Automotive and Transportation Smart Parking Systems Market Insight 2024 | Page 4

Smart Parking Systems Market
The major challenge associated with smart parking systems is lack of
standardization and the high set up cost, which requires huge investment and
restricts the growth of the smart parking systems market. Additionally, lack of
coordination between software developers and hardware providers affects the
adoption of smart parking systems; however, to overcome these issues, the
component manufacturers have significantly reduced the costs of sensors and
hardware-based solutions, allowing cities and companies to gather detailed new
data on transportation patterns.