Parking Management Systems Market Expanding at a high-value CAGR of 7.8% over the next ten years

Predicted a strong CAGR of 7.8%, the parking management systems market is anticipated to rise from a market worth US$4 billion in 2022 to an estimated US$8.5 billion by the end of 2032.

Parking Management System Market Size (2022E) US$ 4 billion
Projected Market Value (2032F) US$ 8.5 billion
Global Market Growth Rate (2022-2032) TACC del 7,8 %
North America Value Share of Global Market (2021A) 35,1%

Get a sample copy of the report @ https://www.persistencemarketresearch.com/samples/3732

Why are parking management systems rapidly gaining ground in all regions?

"Increasing number of vehicles intensifying parking space problems"

Today, the number of vehicles around the world is growing at a dizzying rate, further intensifying the problem of a shortage of parking spaces. Furthermore, traffic congestion and transportation related problems are increasing due to the limited availability of parking space. As such, the need for smart and efficient parking systems arises.

The available advanced parking management systems are proficient enough to bring added convenience to vehicle drivers. These systems automate and simplify the business operations and other functions that occur at parking locations, making parking and traffic flow management much easier for both operators and vehicle owners.

What factor is likely to affect the expansion of the Parking Management System market?

"Cost Sensitivity of Parking Space Operators"

The cost sensitivity of parking space operators who are involved in managing parking spaces on behalf of parking space owners is anticipated to bring challenges to the industry. Operating margins are low and the high cost of efficient and advanced parking systems acts as a hurdle to other market growth.

Request Customization @ https://www.persistencemarketresearch.com/request-customization/3732

Recent industry development

Flowbird Group, in July 2020, launched a touchless-function hydroalcoholic gel dispenser, called Park and Sanitize. It usually comes as an attachment to Glowbird's parking and transportation ticketing terminals to protect millions of transportation passengers and motorists to combat the risk related to the spread of COVID-19.
Product description

Parking software includes systems for parking payment and parking information and management. Parking services include some professional services like maintenance and support and customizations and implementation.

The entire parking management system includes various devices and components, such as parking meters, portable ticket writers, radio frequency identification (RFID) transponders, automatic gates, occupancy sensors, surveillance cameras, drivers, and other devices.

Industry Segmentation

The global parking management systems market is segmented on the basis of component and service, solution, parking site, vertical, and geography. Based on the component and service, the parking management systems market is segmented into parking software, parking services, and parking devices.

A parking management system involves various services and solutions that the management system offers to customers. Based on solutions, the parking management system market is segmented into access control solutions, security and surveillance solution, parking fee and revenue management solution, parking reservation management solutions, permit management solution and parking app, valet parking management system solution, and parking guidance and space management. solutions

Pay-per-plate, coin-based revenue management and smart card-based revenue management are some of the techniques used in parking fee and revenue management solutions. While biometrics, ID management and automatic vehicle identification (AVI) based on license plate recognition (LPR) are some techniques in access control for system parking management.

On-street parking and off-street parking are the two types of parking sites where parking management systems are installed and implemented. Based on the verticals where parking management systems are implemented, the parking management system is segmented into academia, municipalities, and government sector, recreation sector, transportation sector, healthcare industry, industry hospitality, banking, insurance and financial services sector (BFSI), retail and corporate parks. sector and other verticals.

Buy Report Now @ https://www.persistencemarketresearch.com/checkout/3732

Market Leading Players

Tyco Security Products (Nedap AVI), 3M Company, TCS International Inc., Integrapark, LLC, Complus Data Innovations, Inc., Amano Corporation, Passport Parking, LLC, TransCore LP, Vodafone Group PLC, Affiliated Computer Services, Siemens AG, Group Techna, Inc., Netpark, LLC, HCL Technologies Ltd., Data Ticket, Inc., Parkopedia Inc., and Energy Development Corporation, among others, are some of the major players operating in the global parking management systems market.

Contact Us:
Persistence Market Research
Address - 305 Broadway, 7th Floor, New York City, NY 10007 United States
U.S. Ph. - +1-646-568-7751
USA-Canada Toll-free - +1 800-961-0353
Sales - sales@persistencemarketresearch.com
Website - https://www.persistencemarketresearch.com

Expert analysis, actionable insights, and strategic recommendations - the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.

This release was published on openPR.