Rising implementation of smart city programs coupled with rising vehicular pollution and limited availability of parking spaces are key factors bolstering the smart parking systems market worldwide. The proliferation of IoT and the need for scalable, flexible, space efficient, and easy parking systems are factors expected to boost the market, especially in the developing economies of the world.
With novel technologies being introduced at an exceptional rate, there are numerous opportunities for key market players to invest in them. To be successful in such a dynamic environment, organizations need to grow through innovation. Innovation and rapid development in technology have made huge strides forward in the market, thereby giving rise to the rapidly growing trend of IoT and smart cities, in turn propelling the adoption of smart parking systems.
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Parking is a challenging issue, especially in urban areas where over one-third of all traffic congestion is majorly caused by people struggling to find a parking space. In addition, limited data availability to guide driver’s decision-making further fuels the parking woes in urban landscape. In addition, finding a parking space leads to environmental damage owing to increase in CO2 emissions and sound pollution.
In addition, smart parking technology is emerging rapidly and is expected to be adopted by most of the major cities globally in order to increase the probability of sustainable development. Smart parking systems provide users with real-time information in order to allow them to find a parking space conveniently, thereby saving fuel, time and effort. IoT is a network of physical objects connected to each other through sensors, electronic devices and software that enables the collection and exchange of data. IoT has witnessed rapid growth across numerous end-user segments.
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