The Global Parking Management System Market is projected to grow at a CAGR of 11.60% over the forecast period to reach a market size of US$7.947 billion by 2023
The growth of this market is majorly attributed to a rising number of motor vehicles on the road on account of rapidly changing lifestyles and increasing spending capacity of people in many regions. Rapid urbanization in many regions is also shaping the growth of this market. As the rate of growth of urban population is more than the rate of expansion of urban areas, and the number of vehicles owned by people is increasing continuously, unavailability of sufficient parking space is a matter of growing concern in many regions. This is increasing the demand for advanced parking management systems. Increasing spending by administrative departments into advanced solutions for better management of traffic in both commercial and residential sectors is fueling the adoption of parking management systems by them, thus boosting the market growth. Continuous advancements in technologies and their integration into parking management systems are expanding their capabilities while enhancing their efficiency. This is further boosting the growth of parking management system market.
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Commercial sector dominates the application segment
Commercial sector in all major regions has been showing a very impressive rate of adoption of parking management systems. A growing number of shopping malls, hotels, and other commercial spaces, coupled with increased spending by administrative departments into advanced technologies for proper management of parking spaces is driving the adoption of parking management systems among them, thus boosting the market growth in the commercial sector. The residential sector is also showing a decent growth in this segment.
North America and Europe hold the lion’s share in this market
The market for parking management systems has been witnessing an impressive growth in North America and Europe on account of the availability of favorable infrastructure for the implementation of these systems. High spending by administrative departments in these regions into new technologies is fueling the adoption of parking management systems in these regions, thus boosting the growth of this market. The market in the Asia Pacific is expected to show rapid growth over the forecast period. Some countries in the Middle East and Africa are also expected to contribute significantly to the market growth of parking management systems.
This report also includes a study of strategies and product portfolios of some of the leading companies in the global parking management system market. It consists of company profiles of the leading companies such as Conduent, Indigo, Amano, Swarco, Q-Free, Streetline, T2 Systems, Skidata, Flowbird Group, Inrix, Flashparking, Chetu, SAP, and Siemens.
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