Parking being a challenging issue, especially in urban landscape where 30% - 40% of all traffic congestion is majorly caused by customers struggling to find a parking space. In addition, limited data availability to guide driver’s decision making leading to high amount of time being wasted further fuels to parking woes in urban areas. Also, it leads to damaging environmental effects such as increase in carbon dioxide emissions and sound pollution. Thus, smart parking systems address parking issues through the introduction of sensors and video-enabled parking management. Smart parking systems provide citizens with real-time information about available parking, thereby leading to reduced traffic congestion and a highly effective partnership between citizens, cities, local businesses and parking enforcement agencies. Thus, the smart parking solutions help to improve city livability.
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Technological advancements such as use of mobile applications for parking guidance systems and enhanced ticketing and payment solutions are the factors expected to boost the demand for off-street parking management system market. This type of parking is beneficial to both short as well as long term parking users. However, high initial deployment cost of off-street parking systems is expected to restrict the growth of the market. The off-street parking segment leads the global smart parking systems market currently and is expected to continue its dominance during the forecast period by accounting for 71.94% of the total market revenue share in 2025.
The implementation cost of the smart parking technology is expensive as compared to other non-technical parking methods, thereby it is currently being primarily adopted by the developed countries. In addition, off-street parking systems require more physical changes as compared to on-street parking...