Market Highlights:
Smart parking systems use sensors deployed at the center of a parking area for the reduction of traffic congestions in highly populated areas. The smart parking uses real-time monitoring and control of the available parking space. With the increase in electronic components in vehicles, and connectivity solutions in automotive industry, the automotive industry has been steadily increasing the demand for smart parking. Moreover, IoT connectivity in automobiles, through innumerable sensors and processors integrated into a car, provides accurate and real-time information about the surroundings to the driver. Availability of limited parking space and tight parking lots will drive the demand for smart parking assist system. Moreover, enforcement of parking policies is expected to improve the parking infrastructure in countries with high traffic density such as India and Japan, which are estimated to be large markets for parking management solutions. Additionally, opportunities such as industry expansion, and favorable government initiatives for the use of smart parking systems to minimize pollution and to create a sustainable environment are expected to boost the market of smart parking.