Smart Parking Systems Market Report by Trends, Drivers, and Challenges - 2025

The smart parking sector is projected to reach a value of approximately US$ 1462.3 million by 2025, a significant increase from US$ 398.6 million in 2016. Off-street parking is expected to maintain its leading position throughout the forecast period. Currently, around 68% of smart parking solutions are categorized as off-street parking. These off-street smart parking options are primarily employed by government bodies, municipalities, corporate entities, commercial organizations, and transportation hubs. 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 flexible, scalable, and efficient parking solutions to manage both on-street and off-street parking areas is driving the growth of smart parking systems. This is crucial for alleviating traffic congestion caused by numerous drivers circling the streets in search of available parking spots.

The smart parking market is categorized by end-user sectors, which include transport facilities, government and municipal organizations, commercial enterprises, 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 concern.

The overall market size has been determined through a combination of primary and secondary research methods. 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 commentators to validate the data and analysis. Participants in this process typically include industry experts 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.