Parking Management Market Outlook to 2027 - Indigo Parking Service, APCOA, Flowbird Group, Parkmobile, TIBA Parking, Smart Parking Limited, T2 Systems, Swarco, Passport Inc., and Skidata AG

The parking management industry is experiencing a significant rise in a number of companies including technology developers, integrators, and service providers among others. On the other hand, commercialization, industrialization, and residential sector are also booming in both developed as well as financially developing countries across the globe. This has led the property owners to lease out their parking spaces to different parking management companies with an objective to utilize the maximum section of the parking spaces. This practice is referred to as the managed services in the parking management market.

The market for managed services is exponentially increasing attributing to the fact that, the property owners are increasingly becoming conscious of haphazard and unorganized parking leading to various issues. Companies operating in the field of managed services in parking management offers end to end solutions related to on-street parking and off-street parking, which is increasing the interest among the property owners to opt for managed services. These companies payout a portion of their generated revenue to the property owners or a fixed amount as per the contracts.

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Some of the managed services companies in global parking management market include SP Plus Corporation and Interparking SA among others. The parking management market is estimated to witness a moderate CAGR growth rate of 4.8% from 2019 to 2027.

The global parking management market is highly fragmented and constitutes significant numbers of players having a minimal scope of business as well as present restricted to small cities. However, there are also some leading market players present across different countries and having presence among different end-users such as airports, hospitals, commercial complexes, and government & municipal authorities among other end-users. For instance, some of the leading players that are currently present in the market are Flowbird Group, Indigo Parking Service, ParkMobile, Passport Inc., Siemens AG, Smart Parking Ltd., Streetline, Swarco, T2 Systems, and Tiba Parking among other market players.

The market for parking management is globally has been segmented into segments namely: parking site, solutions, service, and deployment type. Based on the parking site, the market is bifurcated into on-street and off-street parking sites. Whereas, based on solutions the market is broadly segmented into parking guidance systems, parking reservation, parking security & surveillance, and others. Moreover, by service, the market is further broken down into professional and managed service. Finally, by deployment of the solutions the market is divided into on-premise and cloud solutions.

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According to a new market research study titled, “Parking Management Market To 2027 - Global Analysis and Forecasts by Parking Site, Solutions, Services, and Deployment Type”. The global market accounted for US$ 37.5 Bn in 2017 and is estimated to reach US$ 58.5 Bn by 2027 thereby registering a CAGR growth rate of 4.8% from 2019 to 2027. The report highlights the key trends prevalent in the global parking management market and the factors driving the market along with those that act as deterrents to its growth.

The report segments the global parking management market as follows:

Global Parking Management Market - By Parking Site
On-street
Off-street

Global Parking Management Market - By Parking Solutions
Parking Guidance Systems
Parking Reservation Solutions
Parking Security & Surveillance
Others

Global Parking Management Market - By Service
Professional Service
Managed Service

Global Parking Management Market - By Deployment Mode
On-premise
Cloud

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