Parking Management Market Expected to Reach $20.3 billion by 2032: Players 3M Company, Amano Corporation

The report published by The Brainy Insights shows that the global parking management market is expected to grow from USD 6.0 billion in 2022 to USD 20.3 billion by 2032, at a CAGR of 13% during the forecast period 2023-2032. North America emerged as the most significant global parking management market, with a 47% market revenue share in 2022. The parking management market is significant and well-established in North America. The market size is influenced by the area's high rates of vehicle ownership and urbanization. The market has been expanding gradually with an emphasis on applying cutting-edge technologies and creative parking solutions. The North American region dominated the market with a sizable share. An innovative parking solution is required to lessen traffic congestion because the number of cars in nations like Canada and the U.S. is increasing. Due to the ease of utilizing cell phones and the availability of mobile apps for finding parking spaces, locals are also quickly adjusting to modern parking alternatives. The area's expanding commercialization drives the demand for parking management and the desire to provide a personalized customer experience.

𝐆𝐫𝐚𝐛 𝐭𝐡𝐞 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭- https://www.thebrainyinsights.com/enquiry/sample-request/13554

Parking Management Market Size By Deployment Type (On-premises and Cloud), By Parking Site (Off-street and On-street), By Solution (Access Control, Security & Surveillance, Parking Reservation Management, Revenue Management, Valet Parking Management, and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Leading companies in the industry include 3M Company, Amano Corporation, Cubic Corporation, Infocomm Group LLC, International Business Machines Corporation, Passport Labs Inc., Q-Free ASA, Robert Bosch GmbH, and Siemens AG among others, offer more significant opportunities and continuously focus on new product developments and venture capital investments to obtain market share.

The deployment type segment is divided into on-premises and cloud. The on-premises segment dominated the market, with a market share of around 53% in 2022. Due to the increased reliability, many businesses use this form of deployment. Employees may still access the data even in network failure or a lost internet connection, preventing downtime. The parking site segment is divided into off-street and on-street. The off-street segment dominated the market, with a market share of around 58% in 2022. The expansion of mobile devices and digital payment methods is assisting in developing this market. For instance, ParkMobile, LLC and the University of Louisville joined in June 2022 to offer smart parking payments for parking on campus. Owing to the partnership, ParkMobile is now available at the institution in over 2,700 off-street parking spaces. The solution segment is divided into access control, security & surveillance, parking reservation management, revenue management, valet parking management, and others. The revenue management segment dominated, with a market share of around 38% in 2022. Services like client banking, auditing and verifying transactions, digital payments, and thorough reporting can all be included in revenue management. Revenue management also assists facility providers in managing their pricing strategy by enabling them to compare their prices to those of rivals.

Traveller information systems, video surveillance, real-time car monitoring, real-time parking alerts, and quick payment options are just a few parking management services. Numerous high-tech parking management businesses allow customers to book spaces over the phone or online and pay for them. On the other hand, the commercialisation, industry, and residential sectors are all experiencing rapid growth in industrialised and financially developing nations worldwide. To use all the parking spaces, the property's owners have decided to lease them to several parking management companies. In the parking management sector, this practice is known as managed services.

ACCESS FULL REPORT: https://www.thebrainyinsights.com/report/parking-management-market-13554

About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.

Media Contact
Avinash D
Organization: The Brainy Insights
Phone: +1-315-215-1633
Email: sales@thebrainyinsights.com
Web: www.thebrainyinsights.com

This release was published on openPR.