Smart Parking Market Size, Share, Growth Analysis, By Type (On-street, Off-street), By Hardware (Pucks, Cameras & LPRs), By Service (Consulting Service, Engineering Service) By Software (Parking Guidance System, Analytics Solutions) By Application, By End User, By Region - Industry Forecast 2025-2032

Smart Parking Market size was valued at USD 9.37 Billion in 2023 and is poised to grow from USD 11 Billion in 2024 to USD 33.82 Billion by 2032, growing at a CAGR of 17.4% during the forecast period (2025-2032).

An intelligent parking system that helps drivers park safely is known as smart parking. With the use of embedded software and sensors, available space in parking spots is displayed by signs or symbols. The driver is appropriately alerted to the available space as a result of the vehicle being properly managed. To determine if cars are there or not, this technique employs a variety of sensors as a hardware element in the parking space. A smart parking system lets drivers book a spot in advance and guarantees that no other car will block their way. It also gives real-time data on the availability of neighbouring parking spots. Furthermore, this technology is designed to address the ongoing parking issue that has an impact on the environment.

IoT facilitates the reduction of time spent locating parking lots and looking for spaces, which in turn propels industry expansion. A connected campus pilot project, for example, was unveiled in May 2020 by the University of California and NTT Corporation. The project uses IoT technology to transform the UC Berkeley Parking and Transportation Department by analyzing patterns, reducing traffic, and improving pedestrian safety in the Bancroft Way area of campus. Over the course of the forecast period, the smart parking market is expected to increase as a result of these global advancements that support the notion of smart parking.