Smart Parking Market | Growing Adoption of ITS to Boost the Market Growth | Technavio
Summary
LONDON--(BUSINESS WIRE)--The global smart parking market size is poised to grow by USD 5.22 billion during 2020-2024, progressing at a CAGR of almost 22% throughout the forecast period, according to the latest report by Technavio. The growing adoption of intelligent transportation systems (ITS) is one of the key factors driving market growth. Intelligent transportation systems enable operators to safely gather, analyze, and distribute networked resources in real-time. The increasing need for traffic management and the growing number of vehicles in Canada and the US will significantly influence the smart parking market growth in this region over the forecast period. • As the business impact of COVID-19 spreads, the smart parking market 2020-2024 is expected to have Neutral and At par growth.