Smart Parking Market Size, Share, Trends and Forecast by 2028
Smart Parking Systems Market The Smart Parking Systems Market was estimated at USD 4386 million in 2020 and is predicted to grow at a CAGR of 21.2% over the forecast period (2021-2028). The factors driving the growth of Smart Parking Systems Market includes increasing number of smart cities around the world, rise in the traffic congestion and growing adoption of wireless and digital payment technologies. According to the report published by Statista, the total transformation through digital payments worldwide is projected to reach USD 8.49 trillion by the end of 2022, expanding at a CAGR of 12.31% over the forecast period (2022-2027), which will boost the Smart Parking Systems Market size in the approaching years. Moreover, the growing concerns about noise and air pollution, integration of advanced technologies such as Artificial Intelligence (AI) and Internet of Things (IoT) with the smart parking systems and increasing demand for passenger vehicles, are some of the additional...