Month: June 2018
There are about ten thousand passenger vehicles being deployed into the Indian roads every day. The vehicle population increases the unnecessary traffic, accidents and fuel loss in upcoming smart cities. There is a huge need and demand to optimise the traffic congestions in the cities. Even though there are many traditional parking vendors operating in this field for closed parking like malls, city centres, they don’t have a stable and convenient solution for open sky/on road parking.
Based on IoT analytics, the global smart parking market expected to grow at a CAGR of 14% by 2023 and Allied Market Research, the Asia Pacific CAGR of 12.8% by 2025.
The demand for smart parking is huge and the market value is projected to reach $11,553.6 million by 2025