LONDON--(BUSINESS WIRE)--The global smart parking market is expected to grow by USD 5.22 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Automotive companies are increasingly adopting telematics to offer convenience and safety to its customers. Telematics offer key information such as traffic conditions, weather, and navigation systems, which can be used in managing traffic as well as vehicle parking management effictively. Furthermore, many governments across the world are introducing various development plans to improve car parking and tracking. For instance, in 2018, the City of Beverly, US, announced its plans to create new parking zones, updated parking rates, and the installation of new parking equipment. In addition, the rising awareness and the penetration of telematics in vehicles are increasing the adoption of smart parking solutions across the world. This will further drive the growth of the global smart parking market.
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As per Technavio, the growing adoption of Intelligent Transport Systems (ITS) will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Smart Parking Market: Growing Adoption of ITS
Many countries are adopting ITS for efficient parking management to reduce traffic congestions and accidents. Also, the rising need for safe, efficient, and accessible public transport in urban areas has further increased the adoption of ITS. It uses advanced sensor technologies and communication technologies to improve the traveling experience of passengers by providing information on traffic, road conditions, and transportation medium. This trend is expected to have a positive impact on the growth of the global smart parking market during the forecast period.
“Increasing adoption of artificial intelligence (AI) and machine learning coupled with the use of crypto wallet payments for parking will further boost smart parking market growth during the forecast period,” says a senior analyst at Technavio.
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Smart Parking Market: Segmentation Analysis
This market research report segments the smart parking market by type (off-street parking and on-street parking) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the smart parking market in 2019, followed by Europe, APAC, South America, and MEA. During the forecast period, the North American region is expected to register the highest incremental growth due to the increasing demand for traffic management and the rise in the number of vehicles in Canada and the US.
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Some of the key topics covered in the report include:
- Off-street parking
- On-street parking
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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