You Should Know About The Global Parking Management Solution Market Growth And Why It Is Rising in this Industry?
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Parking management systems are being increasingly implemented across parking spaces in hospitals, malls, airports, etc., for helping individuals identify empty parking spaces, assist in parking, and calculate parking fare amongst others. The common elements involved in parking management systems include payment management, parking enforcement, access controls and reporting. Parking of vehicles, especially four wheelers, is a growing concern amongst individuals. The lack of awareness about available parking spaces in various locations is causing mismanagement in vehicular traffic in both developing and developed countries. In the U.S., for instance, studies show that there were approximately 2 million parking spaces in Philadelphia, while New York had 1.8 million spaces. Jackson city in the U.S. had over 100,000 parking spaces for a population of around 10,000 individuals. Hence, rather than a shortage in parking spaces, real-time data regarding the availability of vacant parking spot is the need of the hour for avoiding parking-related issues. Real-time parking management solutions, which are able to cater to these demands are witnessing accelerating demand and thus, contributing toward the growth of global parking management solution market.
Urbanization is occurring at a rapid pace in countries such as India, China, Malaysia, Indonesia, Brazil, etc., and buildings such as shopping malls, complexes, sports stadiums, amongst others. In India, for instance, there were around 600 shopping malls in 2017, with an additional 30 malls expected to be functional by 2021. The development of infrastructure globally presents additional growth opportunities for the global parking management solution market over the forecast period.
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The global parking management solution market accounted for US$ 4563.12 Mn in 2020, and is expected to grow at a CAGR of 7.9% during the forecast years (2021-2029).
The study also elaborates on growing futuristic opportunities in order to get a clear idea about global opportunities for the Service sector. The report focuses on some significant questions faced by different stakeholders in the businesses. The study also address various risks and challenges faced by businesses during the forecast period.
Key Findings of the Report:
• Growth in investment from local government bodies for controlling traffic and parking alongside roads, and various government-owned buildings is paving way for the greater adoption of parking management solutions.
• North America accounted for the highest share in the global parking management solution market. The presence of a large number of parking management solution providers in the U.S., coupled with growth in demand for automated parking solutions in the U.S., and Canada, are the major reasons attributing to the region’s growth.
• Some of the major players operating in the global parking management solution market are REEF TECHNOLOGY INC. in partnership with TIBA PARKING SYSTEMS, Indigo, Amano Corporation, VersionX Innovations Pvt Ltd, BePark, Infocomm Group LLC, SWARCO, Matrix Comsec, Neptune Automatic Pvt. Ltd, and Omnitec Group, amongst others.
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Global Parking Management Solution Market:
• By Offerings
System Integration and Deployment
Support and Maintenance
• By Deployment Mode
o Cloud Based
• By Parking Area
• By Solutions
o Parking Meters, Sensor and Off Street Revenue Collection System
o Parking Violation Enforcement
o Parking Access Control
o Revenue Management
o Parking Enforcement System
o Parking Wallet and Mobile Application
o Parking Access Revenue Control Systems (PARCS)
• By Usage
o Auto-identifying Appropriate Parking Slots (reserved or pay-and-park)
o Auto-generating Parking Tickets
o Levying Penalties
• By Industry
o Hotels and Hospitality
o Healthcare and Hospital Campuses
o Retail and Mixed Use
o Education and Universities
o Cities and Municipal Facilities
• By Region
o North America
Rest of North America
• The Netherlands
Rest of Europe
o Asia Pacific
• Rest of Southeast Asia
Rest of Asia Pacific
o Middle East & Africa
Rest of Middle East & Africa
o Latin America
Rest of Latin America
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