Global Smart Parking Market Forecast 2024” is expected valuation of approximately USD 7.5 Billion by 2024. Growing at a CAGR of 18% through 2024.
According to the Goldstein Research new market research report titled, ”Global Smart Parking Market Forecast 2024” is expected to drive the market to reach a valuation of approximately USD 7.5 Billion by 2024. Growing at a CAGR of 18% through 2024.
Satisfying the requirements of on-road or off-road parking, empowering clients to discover spaces rapidly and effectively and proficient administration innovation for space use with straightforward installment and consistence methods are driving the development of smart parking market all over the globe. Worldwide keen smart parking market size came to USD 2.0 Billion of every 2016. The consistently expanding traffic and the need to create productive stopping arrangements is required to drive the market to develop at a CAGR of 18% over the gauge time frame for example 2016-2024 and reach USD 7.5 Billion by 2024.
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Market Growth Drivers and Restraints to Market Growth
Rising Traffic Issues Coupled with Development of IoT and M2M Technologies are Driving Market Growth Globally.
Rapidly increasing vehicle possessions and rising traffic issues overall are the key components driving the savvy leaving market. With fast urbanization around the world, traffic clog issues and the requirement for powerful arrangements are consistently expanding. Brilliant parking advancements give a variety of advantages like improved stopping, diminished traffic and contamination, expanded wellbeing and diminished administration costs.
High Cost along with Low Awareness of the Concept act as Growth Restraint in Developing Economies
Smart parking requires the utilization of a wide range of sensors, innovative technologies and gadgets which make it a costly arrangement. Significant expense alongside low attention to the concept in a few creating regions go about as restrictions for the market development.
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Key Market Players
Nedap Mobility Solutions
Orange Business Services
Streetline (acquired by Kapsch TrafficCom)
“Global Smart Parking Market Outlook 2024” contains detailed overview of the global smart parking market in terms of market segmentation by component, site, service provider, vertical and geography.
Further, for the in-depth analysis, smart parking market report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
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Source: EIN Presswire