Published by IMARC Services Private Limited
Posted on October 11, 2021
4 min readLast updated: January 29, 2026
The global smart parking market is projected to grow significantly by 2026, driven by urbanization and technological advancements in IoT and sensors.
According to the latest report by IMARC Group, titled “Smart Parking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global smart parking market exhibited stable growth during 2015-2020. On account of the aforementioned factors, the market is expected to grow at a CAGR of around 14% during 2021-2026.
Smart parking refers to the advanced parking system that utilizes ultrasonic and image sensors and software-based solutions to assist drivers with safe parking. It is also integrated with high-definition (HD) cameras, electronic control unit (ECU) and vehicle counting devices to transmit the information in real-time. This technological solution detects the presence or absence of vehicles or other obstructions on the path and alerts the driver to change the route. It also provides real-time information about the available parking spaces, manages flexible payment systems and navigates through dense traffics using variable road message signs. As a result, it is widely used in private parking lots, hotels, shopping malls, hospitals and commercial complexes.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Smart Parking Market Trends:
The global smart parking market is primarily driven by the increasing requirement for efficient parking facilities, especially in urban areas. Smart parking systems consist of low-cost sensors, real-time data interference and smart mobile applications that enable the users to monitor available and unavailable parking spots. Moreover, various technological advancements, such as the integration of connected devices with the Internet of Things (IoT) and radio frequency identification (RFID) systems, are providing a thrust to the market growth. Other factors, including the increasing development of smart cities, along with the widespread adoption of autonomous vehicles, are creating a positive outlook for the market.
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Key Market Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Breakup by System:
Breakup by Technology:
Breakup by Component:
Breakup by Vertical Type:
Breakup by Solution:
Breakup by Parking Site:
Breakup by Region:
Key highlights of the Report:
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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The article discusses the global smart parking market trends and growth forecast from 2021 to 2026.
Urbanization, technological advancements, and the development of smart cities drive the market.
Smart parking systems use IoT, RFID, and various sensors for efficient management.
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