Smart Parking System Market To Reach $368.7 Million By 2024
The global smart parking system market size is expected to reach USD 368.7 million by 2024 according to a new study by Grand View Research, Inc. Favorable government initiatives and increasing public sector funding will favor the growth and adoption of smart parking system for the forecast period. The industry is anticipated to witness an upsurge in demand for smart parking systems in transport transit and commercial applications segment, and it is subsequently expected to impel the growth in the industry. This technology effectively addresses traffic congestion issues and parking-related concerns. Such systems help in reducing fuel usage and subsequently minimize vehicular emissions. The industry is expected to gain momentum owing to inclusion of sophisticated features such as voice guidance, handicapped parking, and auto-payment options enabled through smartphone applications. Increasing number of automotive and lack of efficient parking management system is affecting the availability of parking spaces and is subsequently driving the demand for these technologies across the globe. Such parking systems offer several opportunities for reuse of commercial and municipal parking areas and garages. Hence, these systems help in making the cities greener, cleaner, and technologically advanced.