Smart Parking Systems Market Forecast Report, 2021-2028

Introduction of the Smart Parking Systems Market Report

Smart Parking is defined as connected parking management solutions deployed on public on-street and/or off-street parking facilities. The use of a parking space is defined by detecting gadgets such as sensors and cameras inserted in the pavement/ground of specific parking spaces that can feed data to help/direct drivers to find a vacant parking space.
Smart Parking allows the city, value chain partners, residents and other stakeholders to consider parking in a different way, and this could be displayed in the customer services financial model and thus needs. Smart parking extends new ways to stamp data generated from spaces and drivers. Mobile workers can find more important information about a cities' parking use enabling a greater range of value-added services. This includes anonymised data about where people begin their expeditions. Having attained that, such techniques can also help reduce traffic and lower pollution levels, several administrations internationally are undertaking strategic projects encouraging their adoption. As such, favourable government policies in this area are projected to contribute significantly to market growth. For instance, in February 2017, the U.K. government announced the funding of USD 4.8 million for 19 local authorities for digital transport innovations.