Global Smart Parking Market will reach US$ 11.2 Billion by 2027. According to ITS America's Market Analysis, fishing for parking is routine. It is estimated that drivers cruising for parking space create nearly 30% of urban congestion. Also resulting in oil wastage, almost 1 million barrels of world's oil every day. This ever-growing traffic congestion and uncertainty in parking availability and payment have thus enforced the need for Smart Parking systems. An intelligent parking technology enables optimized parking space use, enhances the efficiency of the parking operations, and helps smoother traffic flow. It is an intelligent parking system that allows drivers in safe parking.
Global Smart Parking Industry to grow with Double Digit CAGR of 18.2% from 2021 – 2027
Further, the increase in parking problems across the globe, growth in demand for (IoT) Internet of Things based technology, and high adoption rate in several vehicles drive the demand for the global smart parking market. Moreover, the system is highly convenient for the users as it reduces unnecessary paper consumption by replacing cash payments for parking with digital invoices sent directly on the user's Smartphone.