Smart Parking Market Business Opportunities 2020

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Smart Parking Systems Market Growth, Segments,
Size, Industry Analysis and Opportunities 2024
A major issue with buying a vehicle is
parking-related concerns. As per the industry
experts, about 30.0 of traffic congestion is
the result of people searching for parking
spaces. This has further led to a surging amount
of traffic congestion on roads, along with
growing number of vehicles, particularly in
major cities. In addition to this, various people
do not follow parking rules and park their
vehicles in an incorrect manner, thereby leading
them to pay parking fines. It is because of
these reasons that various countries are making
use of smart parking systems.
According to a report by PS Intelligence, the
global smart parking systems market is projected
to reach a value of 9.1 billion by 2024, rising
from 3.4 billion in 2018, advancing at a 16.1
CAGR during the forecast period (20192024).
Smart parking systems make use of internet of
things (IoT) and send data about occupied and
free parking spaces through
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• web or mobile applications. The IoT-device is
  located in every parking place and the user
  receives live updates regarding all parking
  spaces that are available, therefore can choose
  the best one. These systems are primarily being
  utilized in smart cities.
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  analysis/smart-parking-systems-market/report-sampl
  e
• As the number of vehicles on roads in urban
  cities has increased, there is pressing need for
  making use of advanced technologies to make the
  flow of traffic smooth. Within the region, the
  U.S. has been the largest user of smart parking
  systems up till now. Other than this, the demand
  for these systems is also expected to increase
  considerably in Asia-Pacific, thereby making the
  region the fastest-growing smart parking systems
  market demand in the coming years. This is due
  to the increasing requirement for connected and
  automated vehicles and rapid development of
  smart cities.
• In conclusion, the demand for smart parking
  systems is increasing due to the surging traffic
  congestion on roads and development of smart
  cities.
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  urlsmart-parking-systems-market
• Market Segmentation by Parking Site
• Off-Street
• On-Street
• Market Segmentation by Technology
• Hardware
• Software
• Service
• Market Segmentation by End User
• Commercial
• Government
• Others