TECHGuru

  Global Parking Meter Market: Snapshot Parking meter is a device used for collecting revenue in exchange for parking a vehicle at a particular place for limited time. Parking meters can be used as a tool for enforcing the street parking policy by municipalities. Parking meters are generally installed in high traffic areas. Parking meters are part of both public and private agencies’ parking management solutions. Public infrastructure such as transit stations, libraries, stadiums, tourist attractions, civic buildings, universities and hospitals generate high parking demand which is major driver for parking meter market . Traffic congestion caused by vehicles is an alarming problem both in developed as well as developing countries. IoT based technology provides the required solution where tasks such as finding a parking space are automated giving boost to installation of parking management solutions. The global parking meter market is expected to expand at a CAGR of 6.95% during the...