Parking Management Systems Market Segments Analysis and Opportunities 2022-2030 | Skidata, Passport Inc., SAP, and Indigo Park Services

New York , United States- Report Ocean published the latest research report on the Parking Management Systems market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Parking Management Systems market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, key regions, and growth rate.

The worldwide Parking Management Systems market is anticipated to reach around USD 9,786 million by 2026. In 2017, the hardware segment dominated the global market, in terms of revenue. In 2017, North America accounted for the majority share in the global market.

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The significant increase in the demand for luxury passenger cars coupled with significant growth in sale of motor vehicles across the world boosts the growth of parking management systems market during the forecast period. Additionally, the increasing need to improve road safety, and streamline traffic flow in populated urban areas supports the market growth. The growing demand for passenger vehicles owing to increasing disposable income, and changing lifestyles, coupled with modernization of vehicles support the growth of the parking management systems market. The increasing development of autonomous and semi-autonomous vehicles, and rising penetration of mobile devices boost the adoption of parking management systems. However, high costs of implementing parking management systems would restrict the market growth during the forecast period. New emerging markets, and growing adoption of smart cities would provide growth opportunities for parking management systems market in the coming years.

In 2017, North America accounted for the highest share in the global parking management systems market. The growing need to streamline traffic flow coupled with introduction of stringent regulations regarding vehicular safety accelerate the adoption of parking management system in the region. The high living standards and disposable income further increases the demand of luxury automobiles in the region. The increasing development of smart cities in the region, and development of autonomous vehicles would provide growth opportunities during the forecast period.

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In 2020, the COVID-19 epidemic had a negative impact on ICT investment. The traditional hardware market took a hit as a result of the COVID-19 outbreak. On the other hand, traditional software is a huge contributor to productivity and is a big benefactor of ICT spending. Cloud computing and mobile devices are emerging as new platforms for delivering the most up-to-date software tools and applications.

The major players of the parking management systems market include Skyline Parking AG, Siemens AG, T2 Systems, IBM Corporation, Swarco Corporation, Kapsch TrafficCom, Skidata, Passport Inc., SAP, and Indigo Park Services. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.

What is the goal of the report?

The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
During the forecast period, the report analyzes the growth rate, market size, and market valuation.
The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.

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