The smart parking market is projected to reach a value of approximately US$ 1,462.3 million by the year 2025, a significant increase from US$ 398.6 million in 2016. During the forecast period, off-street parking is expected to maintain its leading position in the market. Currently, around 68% of smart parking systems are categorized as off-street solutions. These off-street smart parking options are primarily employed by various entities, including government bodies, municipalities, corporate organizations, commercial establishments, and transportation facilities. On a global scale, off-street parking is recognized as a cost-effective and user-friendly solution for parking needs.

A key trend anticipated to significantly influence the market in the upcoming years is the rapid advancement of technologies that support the development of smart parking systems worldwide. The smart parking market is expected to experience numerous technological enhancements, particularly in terms of increased bandwidth and connectivity. The demand for smart parking systems is being driven by the need for flexible, scalable, and efficient solutions to manage both on-street and off-street parking spaces. This is crucial for alleviating traffic congestion caused by numerous drivers circling the streets in search of available parking spots.

The segmentation of the smart parking market by end-user industry includes transport facilities, government and municipal organizations, commercial entities, and corporate institutions. The rising number of vehicles on the roads, the growing size of luxury vehicles, and the diminishing availability of parking spaces are contributing to traffic congestion, which has become a pressing global issue.

To determine the overall market size, a combination of primary and secondary research methods has been employed. The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, primary interviews are conducted with industry participants and experts to validate the data and analysis. Participants in this research typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders who specialize in the smart parking sector.