Information and Communication Technology Parking Management Market is projected to grow up to 8.5% CAGR during the forecasting peri...

Parking Management Market is projected to grow up to 8.5% CAGR during the forecasting period 2021-2027.

Parking is an essential part of today's transportation system. According to the Victoria Transport Policy Institute, the average car sits in a parking spot for 23 hours per day and occupies numerous parking spaces each week. Parking convenience influences and influences the ease with which people may get to their destinations, as well as overall accessibility. With a smart parking system, mechanical parking, and the use of rules, policies, and programmes, Parking Management gives additional room to keep additional automobiles. Parking management aids the creation of more walkable neighbourhoods by providing more assembled construction and buildings positioned closer to sidewalks and roadways. Over the forecast period, technological innovations such as e-payments, the Internet of Things (IoT), and wireless parking sensors are likely to improve consumer experience and drive acceptance of parking management solutions. Sensors are also expected to shrink in size and improve in accuracy as technology advances, making them more cost-effective, efficient, and compatible. The rising popularity of electric vehicles is forcing city governments to install charging stations. However, charging an electric car takes anywhere from one to four hours, boosting the need for parking places even more. Due to the rising number of automobiles on the road around the world, the worldwide Parking Management Market has seen strong demand. Over the projected period, increased smartphone penetration and the availability of mobile applications with features that assist operators in finding parking spaces are expected to propel the market forward. The study on the global parking management market gives a comprehensive analysis of the industry. The research provides a detailed analysis of key market segments, trends, drivers, restraints, competitive landscape, and other important variables.

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Key Driving Factors:  Increasing demand for the most efficient use of parking spots

Several parking spaces go unused as developers install more to comply with restrictions governing the size and number of parking spaces. By alerting consumers when and where a parking spot is available, consistent parking management solutions, such as better signage and real-time parking indicators, reduce parking space wastage. Parking management also leads to a more efficient use of parking resources by preventing overpricing and underpricing parking spaces through better revenue management.

Opportunities: Around the world, smart city initiatives are gaining traction.

The rapid use of new technology has prompted big cities to evolve into smart cities. Smart cities use cutting-edge information and communication technologies to integrate housing, mobility, and economic activities. Smart city efforts launched by governments throughout the world are likely to open up new economic prospects for smart parking management solution providers that can interact with smart city solutions. Intelligent parking management systems can answer the demand for adaptable, scalable, easy-to-manage, and space-efficient parking systems in smart cities.

This report offers the major market player’s profiles, such as GROUP Indigo (France), Amano (Japan),  Siemens (Germany), Bosch Group (Germany), Conduent (US), APCOA PARKING (US), Precise ParkLink (Canada), SWARCO (Austria), SKIDATA (Austria), T2 Systems (US), FlashParking (US), Passport Labs (US), Flowbird Group (France), ParkMobile (US), SpotHero (US), Get My Parking (India), INRIX (US),  IPS Group (US), Smart Parking (Australia), Chetu (US), TIBA Parking Systems (US), Q-Free (Norway), Streetline (US), ParkOffice (US), Urbiotica (Spain), and CivicSmart (US)

Based on Application: The market is split into three categories based on the application: transportation transit, government, and commercial. In 2021, the government segment led the market, and it is likely to continue to do so over the forecast period. The necessity for cities to offer safe, clean, and efficient public parking facilities is driving a significant demand for efficient car park management solutions in the government sector. The demand for intelligent solutions is expanding as the number of smart city projects grows.

The  Parking Management Market report has been categorized as below

By offering

  • Solutions

    • Parking Guidance Solution

    • Parking Reservation Management

    • Parking Permit Management

    • Parking Enforcement Management

    • Parking Access and Revenue Control (PARC)

    •  Parking Security and Surveillance

    • Parking Analytics

  • Services

    • Professional Service

      • Consulting and Training

      • System Integration and Deployment

      • Support and Maintenance

    • Managed Service

By parking site

  • Off-street Parking

  • On-street Parking

By deployment type

  • Cloud

  • On-premises

By Region

  • North America

  •  Europe

  • Asia Pacific

  • Rest of World

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Published Date : September-2021