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Parking Management Solutions Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region
The Business Research Company offers in-depth market insights through Parking Management Solutions Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The parking management solutions market size has grown strongly in recent years. It will grow from $3.9 billion in 2023 to $4.24 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to urbanization and population growth, rising number of vehicles, environmental concerns and sustainable urban planning, government initiatives and regulations.
The parking management solutions market size is expected to see strong growth in the next few years. It will grow to $6.01 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to integration with smart city initiatives, mobile payment and contactless solutions, real-time data analytics, electric vehicle (ev) charging integration, autonomous vehicle integration, focus on user experience. Major trends in the forecast period include smart city initiatives, iot and sensor technologies, mobile applications and payment systems, contactless and touchless solutions.
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Market Segmentation:
The parking management solutions market covered in this report is segmented -
1) By Type: Solutions, Services
2) By Parking Site: On-Site Parking, Off-Site Parking
3) By Technology: Parking Meters, Parking Kiosks
4) By Application: Transport, Commercial, Government
Major Driver - Elevating Parking Management Solutions Market Through Cloud-Native Innovations
Cloud-native parking management solutions are expected to propel the growth of the parking management solutions market going forward. Cloud-native technology is a way of designing, building, and running workloads in the cloud that reaps the benefits of the cloud computing model. Cloud-native technology in parking management solutions will help the parking management solutions market to provide better service for their customers. For instance, according to Tigera, a US-based cloud-native application protection company, in 2022, 75% of companies are putting their focus on using and developing cloud-native applications. Also, according to another report published by Cloud Native Computing Foundation, a US-based computer software company, in May 2022, the global cloud-native developer population has increased by one million in 2021. As of now, there are an estimated 7.1 million cloud-native developers worldwide. Therefore, cloud-native parking solutions are driving the parking management solutions market growth.
Competitive Landscape:
Major companies operating in the parking management solutions market report are Amano Corporation, Bosch Group, Siemens AG, Skidata GmbH, Swarco Corporation, T2 Systems, Flowbird Group, TIBA Parking Systems, IPS Group, Chetu Inc., Conduent Inc., Q-Free ASA, FlashParking Inc, ParkMobile Inc, SpotHero, Get My Parking, INRIX Inc., Skyline Parking AG, Unitronics, Cleverciti Systems GmbH, Bond Traffic Solutions, Infocomm Group LLC, International Business Machines Corporation (IBM), Robotic Parking Systems Inc., Xerox Corporation, Streetline, Pavemint
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Top Trend - Innovative Cloud-Based Parking Management Solutions Revolutionizing The Parking Management Solutions Market
Major companies operating in the parking management solutions market are developing advanced technologies such as cloud-based parking management solutions to meet larger customer bases, more sales, and increase revenue. A cloud-based parking management solution is a technology platform or software application that provides parking facility operators with the tools and resources to efficiently manage and monitor parking operations using cloud computing technology. For instance, in October 2023, Adaptive Recognition, a Hungary-based software company, launched Carmen Cloud ANPR. Carmen Cloud ANPR is a unique cloud-based solution that delivers remarkable flexibility, enabling parking operators to access it from any location and at any time. This innovative approach frees parking facilities from the limitations of on-site systems, offering the convenience of remote accessibility while maintaining high-performance standards.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Parking Management Solutions Market Characteristics
3. Parking Management Solutions Market Trends And Strategies
4. Parking Management Solutions Market - Macro Economic Scenario
5. Parking Management Solutions Market Size And Growth
…..
27. Parking Management Solutions Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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