Smart Parking Market worth $ 16.74 Billion

The Global Smart Parking Market was valued at USD 6.59 Billion in 2020 and is projected to reach USD 16.74 Billion by 2028, growing at a CAGR of 12.36% from 2021 to 2028, according to new research.

Increasing number of automobiles on the streets worldwide, rising congestion of automobiles on the street resulting in complex traffic conditions, increasing attractiveness of the market because of the high rate of adoption of the internet of things (Iot) technology drives the growth of the Smart Parking Market. On the other hand high cost of implementation of internet of things (Iot) infrastructure, high configuration complexities, and low internet infrastructure in the developing regions will act as restraint for the growth of the market. However the increasing adoption of smart cars in the future and the continuous advancements in technology is expected to propel the future growth of the market.