Parking Management System Market Size, Scope, Growth, Competitive Analysis 2022

Precision Business Insights published a research report on research report "Parking Management System Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2021-2018 and Forecast 2022-2028'' Parking management system market size is valued at USD 4.01 billion in the year 2021 and is anticipated to grow at USD 5.76 million till 2028 witnessing a CAGR rate of 5.4% during the evaluation time span 2022-2028.

Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and other qualitative sections with an in-depth TOC on "Parking Management System Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2021-2028 and Forecast 2022-2028.

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An overview on Parking Management System Market
The parking management system includes a variety of activities and regulations, which result in more effective parking resource use. Statistical information, access control system, boom barrier, revenue management and security system are the part of parking management system. Market analysis consists of deployment types such as On-premises and Cloud and Parking Sites such as On-street and Off-street. On-street parking refers to spaces where vehicles are parked on the sides of the road. On-street parking management is anticipated to accomplish objectives making use of different techniques including creating parking spaces, facilities, setting a time restriction, restricting access to particular groups, assuring compliance with all the arrangements and examining success. Government entities usually control the majority of on-street parking spaces. Many commuters choose on-street parking as it is suitable and economical. Off-street parking, in spite of being an organized and secure parking option has trailed behind because of the extreme parking costs, resulting in less occupancy levels.

Numerous parking spaces go unused since developers install more for complying with limitations governing the size and number of parking spaces. By changing customers when and where a parking spot is available, steady parking management solutions like best signage and actual-time parking indicators, lessen parking space wastage. Parking management even leads to a more effective utilization of parking resources by avoiding overpricing and under pricing parking spaces through best revenue management. Parking needs may be lessened by 20 to 40% with an efficient and complete parking management solution, which helps to preserve city infrastructure, reducing land consumption, augmenting revenue collection for the government and enhancing user convenience.

North America witnessed significant share in the Parking Management System Market
On the basis of regional analysis, this market report focuses on major regions of the globe such as North America, Asia Pacific, Europe, Middle East, Latin America and Africa. Among all these regions, North America accounts for major share in the year 2021 and anticipated to obtain market revenue share over the evaluation time span.

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Competitive Analysis - Parking Management System Market
A few of the major players operating in the parking management system market such as GROUP Indigo, Amano, Siemens, Bosch Group and Conduent. Key players in the market are focusing more on following collaborations, acquisitions, acquisitions and novel product launches to increase the product portfolio and expand the product portfolio. These players also focus on business expansion by following these strategies.

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