Parking Management Market expected to be $5.2 billion by 2023

According to a research report "Parking Management Market by Solution (Parking Guidance, Reservation Management, Permit, Enforcement, PARC, Security and Surveillance, and Analytics), Service, Deployment Type, Parking Site (On-Street and Off-Street), and Region - Global Forecast to 2023", published by MarketsandMarkets, the parking management market is expected to grow from USD 3.39 billion in 2018 to USD 5.2 billion by 2023, at a CAGR of 8.7% during the forecast period. The major factors expected to drive the growth of the market are the growing focus on seamless traffic flow and fuel consumption reduction, and increasing motor vehicle sales.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1249

Browse 66 market data Tables and 34 Figures spread through 130 Pages and in-depth TOC on "Parking Management Market"

Parking Access and Revenue Control (PARC) segment to account for the highest market share in the parking management market during the forecast period

The PARC solution helps parking operators manage vehicles in parking facilities. It enables them to control parking revenue by managing the payments of transient and non-transient vehicles in the parking facilities. Moreover, it assists the parking operators in collecting parking fees from commuters. The PARC segment is expected to account for the highest market share, as the parking operators are increasingly implementing the PARC solution to manage their parking facilities.

Off-street segment to hold a larger market size in the parking management market during the forecast period

Off-street parking refers to parking areas, such as parking lots, garages, and private driveways in shopping malls, commercial buildings, hotels, and residential buildings. The off-street parking includes proper designing and construction to provide a safe and secure vehicle parking experience for drivers. It helps in ensuring security, pre-booking parking spots, and parking fee management. The off-street parking segment is expected to hold a larger market size during the forecast period, owing to huge investments made by authorities in multi-level parking, and also by the private sector in its parking facilities.

North America to hold the largest market size during the forecast period

North America is a frontrunner in terms of the adoption of advanced technologies. The region houses a large number of solution providers. Its Gross Domestic Product (GDP) growth is significant as compared to that of other regions. North America is expected to hold the largest market size during the forecast period, owing to the heavy investments in implementing parking management solutions to meet the growing need for a better driver and commuter convenience.

Browse Full Report @ https://www.marketsandmarkets.com/Market-Reports/parking-management-market-1249.html

Major vendors in the parking management market include Conduent (US), Q-Free ASA (Norway), Indigo Park Services (France), SWARCO (Austria), FlashParking (US), ParkMobile (US), TIBA Parking Systems (US), Smart Parking (Australia), APCOA PARKING (US), and NuPark (US).

Contact:

Mr. Sanjay Gupta
MarketsandMarkets(TM) INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Email: sales@marketsandmarkets.com
MnM Blog: https://mnmblog.org
Content Source: https://www.marketsandmarkets.com/PressReleases/parking-management.asp

About MarketsandMarkets(TM)

MarketsandMarkets(TM) provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets(TM) for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets(TM) are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.

MarketsandMarkets(TM) now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets(TM) is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

This release was published on openPR.