Smart Parking Market worth $ 16.74 Billion

The increasing implementation of Internet of Things (IoT) technology, the growing concern about vehicle parking, and the increase in the number of vehicles on the roads around the world are the main drivers of the growth of the smart parking market.

Overview of the global smart parking market:

The increase in the number of cars on the roads around the world, the increase in car congestion on the roads leading to complicated traffic conditions, and the increase in the attractiveness of the market due to the high use of Internet of Things (IoT) technology. of the smart parking market. On the other hand, market growth will result in high costs for the implementation of the Internet of Things (IoT) infrastructure, high configuration complexity, and limited Internet infrastructure in developing regions. However, the growing acceptance of smart cars in the future and continued technological progress are expected to drive future market growth.

Main developments in the smart parking market

• In January 2019, China launched its first automatic inclined parking in the city of Nanjing, in eastern China. It is an intelligent parking system designed to optimize space consumption, fuel consumption, and accessibility, thus improving livable urban areas.

• In December 2020, APT Skidata, one of the UK’s leading parking solutions companies, launched a new digital solution to offer one or more parking owners and operators greater operational efficiency and financial return.

Major market participants include Urbiotica, Swarco AG, Smart Parking Limited, Robert Bosch GmbH, Klaus Multiparking Systems, IPS Group Inc., Amano McGann, Inc., Continental AG, Dongyang Menics Co., Ltd, IEM SA.

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