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Parking Management Market Growth Analysis and Forecast Report 2019-2027| Amano McGann, TIBA Parking, Gemini Parking Solutions

11-15-2019 07:57 AM CET | IT, New Media & Software

Press release from: Premium Market Insights

Parking Management Market Growth Analysis and Forecast Report

The global parking management market is expected to grow to US$ 58.5 Bn by 2027 from US$ 37.6 Bn in 2017.

parking management refers to the adoption of various strategies and subsequently technology-enabled solutions that facilitate in efficient use of parking resources. Further, the effective implementation of the strategy results in the reduced number of parking space required by the facility based on the strategy adopted thereby providing long-term economic, social, and environmental benefits to the end-user. The parking management market is expected to witness a CAGR growth rate of 4.8% from 2019 to 2027.

Some of the prominent off-street parking management companies across the globe include; Amano McGann, TIBA Parking, Gemini Parking Solutions, and Duncan Solutions among others.
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The parking management market is a highly fragmented market with the presence of a significant number of players in each country coupled with multiple players with small and regional presence. The commonly available parking solutions in parking management market are access control, ANPR, parking security & surveillance, parking reservation and valet parking, and fee enforcement among other parking management solutions.
Moreover, the increasing number of registered passenger vehicles along with limited parking space availability across important cities has led to the surge in demand for efficient parking management market in the past few years. Subsequently, the leading end-users of parking management such as airports, government & municipals, universities, hospitals, hotels, restaurants, and commercial complexes among other end-users have witnessed a significant increase the parking management market in the coming years. Also, among on-street parking especially in metro cities has attributed in a considerable collection of revenue generated through parking violation and parking fees which is effectively utilized for providing essential utilities to the public. Factors such as increasing rate of infrastructure development coupled with the growing purchasing power of the individuals have significantly increased the demand for improving the vehicle mobility at major popular commercial hubs in developed as well as developing countries.

Geographically, the parking management market is majorly dominated by developed regions such as Europe and North America owing to a high number of registered vehicle per household capita and the amount of regulated parking space currently available in the areas. Moreover, the growing emphasis towards facilitating seamless mobility among densely populated cities has further boosted the demand for efficient parking management in the developed regions. Currently, there are various leading players such as APCOA, Indigo-Infra Park, Passport, Siemens, Skidata and SP Plus among other leading companies have leading market position in parking management market among different countries across European and North America regions. However, the presence of the substantial number of local and regional players with a minimal scope of business has resulted in the highly fragmented parking management market even in developed economies. Among developing countries, the availability of a substantial number of unregulated parking space and free parking has a profound influence over the parking management market growth and the market is majorly driven by off-street parking space at commercial areas and government & municipal locations. However, countries such as Japan and China owing to stringent government guidelines towards parking space have resulted in minimum parking space available for parking management solutions.
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The future of off-street parking management is anticipated be prominent attributing to two significant facts; increase in partnerships among the technology developers and parking management service providers as well as municipalities; and reduction in the cost of the technologies.

Table Of Contents:
1. Introduction Parking Management Market
2. Key Takeaways
3. Research Methodology
4. Parking Management Market Landscape
5. Market - Key Market Dynamics
6. Market - Revenue And Forecasts To 2027
7. Market - Revenue And Forecasts To 2027 -
8. Parking Management Market - Revenue And Forecasts To 2027
9. Market Revenue And Forecasts To 2027
10. Industry Landscape
11. Parking Management Market, Key Company Profiles
12. Appendix

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