Parking Management Market Research Report by Forecast to 2023

 

Parking Management Market Highlights:

The global parking management market is growing at a rapid pace. The market growth attributes to the increasing focus on the seamless traffic flow and deployment of advanced parking management systems. Besides, the growing urbanization and parking concerns due to the spurting increase in production & sales of vehicles, population, and economic growth worldwide drive the market growth. Moreover, concerns for safety, security, and connectivity escalate market growth.

 

According to Market Research Future (MRFR), the global Parking Management Market is forecasted to reach USD 7 BN by 2023, growing at 12% of CAGR throughout the review period (2017 – 2023). Rising smart city projects provide a huge impetus to the growth of the market. Also, the COVID 19 pandemic is influencing the market growth exponentially, increasing the adoption of contactless parking solutions/ apps across the globe. Increasing numbers of vehicles create the need for efficient parking management solutions.

 

Additionally, various government programs and policies to make efficient use of parking resources for deployment and customization processes boost the growth of the market. The implementation of parking management systems reduces TCO (total cost of ownership), saving a considerable amount of time, which fosters market growth. Moreover, the application of parking management systems in verticals such as healthcare and corporate & commercial parks propels the market size.

 

Browse Full Report Details @ https://www.marketresearchfuture.com/reports/parking-management-market-3232

 

Major Key Players:

Players leading the global parking management market include Siemens AG (Germany), XEROX Corporation (US), Kapsch TrafficCom AG (Austria), Cubic Corporation (US), AMANO Corporation (Japan), SWARCO AG (Austria), INDIGO (France), INRIX, Inc. (US), T2 Systems, Inc. (US), and SKIDATA AG (Austria), among others. 

 

Parking Management Market Segmentation:

The report is segmented into five dynamics;

·       By Component: Software (Parking Information Systems, Parking Payment Systems, others), Service (Deployment & Customization, Support & Maintenance, others), and others.

·       By Parking Site Type: Off-Street Parking, On-Street Parking, and others.

·       By Solution: Access Control, Security & Surveillance, Parking Fee & Revenue Management, Valet Parking Management, Parking Fee & Revenue Management, Parking Guidance & Slot Management, and others.

·       By Vertical: BFSI, Recreation, Healthcare, Corporate & Commercial Parks, Hospitality, Academia, Retail, Transportation, Government, and others.

·       By Regions:  Americas, Europe, APAC, and Rest-of-the-World.

 

Parking Management Market Regional Analysis:

North America dominates the global parking management market. The largest share attributes to the technical advancements and early adoption of parking management in that region. Besides, augmented demand for quality parking management systems & devices in the region drives the market sales.  The North American parking management market is poised to retain its dominance throughout the forecast period.

Europe stands second in the global parking management market. The market growth is driven by the increasing adoption of parking management systems across the region. The European parking management market is expected to witness a fabulous market growth during the review period. 

 

The Asia Pacific region is emerging as the fastest-growing market for parking management systems. The market is witnessing rapid expansion stage owing to the speedily developing APAC countries like India, China, and Japan. The wide adoption of these parking management solutions is the main driving force behind the market growth. The APAC parking management market is estimated to create a substantial revenue pocket during the projected period.

 

Parking Management Market Competitive Landscape:

Highly competitive, the parking management market appears to be highly fragmented owing to the presence of several well-established players. Industry players incorporate strategies such as collaboration, mergers & acquisition, product/technology launch, and expansion to gain a larger competitive advantage in this market. From the product development and sales perspective, players invest in R & D to develop a technology, brand building, and expand their reach to support their competitive position. 

 

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

 

Contact:

Market Research Future

Office No. 524/528, Amanora Chambers

Magarpatta Road, Hadapsar

Pune - 411028

Maharashtra, India

+1 646 845 9312

Email: sales@marketresearchfuture.com

 

 

 

 

 

 

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