Global Smart Parking Systems Market
The global Smart Parking Systems Market is projected to elevate at an annual rate of 21.5% over the forecast period. The increasing adoption of incorporated automated solutions along with the modernization in wireless and digitalized payment techniques has driven the growth of the market.
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Smart Parking Systems Market Dynamics
A smart parking system enables the residents, value chains, and smart cities to scrutinize parking differently. This is largely exhibited in the financial modules of the parking system. Also, the system provides modern ways to stamp data generated from spaces and drivers. Mobile workers can discover more critical information about the city's parking system usage, enabling an extensive range of value-added services. Moreover, these methods help reduce traffic jams and minimize pollution levels, leading to the acquisition of prudential projects by various global administrations, thereby proliferating the growth of the global smart parking systems market. This involves anonymous data such as the number of citizens traveling together and where the citizens go after parking in places. For example, the U.K. government, in February 2017, declared the allowance of USD 4.8 million for approximately 19 local authorities to introduce innovations in digital transportations, which has elevated the market growth. However, issues concerned with the payment transactions are anticipated to restrain the market growth.
Regional Drivers
By regional analysis, the North American region is expected to witness a significant expansion in the market during the forecast period. This is because of the increasing espousal of smart parking solutions and the accelerating number of vehicles. The growing emphasis of the U.S. and Canadian agencies to slash the severe traffic barriers has stimulated vehicle ownership.
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