Press release
Parking Management Market to Garner US$ 45,125.82 million, Globally, by 2028 at 4.93% CAGR: The Insight Partners
According to our new research study on “Parking Management Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Parking Site, Solution, Services, and Deployment,” the market is projected to reach US$ 45,125.82 million by 2028 from US$ 31,723.67 million in 2020; it is expected to grow at a CAGR of 4.93% during the forecast period of 2021 to 2028.Smart parking systems require compatibility among their core hardware devices and software applications. Currently, there are hundreds of companies providing equipment or services to the intelligent parking industry, making it uncertain to the extent to which software and hardware standards are shared across distinct equipment vendors, coupled with the blends of equipment years that make the existing facility unpredictable quite often. All hardware devices need to be compatible with all software services. Thus, the organizations working on smart parking systems need to combine and develop a standard to eliminate compatibility issues, thereby removing a barrier in the development of the smart parking systems market to a great extent.
Get Sample Report of Parking Management Market Report @ https://bit.ly/3E1iTJR
Apart from the technological complexities, higher prices of the systems and services are also limiting several cities and municipalities in developing countries to adopt the systems. Attributing to the fact that the adoption of various parking management systems is still niche, the developers and service providers are integrating different technologies to attract customers. The integration of advanced technologies and software is increasing the upfront cost of the systems. The future of parking management systems is anticipated to be prominent with lowering of prices of the final products. This factor is expected to substantially increase the procurement of such technologies, which would help the cities and municipalities in developing countries to optimize their parking spaces in the coming years.
Europe led the global parking management market in 2020. The strong economic background of European nations, especially in the western region, along with high disposable income, has resulted in a large number of registered vehicles per household per capita among European countries. Thus, the increase in the number of registered vehicles, coupled with the limited availability of parking space, has resulted in the adoption of effective parking management policies across the European Union and other European countries. Moreover, the continuous surge in the number of the registered vehicles has also boosted the demand for efficient parking management practices, especially in urban areas and metro cities in Germany, Russia, France, the UK, Spain, Italy, and the Netherlands, among other European countries. However, the lockdown imposed due to the COVID-19 outbreak has had a severe impact on the parking management market in Europe. The reduced demand for parking management solutions can be attributed to a sharp reduction in traffic congestion and decreased car sales, among other factors. However, once the lockdown is gradually removed, the market is projected to rebound, and the sale of personal vehicles may also increase, owing to concerns about public transportation safety. With an increasing emphasis on physical safety, information security, and the perceived welfare of all people, the market for parking management is likely to rise post-pandemic.
Impact of COVID-19 Pandemic on Parking Management Market
According to the latest situation report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst-affected countries due to the COVID-19 pandemic. In 2020, the world economy suffered significant consequences, and the effects are expected to endure to some extent. The outbreak has led to disruptions in primary industries including electronics, semiconductor, and automotive. A sharp decline in the growth of mentioned industries is limiting the parking management market growth. Factory shutdowns, travel and trade bans, and border lockdowns to combat and contain the infection have impacted the working of many commercial and corporate buildings across the world.
Parking Management Market Forecast to 2028 - Latest COVID-19 Analysis at https://bit.ly/3oYxxxc
Rising Adoption of Smart Technologies to Propel Parking Management Market Growth
Smart technologies optimize vacant space and provide real-time parking space information; hence, they are increasingly being adopted in parking management. This facilitates the drivers in easily parking the vehicles on-street as well as off-street. For instance, German telecom operator Deutsche Telekom initiated a program to install sensors on parking spaces in downtown Hamburg, Germany. The sensors deployed by the company inform the drivers about parking spaces through smartphones. The service is primarily available on Joy App and Deutsche Telekom’s Park. Similarly, Deutsche Telekom is also mounting parking sensors, which provide information related to parking space via narrowband internet of things (NB-IoT) technology.
Parking Management Market: Deployment Overview
In terms of deployment, the global parking management market is categorized into on-premise and cloud. Global parking management is experiencing a paradigm shift from traditional on-site servers to cloud servers in the current scenario. However, in developing countries, still, the adoption of on-site servers for managing parking sites is significant, which is driving the on-premise segment of the parking management market. The emergence of IoT and cloud services is leading parking management companies to adopt technologically advanced solutions. Additionally, the benefits offered by the cloud-based services to ease the parking reservation capability are flourishing the segment to grow in the current year, and the same is anticipated to attract a decent share of drivers and vehicle owners in the coming years. The increasing number of attractive cloud-based solutions related to parking management is also a revenue stimulating factor prevailing in the current market scenario. Partnerships and collaborations among the parking management companies and technology companies are driving the market for cloud-based services.
Parking Management Market: Competitive Landscape and Key Developments
Indigo Parking Service, Streetline, Flowbird Group, Parkmobile, TIBA Parking, Smart Parking Limited, T2 Systems, Swarco, Passport Inc., and Siemens AG are among the key players that are profiled during this market study. In addition to these players, several other essential market players were also studied and analyzed to get a holistic view of the global parking management market and its ecosystem.
Interested in purchasing this Report? Click here @ https://bit.ly/324MHYP
Contact US:
If you have any queries about this report or would like further information, please contact us:
North America: +1 646 491 9876
Asia-Pacific: +91 20 6727 8686
Email: sales@theinsightpartners.com
ABOUT US:
The Insight Partners is a one stop industry research provider of actionable solutions. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are specialist in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Parking Management Market to Garner US$ 45,125.82 million, Globally, by 2028 at 4.93% CAGR: The Insight Partners here
News-ID: 2501594 • Views: …
More Releases from The Insight Partners

RF Front End Module Market Emerging Technological Growth, Future Growth and Busi …
The RF front end module market size is projected to reach US$ 7.58 billion by 2031 from US$ 3.89 billion in 2024. The market is expected to register a CAGR of 10.3% during 2025-2031.
The "RF Front End Module Market" forecast 2031 report analyses the present and future competitive scenario of the analytics industry. RF Front End Module Market report offers an in-depth analysis on segments including top companies, products,…

Collagen Supplements Market Demand Analysis and Projected huge Growth by 2031
The "Collagen Supplements Market" forecast 2031 report analyses the present and future competitive scenario of the analytics industry. Collagen Supplements Market report offers an in-depth analysis on segments including top companies, products, applications, revenue and regions. a number of topics including likewise market share, drivers, trends and methods. This report additionally offers insights into the latest growth and trends. It encapsulates key aspects of the market, with focus on leading…

Refrigeration Coolers Market Research Report Explores the Trade Trends for the F …
The Refrigeration Coolers Market is expected to register a CAGR of 6.4% from 2025 to 2031, with a market size expanding from US$ 4.50 billion in 2024 to US$ 7.48 billion by 2031.
The "Refrigeration Coolers Market" forecast 2031 report analyses the present and future competitive scenario of the analytics industry. Refrigeration Coolers Market report offers an in-depth analysis on segments including top companies, products, applications, revenue and regions. a number…

Unlocking Opportunities in the SGP Interlayer Films Market: Market Forecast, Key …
In the world of advanced glazing, SGP interlayer films represent a high-performance ionic interlayer inserted between glass panes. Thanks to superior strength, clarity, and safety characteristics, SGP films are gaining traction in applications from architecture to automotive safety. The Insight Partners forecasts the global SGP Interlayer Films Market to grow at a 6% CAGR between 2025 and 2031.
This press release examines how market participants are strategizing for growth, whom the…
More Releases for Park
Adventure Theme Park Market Is Booming Worldwide : Sochi Adventure Park, Adventu …
Latest Study on Industrial Growth of Adventure Theme Park Market 2023-2028. A detailed study accumulated to offer Latest insights about acute features of the Adventure Theme Park market. The report contains different market predictions related to revenue size, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends…
Adventure Theme Park Market Set for More Growth | Adventure Park, Dorset Adventu …
Advance Market Analytics published a new research publication on "Adventure Theme Park Market Insights, to 2028" with 232 pages and enriched with self-explained Tables and charts in presentable format. In the Study you will find new evolving Trends, Drivers, Restraints, Opportunities generated by targeting market associated stakeholders. The growth of the Adventure Theme Park market was mainly driven by the increasing R&D spending across the world.
Get Free Exclusive PDF Sample…
Adventure Theme Park Market is Going to Boom | WildPlay, Adventure Park Lubbock, …
Global Adventure Theme Park Market is latest research study released by HTF MI evaluating the market risk side analysis, highlighting opportunities and leveraged with strategic and tactical decision-making support. The market Study is segmented by key a region that is accelerating the marketization. The report provides information on market trends and development, growth drivers, technologies, and the changing investment structure of the Global Adventure Theme Park Market. Some of the…
Adventure Theme Park Market SWOT Analysis by Key Players FUNLAND ADVENTURE PARK, …
The latest research on "Adventure Theme Park Report 2021" offered by HTF MI provides a comprehensive investigation into the geographical landscape, industry size along with the revenue estimation of the business. Additionally, the report also highlights the challenges impeding market growth and expansion strategies employed by leading companies in the "Market". Some of the Major Key Players Covered in this report are Adventure Park Usa, Adventure Park Lubbock, Adventure Park…
Theme Park and Amusement Park Market is Booming Worldwide with Hopi Hari Park, H …
The latest research on “Global Theme Park and Amusement Park Report 2021” offered by HTF MI provides a comprehensive investigation into the geographical landscape, industry size along with the revenue estimation of the business. Additionally, the report also highlights the challenges impeding market growth and expansion strategies employed by leading companies in the “Market”.
Get Free Sample PDF including full TOC, Tables and Figures and Available customizations) in Global Theme Park…
Adventure Theme Park Market Research Capital expenditure, SWOT Analysis includin …
AMA published a new study on the Global Adventure Theme Park Market exclusive insights, Opportunities and revenue size estimation and growth factors. The Study is segmented by major and emerging countries having high potential and elaborates qualitative and quantitative information including market size breakdown by revenue and volume (if applicable).The study precisely caters drivers, restrains to capture changing market dynamics affected in current scenario. To reach market size forecast and…