Rising Investments in Smart City Development Propel Smart Parking Market

The Global Smart Parking Market size was estimated at USD 9.41 billion in 2022, USD 10.79 billion in 2023, and is projected to grow at a Compound Annual Growth Rate (CAGR) of 14.73% to reach USD 28.25 billion by 2030.

An increase in concerns regarding vehicle parking due to the increase in the number of vehicles raising the adoption of smart parking solutions. Moreover, the growing investment and initiatives toward smart city development drive the growth of the smart parking market.

Furthermore, technical challenges associated with smart parking systems and the unavailability of supporting infrastructure, along with the high initial implementation cost, may limit the smart parking market growth. In addition, growth in the deployment of IoT-based solutions for fully automated parking systems and the emergence of robot