The Smart Parking Systems Market deals with the development of smart parking technology. Smart parking is a vehicle parking system which is used in finding space for parking a vehicle. Car parking system helps in reducing traffic congestion, car emissions, and to manage demand and supply of parking.
Smart parking system consists of smart parking meters, apps, smart parking sensors and automated mobile payment systems which is useful to drivers to reserve parking space in advance and to pay on-line or off-line. This system is also most helpful in providing real-time information about the vehicle parking in a particular space. By utilizing this real-time parking it enables smoother transition. Decrease in traffic and parking problem is the primary factor that drives the growth for the Smart Parking Systems Market.
Rising adoption of auto parking systems in commercial complex & in both on-road or off-road parking and in airports and corporate campuses is the main key growth driver of the Smart Parking Systems Market. Also, the best features provided by smart parking like mobile phone enabled automated payment systems and low cost sensors, encourages people to adopt this parking technology. However, lack of awareness of smart parking advantages and lack of funding initiatives is further expected to hamper the Smart Parking Systems Market growth.
North America holds the major share of the Smart Parking Systems Market and is also expected to increase its growth rate, followed by Europe. Asia-Pacific and South America are projected to register the fastest growth during the forecast period. Asia-Pacific registers robust growth rate especially China, India and Brazil and South Korea are the fast growth countries. Other developing regions in the Rest of the World are also expected to register moderate growth over the forecast period.
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