Parking Management Market to reach USD 8.31 Bn by 2029, emerging at a CAGR of 12 percent and forecast (2023-2029)

The global parking management market was valued at USD 3.35 Bn. in 2021 and is expected to reach USD 8.31 Bn. by 2029, at a compound annual growth rate (CAGR) of 12 percent during the forecast period.

Parking Management Market Report Scope and Research Methodology

Parking management is an essential part of every transportation system, with an automobile parked for an average of 23 hours each day, and parking management oversees a variety of initiatives and policies to make the most use of parking resources. With increasing urbanization in all areas, the number of vehicles on the road is also increasing, necessitating a greater demand for parking management. The requirement for easy traffic flow and the growing number of vehicles are driving the growth of the parking management market.

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The report provides an analysis of the impact of COVID-19 on the parking management market, which has stalled due to the pandemic's impact on economies worldwide, causing a slowdown in economic activity. The advanced parking projects are also on hold as a result of this, and the poor performance of the global economy and lower growth in the automotive and construction industries are expected to have a negative impact on the global market.

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Parking Management Market Dynamics

The report also discusses the market dynamics, including the growing demand for optimum utilization of parking spaces and the rising smart city initiative across the globe. The parking management process is quite complicated and requires a large number of input and output devices as well as CPUs, which is making it difficult for parking lot owners to implement new parking management systems. Despite the importance of parking management, various constraints limit the market's growth, including system integration complexities.

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Based on solution, access control, security & surveillance, revenue management, parking reservation management, and others are all segments of the parking management market. Revenue management solutions are in high demand since they assist in determining the correct pricing for all car parks by offering a visual representation of the price rates. In 2021, the government segment dominated the market. In the government sector, there is a strong need for effective car park management solutions due to the requirement to establish safe, clean, and efficient public parking facilities across cities.

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Parking Management Market Regional Insights

The rise of smart cities in the APAC region has also contributed to the growth of the parking management industry. With increased government spending on constructing smart cities, there is a need for smart parking management solutions that can help optimize the use of parking spaces. Companies in the region, such as Huawei Technologies Co., Ltd., are developing and delivering such solutions to meet the demand.

Overall, it is clear that the parking management industry is experiencing significant growth in both North America and APAC, driven by factors such as increasing urbanization, the rise of smart cities, and the need to address traffic congestion.

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Parking Management Market Segmentation

By Solution:

• Access Control
• Security & Surveillance
• Revenue Management
• Parking Reservation Management
• Valet Parking Management
• Other

By Service:

• Consulting Services
• System Integration & Deployment
• Support & Maintenance

By Parking Sites:

• On-street
• Off-street

By Application:

• Transport Transit
• Commercial
• Government

Parking Management Market Key Competitors include:

• Amano Corporation
• Q-Free ASA
• Indigo Park Services
• Chetu, Streetline
• SWARCO
• T2 Systems
• SKIDATA
• Flowbird Group
• GROUP Indigo
• Siemens
• Bosch Group
• Conduent
• APCOA PARKING
• Precise ParkLink
• FlashParking
• Passport Labs
• ParkMobile
• SpotHero
• Get My Parking
• INRIX
• IPS Group
• Smart Parking
• TIBA Parking Systems
• Streetline

Table of Content for Parking Management Market

Global Parking Management Market: Research Methodology

Global Parking Management Market: Executive Summary

Market Overview and Definitions
Introduction to Global Market
Summary
Key Findings
Recommendations for Investors
Recommendations for Market Leaders
Recommendations for New Market Entry

Global Parking Management Market: Competitive Analysis

MMR Competition Matrix
Market Structure by region
Competitive Benchmarking of Key Players
Consolidation in the Market
M&A by region
Key Developments by Companies
Market Drivers
Market Restraints
Market Opportunities
Market Challenges
Market Dynamics
PORTERS Five Forces Analysis
PESTLE
Regulatory Landscape by region
North America
Europe
Asia Pacific
Middle East and Africa
South America
COVID-19 Impact

Global Parking Management Market Segmentation

Global Market, by Solution (2021-2029)
Global Market, by Service (2021-2029)
Global Market, by Parking Sites (2021-2029)
Global Market, by Application (2021-2029)

Regional Parking Management Market (2021-2029)

Regional Market, by Solution (2021-2029)
Regional Market, by Service (2021-2029)
Regional Market, by Parking Sites (2021-2029)
Regional Market, by Application (2021-2029)
Regional Market, by Country (2021-2029)

Company Profile: Key players

Company Overview
Financial Overview
Global Presence
Capacity Portfolio
Business Strategy
Recent Developments

Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2021)
Past Pricing and price curve by region (2018 to 2021)
Market Size, Share, Size & Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Solution, Service, Parking Sites and Application
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations

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