Global Smart Parking Solutions Market Size And Revenue Is Projected To Reach Us$30.84 Billion By 2032

Advances in Internet-of-Things technology are opening gateways to new opportunities for smart parking solution developers to explore. Innovations in ubiquitous computing combined with developments in cloud platforms are opening up new avenues for companies with intelligent parking solutions. The increasing popularity of data-driven operations and the associated benefits are leading to an increasing acceptance of parking software worldwide.

Download a free sample copy of this report –

According to a recent Fact.MR study, the market for smart parking solutions was valued at over $3.3 billion in 2018. The proliferation of the IoT coupled with the increasing wireless infrastructure around the world continues to sustain the demand for system devices in the smart parking solution market. The system devices segment of the intelligent solutions market is expected to be worth over US$1.4 billion in 2019. The demand for parking software is expected to closely match the demand for system devices.

A huge inflow and outflow of consumer vehicles in infrastructures such as industrial parks, malls, and malls complicates the manual management of parking lots. Often, manual management of parking spaces results in inefficient use of resources, further increasing the operational costs associated with parking vehicles. The use of appropriate software eliminates these challenges and provides owners with an efficient system to manage vehicle parking in a cost-effective and methodical manner.

Share your requirements and get customized reports –

Demand for valet parking management systems remains robust

The Fact.MR study continues to see bright prospects for automated valet parking solutions as they gradually replace their traditional counterparts. Valet parking has become a popular trend in urban areas, and companies are rolling out automated valet parking management solutions to meet the needs of city dwellers.

The automated valet parking system uses a combination of technologies to assist vehicle owners in finding a suitable parking space. In addition, intelligent valet parking management solutions provide the vehicle owners with the data about the exact location of their parking space and save them from the related troubles. According to the study, smart valet parking solutions saw 9.9% growth in 2018 compared to 2017.

Get full access to this premium report –

Smart city initiatives require installment payments

Smart City projects not only offer increased performance but also sustainability. With the transformation of a city into a smart city, authorities around the world can ensure greater safety, transport and traffic management, waste management, energy efficiency and comprehensively improve the lifestyle of the population.

In addition to these benefits, smart cities contribute to environmental well-being and enable global temperatures to stabilize.

Growing environmental concerns, traffic congestion, and populace are prompting governments around the world to look into developing smart cities that can effectively improve quality of life while helping government agencies save resources.

These factors have attracted heavy investments in smart technologies worldwide and are driving the demand for smart parking solutions on a global scale.

Sophistication-driven technological advances to fuel growth

The increasing penetration of wireless network systems, IoT and cloud-based services has created the platform for innovation in the smart parking solution market.

For example, easy access to affordable GPS, cloud software, smartphones and smart sensors is leading to the development of sophisticated systems that help drivers identify the nearest available parking space in real time.

The emergence of cashless transactions and e-payment opportunities are further gateways to new opportunities for smart parking solution companies to explore. Additionally, developments in artificial intelligence and machine learning are helping companies make breakthrough discoveries in the field.

Key insights from market research for intelligent parking solutions:

  • Underlying macro and microeconomic factors influencing smart parking market growth Basic overview of smart parking market including market definition, classification and applications.
  • Scrutiny of each Smart Parking Solutions market player on the basis of mergers and acquisitions, R&D projects, and product launches.
  • Smart parking solution market adoption trend across various industries.
  • Major regions and countries offering lucrative opportunities to Smart Parking Solutions market players.

For more insights, visit – factmr-study-301210084.html

About us:

Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us with their most important decisions. While our experienced consultants use the latest technologies to uncover hard-to-find insights, we believe our differentiator is the trust clients place in our expertise. Our coverage spans a wide spectrum – from Automotive & Industry 4.0 to Healthcare & Retail – and is extensive, but we make sure to analyze even the most niche categories. Our sales offices in the USA and Dublin, Ireland. Headquarters in Dubai, United Arab Emirates.Contact us with your goals and we are a competent research partner.


US Sales Office:
11140 Rockville Hecht
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583

About the Author

Leave a Reply

Your email address will not be published.

You may also like these