Smart parking systems assist car users in locating the nearest parking spot as well as providing information on the availability of parking slots in the parking area. Sensors, real-time data, and smart-phone-enabled automated payment systems that allow customers to book parking slots in advance are all part of the smart parking systems industry. The systems determine the exact condition of a parking space, whether unoccupied or occupied, and review and communicate data to a variety of sources, including mobile applications, signs, and web-based applications.
During the projected period, the worldwide smart parking systems market is estimated to grow at a CAGR of 15.8 percent, reaching $4,800 million by 2023. Parking sensors have emerged as the most important sector in the worldwide market for smart parking systems. Asia-Pacific was one of the fastest-growing markets in 2016, owing to increased end-user awareness of smart parking systems in the area.
The main problem connected with smart parking systems is the lack of standardization and the expensive start-up cost, which necessitates a large investment and limits the market's growth. Furthermore, a lack of coordination between software developers and hardware providers hinders the adoption of smart parking systems; however, component manufacturers have significantly reduced the costs of sensors and hardware-based solutions, allowing cities and businesses to collect detailed new data on transportation patterns.