Smart Parking Systems Market Is Estimated to Grow at a CAGR of 20.2% During the Forecast Period from 2015 to 2022
Smart parking system provides real-time information about the availability of parking space in a particular location, thereby enabling hassle-free vehicle parking while saving on time, cost, and fuel. It consists of low-cost sensors, real-time data collection and analytics, and automated payment systems that allow people to find parking in desired locations and pay for it in advance.
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