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Parking Management Market Witness the Growth of $5.4 billion by 2025

10-12-2020 02:54 PM CET | IT, New Media & Software

Press release from: MarketsandMarkets™

Parking Management Market Witness the Growth of $5.4 billion

According to a research report "Parking Management Market by Offering (Solutions (Parking Guidance, Parking Reservation Management, Parking Permit Management) and Services), Deployment Type, Parking Site (Off-street and On-street), and Region - Global Forecast to 2025",size to grow from USD 3.8 billion in 2020 to USD 5.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period. Parking management solutions have spurred tremendous growth opportunities for technology vendors and various associated service providers. With the growing number of government initiatives toward the development of smart cities, parking management vendors taking center stage; technology providers and consultants have aggressively started simulating innovative solutions based on conceptual modules for the designing and development of urban infrastructure.

Browse 216 market data Tables and 47 Figures spread through 237 Pages and in-depth TOC on "Parking Management Market - Global Forecast to 2025"

View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/parking-management-market-1249.html

Expanding urban agglomerations and predictions for a rapid rise in urban population over the next decade further enunciates the need for adequate parking management solutions. However, factors such as lack of high implementation costs, data security and privacy issues related to IoT devices, and disruption in logistics and supply chain of IoT devices, have posed major challenges for the parking management market, globally.

The solutions segment to hold a larger market size during the forecast period

Based on offering, the solutions segment of the parking management market is projected to hold a larger market size during the forecast period. The solutions segment in the parking management market comprises six major components, viz., parking guidance solution, parking reservation management, parking permit management, parking enforcement management, Parking Access and Revenue Control (PARC), parking security and surveillance, and parking analytics. The growth of this segment can be attributed to the rising adoption of advanced technologies, such as Artificial Intelligence (AI), IoT, and cloud and the increasing traffic congestion on the road due to irregular parking practices.

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

By parking site, off-street parking segment to record a higher growth rate during the forecast period

Off-street parking refers to parking facilities that are made available by parking operators in various areas, such as parking lots, garages, or private driveways in shopping malls, commercial buildings, hotels, and residential buildings. Off-street parking sites are highly effective in terms of vehicle holding capabilities and are generally controlled by commercial agencies. Off-street parking involves proper designing and construction to provide a safe and secure vehicle parking experience for drivers. The segment focuses on ensuring security, pre-booking of parking spots, and parking fee management. This segment has witnessed several innovations to enable efficient parking; for instance, nowadays, advanced garages are equipped with robotic valet systems that help in parking management. Off-street parking solutions are expected to experience a high growth rate due to the huge investments by authorities in multi-level parking, and also by the private sector in its parking facilities.

Asia Pacific to record the highest growth during the forecast period

The APAC parking management market is estimated to have strong growth in the future. The APAC region is witnessing high growth due to increasing global competition, growing penetration of smart devices, connected machines, and rising investments in smart cities. This region comprises more than 40% of the world’s population and has some of the fastest-growing economies. Urbanization is on the rise in several countries across the region. According to the UN database, around 2.5 billion people are expected to move to urban areas from 2018 to 2050, and 90% of urbanization is expected to happen in Asia and Africa. Thus, APAC is a current hotspot of the parking management market and attracts many companies.

Speak To Expert Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=1249

Market Players

Major vendors in the parking management market include GROUP Indigo (France), Amano (Japan), Siemens (Germany), Bosch Group (Germany), Conduent (US), APCOA PARKING (US), Precise ParkLink (Canada), SWARCO (Austria), SKIDATA (Austria), T2 Systems (US), FlashParking (US), Passport Labs (US), Flowbird Group (France), ParkMobile (US), SpotHero (US), Get My Parking (India), INRIX (US), IPS Group (US), Smart Parking (Australia), Chetu (US), TIBA Parking Systems (US), Q-Free (Norway), Streetline(US), ParkOffice (US), Urbiotica (Spain), and CivicSmart (US).

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ 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™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ 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™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ 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.

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