Smart Parking Market to be Worth $22.9 Billion by 2032
Meticulous Research ® —a leading global market research company, published a research report titled, ‘ Smart Parking Market by Offering (Hardware, Software, Services), Application (Parking Management, Payment, Vehicle Identification, Security & Surveillance, Others), Parking Site, End User (Commercial, Residential) & Geography - Global Forecast to 2032.’ According to this latest publication from Meticulous Research ® , the smart parking market is projected to reach $22.9 billion by 2032 , at a CAGR of 18.2% from 2025 to 2032. The growth of this market is driven by escalating traffic congestion caused by improper parking, increasing investments in smart parking facilities, and the growing demand for parking spaces. However, the high implementation costs of smart parking systems restrain the growth of this market. Moreover, the increasing investment in smart cities, the emergence of the parking-as-a-service business model, and the proliferation ...