KD Market Insights has published a report on global [FURL=https://www.kdmarketinsights.com/product/6668/smart-parking-systems-market/] Smart Parking Systems market [/FURL] research report. The report offers valuable market insights drivers which would aid the industry leaders to develop and line up their market strategies supported by reliable and accurate data. According to KD Market Insights report, the global Smart Parking Systems market is expected to grow at a CAGR of X.X% during the forecast period i.e. 2020-2025. The market was held to USD X.X Million in 2019 and is projected to reach to a valuation of USD X.X Million in 2025. The report covers a detailed chapter on market segmentation of Smart Parking Systems market covering market segments by type, technology, application, end user and component .The report offers an exhaustive analysis of the market trends, opportunities, growth areas and industry drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Overview:
Smart parking refers to new advancements in technology that provide comfort for motorists and car park operators through fully integrated and end-to-end parking experience transformation solutions. Smart parking systems consist of a sensor network, screen displays, and live gateways, operated by an interactive framework built on the Internet.
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Market Insights
The increase in parking concerns worldwide, the increase in demand for technology based on the Internet of Things (IoT), and the high rate of adoption in the number of vehicles are driving the growth of the market.
Increased Parking Concern across the Globe
The ever-increasing production of automobiles has increased traffic congestion, especially in urban areas, posing a difficult task for government and municipal authorities to control and manage traffic. It is very difficult for many drivers to find vacant parking spaces during peak hours in areas such as hospitals, hotels & shopping centers, airports, universities, and exhibition & convention centers. In addition, the increase in the number of vehicles worldwide has led to problems related to parking spaces in both residential and commercial areas. The problem is solved by using improved features such as notification of free space available on smart devices & live space reservation updates using smart parking technology. This technology reduces the amount of time spent by the user to find the vacant parking space and automates the process of finding the optimum parking space, thus creating a huge demand for the smart parking market.
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