Poor traffic management is a major cause of congestion in megacities leading to noise and air pollution. With the increasing number of vehicles, there is a problem of finding parking space in most cities around the world, so the demand for intelligent parking systems for urban management has gone up. The expansion of digital payment, wi-fi, IoT, M2M technologies within a proper infrastructure can stimulate market size growth.
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Market / Industry segment of smart parking
| Base Year | Market size(B$) | Duration(YEAR) | CAGR(%) | Source Name |
| 2019 | 3.9 | 8 | 17.40% | Grand view research |
| 2016 | 2.4 | 8 | 17.80% | Research nester |
| 2017 | 5 | 8 | 11.20% | Allied market research |
| 2019 | 2.7 | 6 | 18.00% | PR news wire |
| 2018 | 3.52 | 10 | 19.40% | Market.us |
Influencing factors that changes market size of smart parking
The size of the market value changes under the influence of many factors; the increase and decrease in the rate of these influential factors lead to changes in the value of the market size, which is provided by direct and reverse drivers in the market of smart parking.
Direct drivers:
- Increasing number of personal vehicles
- Air pollution
- The development of artificial intelligence and the Internet of Things
Reverse drivers:
- High cost of launching a smart parking IOT
- Lack of urban infrastructure
This market may also be threatened by following risks:
In all different markets and industries, the risk is always one of the factors that business founders should be sufficiently aware of. The first step is risk assessment identifying risks in the market to perform risk management. The market of smart parking may also be threatened by the following risks:
- Technology risk
- Manufacturing risk
- Sales and marketing risk
- Funding risk
