The “Global Parking Management Market Size By Type (Solutions, Services), By Parking Site (On-Site Parking, Off-Site Parking), By Geographic Scope And Forecast” report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Parking Management Market, including its growth prospects, market trends, and market challenges.
JERSEY CITY, N.J., Sept. 20, 2023 /PRNewswire/ — The Global Parking Management Market is projected to grow at a CAGR of 7.4% from 2021 to 2028, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 3.5 Billion in 2020 and is expected to reach USD 6.17 Billion by the end of the forecast period.
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Browse in-depth TOC on “Parking Management Market“
202 – Pages
126 – Tables
37 – Figures
Global Parking Management Market Experiencing Remarkable Growth Driven by Surging Vehicle Numbers
The global Parking Management Market is witnessing unprecedented growth, fueled by the rapid increase in the global vehicle population. Parking has evolved into a critical component of the transportation ecosystem, with its convenience influencing accessibility to various destinations and transforming overall transportation dynamics.
Parking Management, the practice of efficiently and comprehensively utilizing available resources for vehicle parking, has become pivotal in the face of urbanization and infrastructure development in metropolitan areas, tier 2 and tier 3 cities, and towns. The limited availability of parking spaces juxtaposed with the surge in vehicle users has compounded the complexity of parking challenges. Additionally, Parking Management plays a crucial role in planning more convenient and efficient land use patterns, further supporting various land use planning objectives.
The key drivers propelling the growth of the global Parking Management Market include:
- Rising Vehicle Numbers: The continuous increase in the number of vehicles across the globe is a primary driver of the market. As more vehicles hit the road, the demand for optimizing parking space utilization has intensified.
- Integration of Smart Technologies: The proliferation of smartphones and the availability of mobile applications equipped with features for locating and reserving parking spaces have revolutionized the parking experience. This trend is expected to further drive market growth.
- Urbanization and Smart City Initiatives: The transformation of major urban areas into smart cities, characterized by the integration of innovative information and communications technologies, presents significant business opportunities for providers of smart parking management solutions.
- Efficiency and Cost Reduction: An effective and integrated parking management solution can reduce parking space requirements by 20-40%, which is instrumental in managing city infrastructure, reducing land consumption, enhancing government revenue, and improving user convenience.
Key Players in the Parking Management Market:
Prominent companies driving innovation in the Parking Management Market include Amano Corporation, Chetu, Conduent Inc., Flowbird Group, Indigo Park Services, Q-Free ASA, SKIDATA AG, Streetline, SWARCO, and T2 Systems. Top key players are developing solutions ranging from hardware sensors to real-time messaging systems, traffic control devices, wireless and wired telecommunications systems, and application interfaces.
While the Parking Management Market presents significant growth opportunities, it faces challenges related to the complexity of integrating diverse hardware and software elements into a unified platform. Furthermore, cost sensitivity among parking space operators, who manage these spaces on behalf of owners, poses an additional hurdle.
Market Outlook: The global Parking Management Market is poised for robust growth in the foreseeable future, driven by technological advancements, urbanization trends, and the pressing need for efficient parking solutions in the face of rising vehicle numbers. North America, with its escalating vehicle population and the demand for traffic congestion alleviation, is expected to continue dominating the market.
As the Parking Management Market continues to evolve, it will play a crucial role in shaping the future of transportation and urban planning.
To get market data, market insights, financial statements and a comprehensive analysis of the Global Parking Management Market, please Contact Verified Market Research®.
Based on the research, Verified Market Research® has segmented the global Parking Management Market into Type, Parking Site, And Geography.
- Parking Management Market, by Type
- Solutions
- Services
- Parking Management Market, by Parking Site
- On-Site Parking
- Off-Site Parking
- Parking Management Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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