Smart Parking Market to witness Highest Growth in Asia Pacific through 2024: Goldstein Research

About 30% of the vehicles looking for parking space on the roads are responsible for traffic congestion which has considerably augmented the need for smart parking solutions

According to the latest report titled “Global Smart Parking Market Outlook, 2024” by Goldstein Research, a leading market intelligence & consulting firm, smart parking is expected to be USD 7.5 billion market by 2024 from USD 2.0 billion in 2016, growing at a CAGR of 18.0%. Increasing car ownerships and rising traffic issues worldwide are the key factors driving the smart parking market.

Global smart parking market is largely dominated by North American region with a revenue share of over 30%, owing to technological advancement in the region. The popularity of home automation devices and high volumes of cashless payments in the region can be attributed to the largest market size. Whereas, Asia-Pacific region is set to witness the highest growth during the forecast period due to growing demand for automotive.

The report authors points that Global smart parking market segmentation has been done on the basis of smart parking components, smart parking site, smart parking service provider, smart parking vertical and geography. The demand for off street parking constitutes the majority for the demand of smart parking systems, amounting to over 65% of the global smart parking market. The segment for parking site providers accounts for majority of the market share in overall service provider market compared to other service providers.

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