Global Smart Parking Market Analysis
The Smart Parking Market is projected to experience significant growth, with an anticipated valuation of US$ 42.51 billion by 2032, an increase from US$ 7.03 billion in 2023. This growth is expected to be driven by a compound annual growth rate (CAGR) of 22.14% between 2024 and 2032.
Smart Parking is an innovative solution that utilizes a combination of in-ground sensors, cameras, and counting sensors to provide real-time information about available parking spaces. This data is then made accessible to users through a mobile application or website, allowing them to easily find free parking lots. The goal of Smart Parking is to simplify the parking process for drivers by reducing the time, energy, and resources required to locate a parking spot. This is especially valuable in addressing the common and time-consuming task of finding parking, which people encounter daily around the world. Additionally, Smart Parking contributes to reducing the envir