Demand for Smart Parking Systems Market to Experience a Significant Dip in 2030, Influenced by COVID-19 Pandemic

1. 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 P&S 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 (2019–2024). Smart parking systems make use of internet of things (IoT) and send data about occupied and free parking spaces through

2. 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. Request to Get the Sample Report@ https://www.psmarketresearch.com/market- analysis/smart-parking-systems-market/report-sample 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. Make Enquiry for the Report@ https://www.psmarketresearch.com/send-enquiry?enquiry- url=smart-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 • •