Smart Parking Market | Growing Adoption of ITS to Boost the Market Growth | Technavio
The global smart parking market size is poised to grow by USD 5.22 billion during 2020-2024, progressing at a CAGR of almost 22% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global smart parking market 2020-2024 (Graphic: Business Wire).
The growing adoption of intelligent transportation systems (ITS) is one of the key factors driving market growth. With the increasing congestion on urban roadways, safe, efficient, and accessible public transportation has become a priority. Intelligent public transportation solutions provide application-enabling network services to connect public transit operations securely. Intelligent transportation systems enable operators to safely gather, analyze, and distribute networked resources in real-time. For instance, Lyft, a ride-sharing service, has been supported by General Motors (News - Alert) to collaborate on the internet of things (IoT) projects and provide efficient public commuting services. Also, the rising rate of development of smart cities and the availability of 4G networks will augment the growth of the smart parking market size.
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Rising Demand for Electronic Payments will be a Key Market Trend
The rising demand for electronic payments, one of the critical smart parking market trends, will also drive market growth. The electronic payment provides benefits to both the parking facility operators as well as consumers. For smart parking, service providers are adopting electronic parking payment systems, especially mobile parking payments and permit and enforcement applications, which are highly scalable across facilities. With drivers increasingly adopting mobile apps, websites, and other forms of technology to find parking spaces and pay for them, the electronic payments will contribute further to the smart parking market growth over the forecast period.
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Smart Parking Market 2020-2024: Key Highlights
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