A recently revamped report by Fact.MR estimates that the global smart parking solutions market is likely to surpass US$ 30 Bn in value by the end of the 2022-2032 forecast period, registering an astounding 21% value CAGR. Increased traffic congestion is expected to drive demand for smart parking solutions over the coming decade.
From 2017 to 2021, demand for smart parking solutions experienced an incline at a CAGR of 18%. During the height of the COVID-19 pandemic, the industry experienced a moderate slump, attributed to reduced traffic flow across roads in the wake of stringent lockdowns and restrictions on public traveling.
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Market growth is expected to be driven by the increasing adoption of integrated automated solutions, as well as advancements in wireless and digital payment technologies. Among the technologies used to implement effective systems are machine-to-machine (M2M) communication, data analytics, advanced sensors, smart parking meters, and mobile applications for slot reservations and online payments.
Growing traffic congestion problems is prompting automotive manufacturers and vehicle users alike to opt for internet and smart-enabled parking solutions, enabling an improvement in city decongestion, remarks a Fact.MR analyst.
Sophistication-driven Technological Advancements to Fuel Growth
Increasing penetration of wireless networking systems, IoT, and…
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