The Smart Parking Systems Market Overview 2025 report reveals that the market size has grown significantly over the past few years, with projections indicating further expansion.
What are the Historical Growth Trends in the Smart Parking Systems Market?
The Smart Parking Systems Global Market Report 2024 indicates that the market size has been increasing significantly. It is estimated that the market will expand from $8.5 billion in 2024 to $10.27 billion in 2025, with a compound annual growth rate (CAGR) of 20.8%.
What are the 2025 Market Projections: Forecasted Size & Growth Rate for the Smart Parking Systems Industry?
The smart parking systems global market is projected to expand to a market size of $22.13 billion by 2029. The forecasted compound annual growth rate (CAGR) for this period is predicted to be 21.1%.
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What are the Key Growth Drivers Fueling the Smart Parking Systems Market?
The key drivers in the smart parking systems market are:
• Rise of electric vehicles and autonomous vehicle development
• Expansion of smart city initiatives
• Enhanced connectivity infrastructure
• Shift towards shared mobility services
Global Market Segmentation: Identifying Major Smart Parking Systems Industry Segments
The smart parking systems market covered in this report is segmented –
1) By Type: Off-Street Parking, On-Street Parking
2) By Hardware: Pucks, Cameras And LPRs, Smart Meters, Signage, Parking Gates
3) By Software: Parking Guidance System, Analytics Solutions
4) By Service: Consulting Service, Engineering Service, Mobile App Parking Service
5) By Application: Commercial, Government, Transport Transit
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What are the Emerging Trends Shaping the Future of the Smart Parking Systems Market?
The key trends in the smart parking systems market are:
• Real-time data analytics is a prominent emerging trend in smart parking systems.
• Contactless parking systems are on the rise.
• Cloud-based parking management is a new trend that is shaping the market.
• AI-driven predictive parking and secure transactions using blockchain are also key upcoming trends.
Who Are the Top Competitors & Leading Players in the Smart Parking Systems Market?
The major players in the smart parking systems market are:
• Bayerische Motoren Werke AG
• Siemens A
Regional Dominance: Which Area Leads the Global Smart Parking Systems Market?
North America was the largest region in the smart parking systems market in 2024
