Based Technology), By Hardware (Pucks, Cameras and LPRs, Smart Meters, Signage, and Parking Gates), By Software (Parking Guidance System, and Analytics Solutions), By Application (Commercial, Government, and Transport Transit), and Region

Smart Parking System Market size was valued at US$ 5,834.8 million in 2023 and is projected to grow at a CAGR of 12.3% from 2024-2030. Smart Parking System is a unique parking system that combines technologies such as IoT, AI, machine learning, and others to determine and report on the availability of parking spaces to motorists in real-time. Multiple sensors placed in parking lots collect data to build a dynamic parking map that motorists may view via their smartphones. Smart parking data also benefit traffic enforcement agencies by allowing them to better monitor traffic and identify parking offenses. Smartphones and other sensors are integrated into an interconnected system to detect parking spaces or levels and deliver real-time feedback in a smart parking system using IoT. Depending on the deployment, cameras, counters on parking lot entrances or gates, sensors implanted in the pavement area of individual parking lots, and other sites are used. Congestion is a primary result of increasing motorization, which is increasing demand for dedicated parking places, particularly in urban areas. In this environment, the emphasis is rapidly changing from on-street to off-street indoor parking, as the latter takes valuable and usable street space which is driving the global smart parking systems market growth.

According to a recent survey done by Polycarpou et al., nearly 40% of drivers spend 10-30 minutes looking for a parking space. It was also discovered that when there is no available space, approximately 34% of them engage in bad conduct, such as unlawful parking or canceling the planned activity. Furthermore, the growing demand for smart infrastructure in airports, shopping malls, and other public locations is driving the demand and is expected to maintain the global smart parking systems market trend. Valets, repair services, washing, maintenance, automobile sharing, and electric vehicle charging can be combined with parking transactions in the long run. Such packaged services may enhance occupancy, particularly in commercial buildings geared toward travelers. Other smart parking system functions, such as parking spot reservation, could be given as add-ons to existing mapping frameworks and are driving the global smart parking systems market growth. Parking facility owners are realizing that smart parking services can significantly increase the value of underlying infrastructure assets.

Smart Parking System Market Key Developments:

• On 27^th October 2022, the Minister of Transport announced the smart parking service in Qatar, which offers consumers a smooth parking experience by providing information on available parking spaces and allowing them to discover and access parking spots using their mobile phones.