Smart Parking A $368M Market, Says Hexa

The smart parking system market is slated to be as large as $369 million by the year 2024, according to Hexa.

In a press release, the firm stated that there are number of tailwinds in place to help the market in which technology is used to help identify and avoid traffic congestion and thus help improve fuel efficiency. Among those tailwinds: government initiatives designed to foster smart parking adoption and public sector funding. The features typically ascribed to smart parking include voice guidance, auto payments and other smartphone-enabled features.

The rise of smart parking, said Grand View Research, the firm that conducted the study, allows for more efficient reuse of commercial and municipal parking areas, including garages.

Education and raised awareness are keys to increased adoption, said the firm, with an eye on underdeveloped regions. At present, the U.S. and Canada have seen increased adoption rates, albeit growth remains relatively higher in the U.K. and Germany. Europe accounts for about 30 percent of global revenues in the market overall.