Smart Parking Meters Market Growth with Worldwide Industry Analysis to 2018-2026

Posted by vakhas on January 23rd, 2019

Global Smart Parking Meters Market: Overview

To improve the performance of day-to-day activities, different industries are focusing on adopting more advanced and smart technologies. Smart parking meters are among the emerging advanced technologies that are rapidly gaining demand at present. Since the past few years, the automotive industry has witnessed exponential growth in production as well as demand, which is ultimately leading to an increase in the need for efficient parking management.

For managing these issues the smart parking meters are increasingly used.  Moreover, rapid urbanization is leading to a reduction in parking space in public as well as residential areas, which is boosting the demand for smart parking meters for the management of this issue. The owners of parking areas are increasingly deploying the smart parking meters as these meters enable the virtualization of parking tickets by identifying the license plate numbers of vehicles. The manufacturers of smart parking meters are continually upgrading these meters to deliver more advanced products as well as to sustain in the changing global technological evolution of today.

Smart parking meters are available in attractive models and compact sizes. Smart parking meters make parking ticketing easier as well as free from human interference. As they are operated by vehicle drivers, smart parking meters are completely user operated and automatic in nature. The popularity of smart parking meters is increasing as they enable the owners of parking lots to utilise a saved database.

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Global Smart Parking Meters Market: Drivers and Restraints

The prime factor fuelling the demand for smart parking meters is that these meters significantly reduce, or in some cases, eliminate the requirement of workforce to manage large or small parking areas. In addition, reduction in errors, improvements in the speed & efficiency of the parking process and reduction in the need for paper-based ticketing are some of the other factors fuelling the growth of the smart parking meters market. Vehicle owners also prefer smart parking meters as opposed to traditional manual entry processes as smart parking meters maintain the pay-per use-policy more effectively.

The applications of smart parking meters for on-road parking ticket collections for collecting fines from people who park their vehicles in no parking areas is another factor significantly fuelling the smart parking meters market as it helps reduce the burden on traffic police in the generation of digitalised parking tickets. On the other hand, the high cost of smart parking meters is one of the major factors hampering the growth of the smart parking meters market.