Key market players are considering the rise in autonomous vehicles and fully-automated parking systems (APS) as a driving factor for the Smart Parking Market.

FMI states that the global smart parking market will exhibit a CAGR of 17% through 2029. The rise in the number of vehicles on-road, the lack of parking space, and low-cost set up for the required infrastructure are proving to be the major factors leading to the increase in demand for smart parking spaces.