Parking Software Market will reach USD 78.4 billion by 2032,Upcoming Trends, Segmented by Type, Application, End-User and Region -XEROX Corporation (U.S.), Siemens AG (Germany), Kapsch TrafficCom AG (Austria), AMANO Corporation (Japan), Cubic Corporation

Parking Management Market is expected to project a notable CAGR of 9.12% in 2032.
Parking Management Market to surpass USD 78.4 billion by 2032 from USD 41.1 billion in 2021 at a CAGR of 9.2% throughout the forecast period, i.e., 2020-32. The demand for parking management is expected to flourish in the coming years since many governments in developing countries are attracting foreign direct investment (FDI) to optimize traffic congestion and increase parking operations. In addition, smart city projects are also gaining momentum in developed countries, which is also expected to catalyze the market for technologically advanced and smart parking management solutions. In addition, rising commercialization and urbanization in developing countries, combined with growing on-the-road vehicles, is expected to accentuate the need for different solutions for on-street and off-street parking management. In addition, the decline in the cost of technology and services by solution service providers is expected to accelerate the development of the market for parking management in a variety of developed and developing countries worldwide.

Key Players in the Parking Software market:

XEROX Corporation (U.S.), Siemens AG (Germany), Kapsch TrafficCom AG (Austria), AMANO Corporation (Japan), Cubic Corporation (U.S.), SWARCO AG (Austria), INRIX, Inc. (U.S.), INDIGO (France), T2 Systems, Inc. (U.S.), SKIDATA AG (Austria)

Request a sample report : https://www.mraccuracyreports.com/report-sample/359773

Parking Management Market: Market Dynamics
Drivers
Increasing Need for Traffic Management and Fuel Saving
With parking operators operating their entire infrastructure on a hyper-scale public cloud, it allows them the opportunity to scale up when and when needed, in addition to access to new technology and an enhanced degree of mobility in a full pay-as-you-go model. The Parking Index and Parking turnover are also high and rising with positive growth rates as a result of off-street parking. As developers end up constructing additional spaces in compliance with legislation about the size and amount of parking spaces, some parking spaces remain unused. By reminding customers when and where a parking space is accessible, clear parking management strategies, such as enhanced signage and real-time parking indicators, minimize the wasting of parking spaces. Parking management also contributes to the more effective use of parking services through enhanced revenue management, over-pricing, and underpricing of parking spaces.

High Adoption of Cloud Computing Technologies
The demand is driven by the high acceptance of cloud computing technology. In order to improve mobility and safety, smart technology is being used to link cars, infrastructure, public transit, and people. To gain insights into traffic flow patterns, road blockages, roadwork, road conditions, etc., streets can be equipped with sensors to monitor data both on the roads and through citizens' cars and smartphones. These are connected through sensors, devices, and gateways. Communication networks for software and cloud services. In the cloud, they are handled centrally. With parking operators operating their entire infrastructure on a hyper-scale public cloud, it allows them the opportunity to scale up when and when needed, in addition to accessing new technology with an enhanced degree of agility in a full pay-as-you-go model. Also, as a result of off-street parking, the parking index and parking turnover are high and rising with positive growth rates.

Restrain
Security Concerns and Complexity in System Integration
Different hardware sensors, real-time messaging systems, traffic control software, wireless and wired telephone systems, computer servers, and application interfaces are part of parking management. The diversity and variability in the hardware infrastructure and software systems for parking management are immense. In order to enforce the definition of dynamically priced parking, the collection and analysis of parking data from various systems are also important. On incompatible hardware and software systems, these parking data stores are diverse and frequently present, making it very difficult to incorporate the data into a cohesive whole. It is difficult to incorporate all parking management hardware and software into a single framework and acts as a hindrance to the growth of the parking management market.

Parking Management Market: Key Players
DEPLOT
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, and SWOT Analysis.

Bond Traffic Solutions
FlashParking, Inc.
TIBA Parking
Infocomm Group LLC
Passport Inc.
Nex Valet LLC
Amano McGann
SAP SE
Q-Free ASA
Parkmobile USA Inc.
Siemens AG

Parking Software Market Types:

On-Street Parking, Off- Street Parking.

Parking Software Market Applications:

Government, Schools & Hospitals, Entertainment and Recreation Facilities, Dedicated Car Parks, Others

Access full Report Description, TOC, Table of Figure, Chart, etc. @ https://www.mraccuracyreports.com/reportdetails/reportview/359773

Among the deployment type, the cloud segment to grow at the highest CAGR during the forecast period
Under the deployment type segment, the cloud is expected to grow at a higher growth rate during the forecast period. The market for cloud-based solutions is gaining popularity due to multiple advantages offered by the cloud. The cloud deployment type not only enables organizations to manage their costs but also helps them ensure improved business agility. Cloud-based deployments involve on-demand requirements that are provided as SaaS solutions offered by parking management providers. These solutions can be accessed through the internet using web-based tools. They can be accessed anytime from any place on-demand via the pay-per-usage platform.

Among the solutions, Parking Access And Revenue Control (PARC) segment is expected to dominate the market during the forecast period
Under the solutions segment, the parking access and revenue control solution is expected to hold a larger market size during the forecast period. PARC manages the in-and-out of vehicles in parking facilities. In addition to this, it manages payments of transient and non-transient vehicles in parking facilities. It is a combination of hardware, such as alarms, barrier gates, ticket validator machines, encoding stations, exist verifiers, and lane controllers; and software that are used for efficient parking operations. Parking access control systems have a large number of advantages, such as reduced manpower requirements, internal levels of restriction of access, and access and restriction to multiple entries and exits. These systems have been further segmented into biometrics, LPR-based Automatic Vehicle Identification (AVI), and ID management. Parking revenue management is also used in the parking management market to counter the challenges of over or under capacity, variable demand, and advanced reservation. PARC helps parking operators collect parking fees from commuters that utilize their parking facilities.

Recent Developments:
In July 2020, Flowbird Group launched Park and Sanitize, a contactless hydro-alcoholic gel dispenser attached to the Flowbird parking and transport ticketing terminals, to help safeguard potentially millions of motorists and transport passengers for combating the risks associated with the spread of the COVID-19.
In July 2020, GROUP Indigo extended its European presence by opening a subsidiary in Poland.
In May 2020, APCOA PARKING entered into a strategic technology and commercial partnership with HERE Technologies, one of the leading location data and technology platform providers, to develop and commercialize digital parking services and HD indoor maps of parking facilities in Europe.

Instant access to final Report at- BUY NOW (offer limited): https://www.mraccuracyreports.com/checkout/359773

Software Insights
The parking guidance system segment accounted for the largest revenue share of over 75% in 2021. These guiding systems have gained traction in the market as they assist with vacant slots, provide parking guidelines, number of available spaces, duration of availability, and help them in saving their time. These systems can guarantee easy expertise for vehicle drivers as they monitor the standing ultra-sonic sensors and electronic signs and provide a user-friendly graphical interface for drivers.

The analytics solutions segment is poised to exhibit significant growth over the forecast period. The growth can be attributed to the ability of the parking sensors fitted on several structures such as light poles to thoroughly collect reliable information about occupied and vacant spaces. This information is collected in real-time and transmitted to end-users using an analytics solution and ensures security and safety at parking sites in case of emergencies and contingencies. Furthermore, it decreases management costs and limits the cases of illegal parking in an area.

Service Insights
The engineering service segment led the smart parking systems market with a revenue share of over 60% in 2021. The increasing adoption of autonomous and semi-autonomous cars, especially in developed countries, can be attributed to the growth of the segment. These cars require specifically designed parking lots and garages with robotic engineering facilities and installations of custom-built instrumentation and solutions. Autonomous vehicle manufacturing hubs such as Canada and Germany are expected to witness widespread adoption of smart parking systems in the near future.

MR Accuracy Reports is the number one publisher in the world and have published more than 2 million reports across globe. Fortune 500 companies are working with us. Also helping small players to know the market and focusing on consulting.

Call Us - UK +44 7452119323
USA +1 8045001224
Email us - sales@mraccuracyreports.com
30 Crawley Lane, West Sussex, RH10 7EG, United Kingdom
3351 Green Turtle Rd, Regina, SK S4V 3N6, Canada

MR Accuracy Reports is a Market Research and consulting company that accomplishes requirement of research agencies,small, medium and large corporations, global business leaders, government organizations,
SME's, Individual & Start-ups, top management consulting firms.

This release was published on openPR.