According to the latest report by IMARC Group, titled "Smart Parking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global smart parking market reached a value of US$ 3.97 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 8.52 Billion by 2027, exhibiting at a CAGR of 13.4% during 2022-2027. Smart parking refers to an Internet of Things (IoT) solution, which is extensively deployed in automobiles for guiding drivers to inform and accommodate vacant parking spaces in specific areas. It utilizes various embedded systems, such as vehicle detection, automatic number plate recognition readers (ANPR), sensors, cameras, and management operators, for facilitating its functions. Smart parking is further used for navigating, enabling the smooth flow of traffic in congested areas.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Smart Parking Market Trends:
The integration of various technologies, such as the Internet of Things (IoT) and parking guidance systems (PGS), for reserving ticketing systems and barriers is one of the key factors primarily driving the market growth. In addition to this, the increasing prevalence of traffic congestion in metropolitan cities and the rising inclination of consumers toward comfortable and luxurious cars are positively impacting the market growth. Apart from this, the numerous initiatives undertaken by the government of various nations for strengthening green and smart cities infrastructure are providing a positive outlook for the market.
Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/smart-parking-market
Key Market Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
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Key highlights of the Report:
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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