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Smart Parking Systems Market Worth $30.16 Billion By 2030

The global smart parking systems market size is expected to reach USD 30.16 billion by 2030, registering a significant CAGR of 21.2% from 2022 to 2030, according to new reports of Grand View Research, Inc. The increasing number of automobiles on roads and the subsequent rise in traffic congestions are the key growth drivers for the market. The outbreak of the COVID-19 pandemic has negatively impacted the market due to the varying levels of lockdowns implemented across the world. However, with the lockdowns being slowly lifted, the demand for smart parking systems is expected to bounce back, and sales of personal vehicles might also witness a rise due to growing concerns over safety in public transport.

Additionally, an increase in the number of smartphones users worldwide simultaneously increases the number of users to park, pay, and book the slots in advance over mobile apps. Favorable regulations, government policies, and investments are encouraging the implementation of smart parking systems for a seamless and user-friendly parking experience for drivers and operators. The increasing demand for sophisticated features, such as auto-payment options and voice guidance enabled through smartphone apps, is also anticipated to drive the growth of the market. more and more parking lots are incorporating Automatic Number Plate Recognition (ANPR) based parking management systems to efficiently operate vehicles in parking areas and access control systems.

The market is driven by factors such as the increasing availability of integrated automated solutions, advancements in ticketless parking technologies, and developments in Auto-payment technologies. Moreover, smart cities are looking for sustainable mobility solutions to reduce pollution and lower congestion by allocating public and private spaces. These parking systems use data analytics, wireless communication technology, and sensors to address parking issues in cities and metros. These solutions can be used to locate available parking spaces with the help of sensors and mobile applications, thereby reducing time spent by circling vehicles searching for parking spaces and improving accessibility as well as center attractiveness.

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