(EnergyIndustry.Net, January 19, 2021 ) Globally, Vehicle parking lies at the intersection of mobility management as well as urban space. Over time, there were many generations which have offered numerous opportunities to the users. In recent years, parking generation provides basic automation that allows users to navigate the complete parking life cycle independently, for instance, knowing fee settlement, ticketing, parking, and parking occupancy status. According to Renub Research Analysis, Global Smart Parking Market is expected to grow with double-digit CAGR and reach USD 12.7 billion by 2027.
The factor that is boosting this market is the growing adoption of integrated automated solutions coupled with wireless technologies' advancements. The surging of digital payment technologies in the market is likely to contribute growth over the forecast period. However, high implementation cost and non-availability of supporting infrastructure are expected to hamper this market's growth.
As the global urban population has reached 7.5 billion in 2020, according to Census Bureau's International; smart parking is playing a significant role in bringing about improvements in convenience, congestion, lower costs, urban mobility and the delivery of practical information and intelligence. Smart Parking technology's adoption equips operators with the ability to deliver a wide range of additional services such as public broadband, safety video surveillance, air quality, and lighting control more efficiently, with new intelligent networks and greater automation via the Smart Spot network gateway products. The app included payment function features that alarm people when they get paid, allowing them to top up instantly.
Renub Research report titled “Global Smart Parking Market By Type [Off-street & On-street], Application (Security & Surveillance, Smart Payment system, license Plate Recognition, & Others), End-User (Transport facilities, Governments and Municipalities, Commercial Institutions & Corporate Institution), Regions (North America, Europe, Asia Pacific, Middle East & Africa and Latin America), Companies (ASSA ABLOY AB, Allegion Plc, Aisin Seiki Co. Ltd, Siemens AG & Bosch)” studies the Global Smart Parking Industry.
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