Smart Parking Systems Market Share, Growth And Future Trends

Posted on 2022-12-30 by researchinsights in Industrial // 0 Comments

Smart Parking Systems Industry Overview

The global smart parking systems market size was valued at USD 5.75 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 21.2% from 2022 to 2030.

Due to the COVID-19 pandemic, countries across the globe have experienced varying degrees of lockdowns and many governments have also issued policies to stimulate economic recovery. Cities are experiencing a steep drop in traffic congestion. According to SpotHero, Inc., a U.S.-based smart parking solutions provider, since mid-March 2020, the demand for parking systems has decreased by 90% across the U.S. This decline is expected to adversely impact the growth of the market in the country as well as across the globe, at least for a short duration.

Gather more insights about the market drivers, restrains and growth of the Global Smart Parking Systems Market

However, post the COVID-19 pandemic, people are expected to use their vehicles for solo travel and avoid shared mobility, including public transportation. This is expected to significantly impact the traffic congestion in numerous metro cities across the globe. The demand for smart parking systems, which can assist city administrations in efficiently managing dispersed parking spaces and helping drivers find available parking spaces, is also expected to rise with increasing traffic congestion. The capability of these systems to provide the necessary flexibility and scalability is further expected to fuel the growth. However, the lack of awareness regarding the benefits of smart parking is the main restraint for the growth of the market during the forecast period.

The rise in the implementation of integrated automated solutions, combined with the advancements in wireless and digital payment technologies, is expected to contribute to market growth. Technologies utilized to implement these systems include Machine-to-Machine (M2M) communication, data analytics, advanced sensors, smart parking meters, and mobile applications for slot reservations and online payments. These technologies are designed to determine whether a parking lot is empty or occupied and evaluate and transmit the information to mobile and web applications. These advancements in technologies are expected to drive market growth.

The rise in poor traffic management leads to concerns regarding vehicle overcrowding and congestions in urban areas, which are the primary causes of air and noise pollution that can choke economic activities. The smart parking system provides real-time data details that can help to tackle these problems and determine the availability of parking lots. Furthermore, these systems can significantly reduce vehicular emissions as drivers unnecessarily do not have to loop around city blocks seeking parking spaces.

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