How is Surging Traffic Congestion Driving Smart Parking Systems Market?
Issues related to parking have become more severe in today's world on account of the burgeoning number of vehicles and unorganized and inadequate car parking space in urban areas. Additionally, the search for parking space also contributes to the congestion on roads, as do the violation of parking rules and incorrect parking. To deal with these problems, governments across the world are rapidly deploying smart parking systems that provide real-time information to enable drivers to search for and reserve the available parking spots. Moreover, the escalating focus on crowdsourced mobility data will fuel the smart parking systems market at a CAGR of 16.1% during 2019–2024. Cities across the world are adopting affordable technologies to collect data through sensor networks to make their smart parking operations streamlined. Moreover, the development of smart cities has led to the widescale adoption of new-age technologies, such as community-based smart parking systems, which use the s...