Smart Parking Market: Escalating Vehicle Densities Will Propel The Growth Of Smart Parking Solutions.
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Smart parking system can be described as a vehicle parking system that helps drivers to find parking space. The Smart Parking Market consists of smart parking meters and sensor apps.
A mobile phone automated system allows a driver to get a parking space in advance by payment through his credit card.
Sensors of the smart parking technology can give information about the parking space to the driver through his smartphone app.
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It can ease traffic congestion and manage the demand of parking. The growth of the Smart Parking Market can be attributed to the lack of parking spaces and growing automobile volumes.
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Scope & Regional Forecast of the Smart Parking Market
The Smart Parking Market will have a healthy growth owing to factors like information about the ability of the space in desired locations which saves energy, fuel, and time. Smart parking solutions can search for a parking spot for the driver.
It efficiently manages empty and filled spaces.
Increasing technological advancements and high investments for development of smart cities will lead to the growth of the Smart Parking Market. Problems related to accuracy of space availability data will hamper the growth of smart parking management system.
The commercial sector will have a good growth in the Smart Parking Market due to increasing tourist attractions museums, theaters, shopping malls,. convenience of mobile payments will propel the growth of the smart car park system.
High investment in the smart parking lot system will lead to the growth of the government sector.
Increasing traffic congestion in North America has led to more demand for the Smart Parking Market. Asia Pacific will have a significant growth of smart park locations due to increasing automobile sales in China and India.
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Segmentations & Key Players Involved in the Smart Parking Market
The Smart Parking Market can be broken down into various segmentations on the basis of –
- Region- North America, Europe, and Asia Pacific.
Some of the key players involved in the Smart Parking Market are as follows:
- Cubic Corporation
- Amano Corporation
- Nortek Control Systems Ltd
- Xerox Corporation
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