According to Data Bridge Market Research new Market report, global smart parking market will account to reach an estimated USD 3.38 billion in 2018 growing at a CAGR of 17.85% during the forecast period of 2019 to 2026
Smart parking can be defined as an automotive technology which combines various sensors and modern technology which results in reduced consumption of other resources achieving an efficiency of operations. The sensors connected on the parking infrastructure, parking areas, vehicles, are interconnected which combine the information collected to park the vehicles without the risk of any harm towards the vehicle.
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