How much share will New Zealand have from the growing APAC's Parking Management Market by 2028?: Ken Research

Story Outline

APAC is one of the most promising markets for parking management. At present, the penetration of parking management solutions is low in this region. However, it is expected that there will be an upsurge in demand in the coming years.

The rising demand for extra-wide parking spaces for will likely increase the deployment of parking management systems to ease the parking process and ensure public safety. The proliferation of mobile and smartphones is the major factor accelerating the growth of the parking management market for the forecast period of 2021 to 2028.

Asia Pacific Growth: Asia Pacific, including China, Japan, Australia and New Zealand, is the fastest-growing market for parking management due to rapid technological advancement and the adoption of smart city projects.

1. New Zealand will be a growing market under Asia Pacific during the forecast period.

The Asia-Pacific market for parking management is on the modification and innovation stage. The rising demand for the systematic & smooth flow of traffic and strategic parking space management have been the major drivers in the parking management system in the Asia-Pacific. The New Zealand parking management market is expected to grow with a high CAGR during the forecast period. China is the dominating market due to the enhancement in demand for electricity consumption and the rapid growth in industrialization & urbanization. For instance, several governments in the region have promoted smart parking practices due to environmental concerns and the need to manage traffic. The major countries expected to witness high growth rates in the Asia Pacific region include China, Japan, Singapore, Australia, New Zealand, and the rest of the Association of Southeast Asian Nations (ASEAN) countries.

2. Navigating Challenges: Ensuring Data Security and Privacy in the Evolving Parking Management Market.

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The parking management market has significant growth potential; however, maintaining data security and privacy is a key challenge faced by the players operating in this market. The installed smart devices and sensors continuously generate a huge amount of data; this is expected to help organizations handling data gain insights about the market position of their competitors. This data is analyzed to generate actionable business insights; the majority of this data is processed at the edge and stored at the cloud from time-to-time. A majority of IoT-enabled devices are connected to various connectivity networks, such as mobile connectivity, public Wireless-Fidelity (Wi-Fi), and office Wide Area Networks (WAN). The public networks may not be as protected as they are required to be at an enterprise level. Thus, in a large-scale deployment, privacy and security are two closely related issues for IoT devices. The business data collected in the cloud and IoT-enabled devices can be accessed through various cyber threats and breaches.

3. Elevating Data Security: IoT Parking Technology as the Solution for Parking Management.

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Utilizing Internet of Things (IoT) technology in parking management offers a robust solution to address data security concerns. IoT-enabled parking systems utilize a network of interconnected devices and sensors to collect, transmit, and analyze data in real-time. By implementing advanced encryption protocols and secure communication channels, IoT-based parking solutions ensure that sensitive data remains protected throughout the data transmission process.

Moreover, IoT-enabled parking management systems can operate with a distributed architecture, processing a significant portion of data at the edge devices themselves. This approach minimizes the volume of data that needs to be transmitted and stored centrally, reducing the exposure to potential cyber threats. Additionally, the integration of blockchain technology further enhances data security by providing a tamper-proof and transparent record of transactions.

Furthermore, the use of private and secure networks, such as Virtual Private Networks (VPNs), helps establish a secure communication channel for IoT devices. These networks offer encrypted connections, shielding data from unauthorized access and ensuring that only authorized personnel can access and manage the system.

Incorporating IoT technology into parking management not only enhances operational efficiency but also offers a robust framework to safeguard data integrity and privacy. As the parking management landscape continues to evolve, the integration of IoT-based solutions stands as a testament to the industry's commitment to ensuring secure and protected data management practices.

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The parking management market is witnessing a transformative phase, driven by technological advancements and changing consumer needs. The integration of smart parking solutions, IoT-based sensors, real-time data analytics, and seamless payment systems has revolutionized the way parking is managed and experienced. As urbanization and vehicle ownership rates continue to rise, the demand for efficient parking solutions is expected to grow exponentially.

Major Players Mentioned in the Report:

Ace Parking
WOHR Parking Systems
Hercules Carparking Systems
Secure Parking
TPS Traffic and Parking Systems
First Parking
Enacon Parking
Wilson Parking
CPP His Majesty's

Key Target Audience - Organizations and Entities Who Can Benefit by Subscribing This Report:

Shopping Mall and Retail Center Owners
Transportation and Transit Authorities
Event and Venue Managers
Hospitality Industry
Corporate Offices and Business Parks
Industry Associations
Consulting Agencies
Government Bodies & Regulating Authorities

Time Period Captured in the Report:

Historical Period: 2017-2022
Base Year: 2022
Forecast Period: 2022-2028

For more insights on market intelligence, refer to the link below: -

https://www.kenresearch.com/industry-reports/new-zealand-parking-management-market

Related Report By Ken Research

https://www.kenresearch.com/industry-reports/australia-parking-management-market

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.