Smart Parking System Market Report Delivering Growth Analysis

Noida, India, Sept. 7, 2021 (GLOBE NEWSWIRE) -- Globe Newswire -- Smart parking systems are gaining popularity due to the increasing adoption of smart parking systems by various end users such as government and commercial buildings. Cheap government initiatives to develop smart cities and smart parking infrastructure are driving the growth of the global smart parking market. A study by strategic consulting and market research firm Blueweave Consulting shows that the global smart parking market was worth $4.5 billion in 2020 and is expected to reach $17.2 billion by 2027, with a CAGR of 2.12% over the forecast period 2021-2027.

In July 2021, the Patna Municipal Corporation of India announced a pilot project to develop 38 intelligent parking systems in the city. Intelligent parking systems are gaining popularity due to the growing number of autonomous vehicles and technological integration, growing concerns about traffic and parking problems and the increasing adoption of the technology by various end-users such as governments and commercial buildings.

The global parking management market is experiencing significant technological advances such as the use of integrated mobile apps and software for parking, cashless payment and RFID technology. The increasing growth in vehicle sales and the increasing demand for parking spaces are encouraging immense growth in the market. The market is contributing to the fastest growth of 12.9% over the forecast period 2021-2029.

The global parking management market is expected to grow by 10.9% over the forecast years 2021-2029. According to Verified Market Research the global smart parking market was valued at $659 billion in 2020 and is expected to reach $1,674 billion by 2028, representing growth of 12.36% between 2021 and 2028. The increasing demand for parking spaces due to the increase in vehicle production and sales and the global focus on a seamless traffic flow support the immense growth of this market.

Rapid urbanization, a steady increase in the number of vehicles and technological advances in the market for intelligent parking solutions are expected to drive the market over the forecast period. The increasing number of cars on the road and the increasing congestion of these vehicles which leads to complex traffic conditions increase the attractiveness of the global smart parking market, while the high penetration of IoT technology is driving the growth of the market. The increasingly adoptable use of smart cars in the future and the constant technological progress should drive the future growth of this market.

This Market Intelligence report provides a comprehensive assessment of the global smart parking market, including factors that drive market growth, market barriers, application areas, investment potential, case studies, value chain analysis, future roadmaps, profiles of key market players and strategies. The market for intelligent parking systems for passenger cars in terms of volume (000 million units) and value (millions and billions of dollars), system type (in different regions), components (sensors and technologies) derived from production-based forecasting techniques, market for intelligent parking systems equipped with parking management (in terms of value, millions of dollars), vertical and solution types derived from forecasting techniques based on major solution providers around the world and summarizing their segmental revenues. During the primary research phase, experts were interviewed from related industries, manufacturers and suppliers to understand the current situation and future trends in the market for intelligent parking systems as well as the market for parking management solutions.

Data Bridge Market Research Report on the Smart Parking Market provides analysis and insights on various factors that are expected to dominate the forecast period 2021-2028 and highlights their impact and growth. In addition to the current market scenario, the report also contains comprehensive information on future growth opportunities and lucrative opportunities offered by the smart parking market. Market Research Future (MRFR) is a global market research company that prides itself on its services in providing consumers with an accurate and complete analysis of different markets.

The primary objective of Market Research Future (MRFR) is to provide customers with high-quality research and granular research. Our market research studies on products, services, technologies, applications, end users, market participants, global, regional and country-specific market segments enable our customers to see more, know more and do more by providing answers to your important questions.

There are certain constraints and challenges that confront and hamper market growth. High employment costs, configuration complexity and low Internet penetration rates in developing regions are holding back market growth. This report can help prospective buyers to open up new areas and new sources of income.