The global Smart Parking Systems market size is expected to be worth around US$ 14.5 billion by 2028, according to a new report by Vision Research Reports.
The global Smart Parking Systems market size was valued at US$ 3.10 billion in 2020 and is anticipated to grow at a CAGR of 17.5% during forecast period 2021 to 2028.
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Growth Factors
An anticipated upsurge in demand for these systems for transport transit and commercial applications is expected to drive the growth in the market. Rising demand for hassle-free parking coupled with the advances in technology are anticipated to propel market growth over the forecast period.
Favorable government initiatives and increasing public sector funding to roll out solutions aimed at addressing traffic congestion issues are anticipated to drive the market. Furthermore, the inclusion of sophisticated features, such as voice guidance and auto-payment options enabled through smartphone apps, are also projected to fuel the growth of the market. Various parking lots are integrating Automatic Number Plate Recognition (ANPR) systems to effectively manage vehicle at parking areas and access control systems.
Ensuring adequate parking space is turning out to be a challenge for civic administrations as the number of automobiles continues to increase. The demand for intelligent systems is rising across the globe as a result. These systems can effectively...
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