In terms of components, services are expected to progress at robust CAGR of 29.4% from 2015 to 2022. This is expected to put the segment in the lead by 2022, over sensors and network hardware, and is expected to generate US$73.0 mn in revenue by 2022.

The application of smart parking systems in airports is expected to be the most sought-after one. This application segment is projected to expand at a CAGR of 27.6% from 2015 to 2022.

“The need for a sustainable transportation policy is extremely high in today’s world,” states a TMR analyst. “The primary goal for most governments today is to improve the welfare of the people in the present while ensuring a better future for the upcoming generations. High traffic levels are one of the core issues that need to be resolve in order to achieve this, and citizens of all countries are demanding for the same,” she adds.

The key cause of high levels of traffic congestion across the world is the lack of city planning in terms of road transport levels. Therefore, as the number of vehicles entering the system increase, the level of congestion increases even further.

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Smart parking systems employ a solution that is not only flexible in terms of fitting in to different types of infrastructure, but also scales accordingly. This allows all economies to make the most of smart parking systems in order to reduce traffic congestion levels.