These advancements in technology and growing need of connectivity in developed and developing countries further help the market players to expand their business in various countries. Furthermore, the rapid adoption of wireless technologies and evolution of near field communication technology are expected to bolster the growth of smart parking market.Market Segmentation By Smart Parking Componento Sensors Ultrasonic Sensors Magnetic Sensors Radar Sensors Image Sensorso Cameraso Smart Parking Meterso Electronic Billing and Payment Systemso Others (Displays, ECUs) By Smart Parking Siteo On Street Parkingo Off Street Parking By Smart Parking Service Providero Parking Management System Providerso Parking Site Providerso Electronic Payment Technology Providers By Smart Parking Verticalo Residentialo Commercial By RegionMarket Size and Forecast (2016 2024)Global smart parking was reached USD 2.0 Billion in 2016. The segment for parking site providers accounts for majority of the market share in overall service provider market compared to other service providers.
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