The increased use of automobiles and the trend of urbanisation are leading to scarcity in parking spaces. Technological advancements such as online payments and development of mobile apps for reserving parking slots are instrumental in driving the implementation of smart parking systems.

Numerous benefits offered by smart parking systems such as reduced congestion and reduced pollution are expected to drive the adoption of smart parking systems in North America. These systems involve usage of real-time data collection, low-cost sensors, and smartphone-enabled automated payment systems, which allow drivers to reserve parking in advance.

In places, such as shopping malls, large commercial hubs, and sports and entertainment hubs, there are a large number of vehicles that need to be positioned appropriately to avoid congestion. In such situations, a smart parking system provides directions and accuracy in terms of parking the vehicles to the drivers. In North America, smart parking systems play a vital role in generating better urban environment by minimizing the carbon emission.

Researchers say that the hardware segment dominated the market in 2018 and that it is estimated to generate a revenue of over USD 2,185.3 million by 2025, as these components are largely deployed in various systems that provide guidance while parking vehicles.  The signage segment is expected to grow at a CAGR of 16.7% over the forecast period, as signage guides vehicles with proper directions and helps avoid confusion, thereby, improving accuracy and reducing mishaps.

The consulting services segment is expected to grow at a CAGR of 20.1% from 2019 to 2025, as companies outsource the parking planning tasks to consultancy services that provide solutions depending on the requirements. Several organisations face the issues regarding parking spaces in urban areas. In order to cater to those problems, companies outsource these tasks to the consultancy services that provide solutions as per their requirements.

Off-street systems are anticipated to gain traction due to increasing congestion on the streets, and as a result this segment is expected to witness considerable growth over the forecast period.  The government application segment for the market is estimated to reach USD 1,651.4 million by 2025 owing to its vast applications in smart city development projects initiated by government

The key players mentioned by Grand View Research in the North America smart parking system market report include Amano McGann.; Conduent, Inc.; Cisco Systems, Inc.; Skidata AG.; Streetline, Inc.; Parkme, Inc.; and Parkmobile LLC, among others.