Press release
Parking Management System is forecasted to rise at 8.1% CAGR from 2024 to 2034
Parking Management System
Traffic congestion and parking are closely interrelated. Looking for appropriate parking space generally leads to unwanted delays and therefore results in increased congestion. Increasing parking issues are resolved with the assistance of effective parking management systems and services, which help drivers find proper parking spaces.
For More Insights into the Market, Request a Sample of this Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=9724
In addition, these parking solutions also help in getting directions to respective parking spaces, reserving parking spaces beforehand, and making cashless payments.
Key Segments of Parking Management System Market Research Report
By Component & Service : Parking Software, Parking Services, Parking Devices
By Solution : Access Control Solutions, Security & Surveillance Solutions, Parking Fee & Revenue Management Solutions, Parking Reservation Management Solutions, Parking Enforcement & Permit Management Solutions, Valet Parking Management Solutions, Parking Guidance & Slot Management Solutions
By Parking Site : On-street Parking, Off-street Parking
By Vertical : Academia, Municipalities & Government Sector, Transportation Sector, Recreation Sector, Healthcare Sector, Hospitality Sector, Banking, Financial Services, & Insurance (BFSI) Sector, Commercial Parks & Corporate Sector
By Region : North America, Europe, East Asia, Latin America, Middle East & Africa, South Asia & Oceania
Increasing demand for numerous parking management services is forecasted to help minimize fuel consumption and reduce time, thus enabling seamless traffic flow. Surging technological advancements are projected to stimulate urban areas to transform into smart cities. Economic functions, mobility, and housing are integrated into smart cities by using innovative communication technologies and information. These initiatives are forecasted to widen opportunities for parking management system providers.
Key Takeaways from Market Study
The global parking management system market is estimated at US$ 5.6 billion in 2024.
Worldwide demand for parking management systems is forecasted to reach a valuation of US$ 12.16 billion by the end of 2034.
The market is projected to increase at 8.1% CAGR from 2024 to 2034.
East Asia is forecasted to account for 38.4% share of the global market by 2034.
Demand for parking management systems in Mexico is forecasted to increase at 10.9% CAGR from 2024 to 2034.
Increasing Number of Vehicles in North America Stimulating Adoption of Parking Management Systems
North America is projected to account for 29.1% share of the global market by 2034. The increasing number of vehicles is projected to stimulate demand for parking management systems. In addition, the growing adoption of smartphones helps in finding parking spaces while ensuring convenience for users, which is further projected to contribute to revenue streams going forward.
Get Customization on this Report for Specific Research Solutions:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=9724
Key Market Players
Leading manufacturers of parking management systems are 3M Company, Tyco Security Products, TCS International Inc., Complus Data Innovations, Inc., Integrapark, LLC, Amano Corporation, TransCore LP, Passport Parking, LLC, Vodafone Group PLC, Siemens AG, and Affiliated Computer Services.
Smart City Initiatives Drive Parking Management System Market Growth in East Asia and North America
According to a recent analysis by Fact.MR, East Asia is anticipated to capture a significant 38.4% share of the global market by 2034. The region's surge is attributed to the proliferation of smart city projects addressing transit, utilities, and infrastructure needs, alongside a concerted effort to enhance citizen services. Notably, governments are championing smart parking solutions to tackle traffic congestion and environmental issues effectively.
In parallel, the United States is poised to dominate the North American market with an impressive 79.5% share by 2034. The rise in automobile numbers in the country is driving demand for parking management systems to alleviate traffic congestion. Moreover, the widespread adoption of smartphones, coupled with the development of more efficient parking applications, is set to provide greater convenience for vehicle owners.
The escalating commercialization of parking systems, coupled with a focus on delivering tailored solutions to end-users, is expected to fuel the expansion of the parking management system market in the United States.
Read More - https://www.globenewswire.com/news-release/2024/02/16/2830685/0/en/Parking-Management-System-Market-Accelerates-at-8-1-CAGR-to-Reach-US-12-16-Billion-by-2034-Fact-MR-Report.html
About Fact.MR
Market research and consulting agency with a difference! That's why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range - from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we'll be an able research partner.
Contact:
US Sales Office :
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
E-Mail: sales@factmr.com
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Parking Management System is forecasted to rise at 8.1% CAGR from 2024 to 2034 here
News-ID: 3478754 • Views: …
More Releases from Fact.MR
Well Intervention Market is Predicted to Reach US$ 17.1 Billion by 2035, Expandi …
The global well intervention market is projected to increase from USD 8.7 billion in 2025 to USD 17.1 billion by 2035, with a compound annual growth rate (CAGR) of 7.0% during the forecast period. Growth is driven by the growing need for energy, along with aging oil and gas wells. Offshore rig operators are stepping up their game by investing in both light and heavy intervention services to enhance efficiency…
Assembly Robot Market Size Worth US$ 54,915.6 Million by 2035 at a CAGR Of 11.6% …
The global assembly robot market is projected to rise from USD 18,325.4 million in 2025 to USD 54,915.6 million by 2035, reflecting a robust compound annual growth rate (CAGR) of 11.6% during the forecast period. This growth is fueled by advancements in artificial intelligence, machine learning, and 5G technology, which enhance robots' precision, efficiency, and safety, particularly in collaborative operations alongside human workers.
These innovations allow assembly robots to execute complex…
Zonal Isolation Packers Market is Predicted to Reach US$ 4.6 Billion by 2035, Ex …
The global zonal isolation packers market is projected to increase from USD 2.8 billion by 2025 to USD 4.6 billion by 2035, with a CAGR of 5.1% during the forecast period. Growth is driven by rising focus on well integrity during drilling and production, which has accelerated the use of mechanical and swellable packers.
Operators are adopting zonal isolation systems to prevent cross-zone fluid migration and ensure long-term performance. The rise…
Lithium-Ion Battery Pack Market Size Expected to Reach US$ 92.8 Billion by 2035: …
The global lithium-ion (Li-ion) battery pack market is poised for significant growth, with projections indicating an increase from USD 66.4 billion in 2025 to USD 92.8 billion by 2035, reflecting a compound annual growth rate (CAGR) of 3.4% during the forecast period.
This expansion is largely driven by the rising adoption of electric vehicles (EVs), advances in renewable energy storage solutions, and ongoing innovations in battery technology.
For More Insights into the…
More Releases for Parking
Connected Parking Solutions Market Forecast 2023-2030 | ShinMaywa, IHI Parking S …
The Connected Parking Solutions market is expected to grow at a CAGR of 15.6% from 2023 to 2030.
The Connected Parking Solutions market is experiencing rapid growth, driven by the need for efficient and intelligent parking management in urban areas. This market encompasses a variety of technologies and services that aim to improve parking accessibility, reduce congestion, and enhance the overall parking experience for both consumers and operators. Connected parking solutions…
Automated Parking Systems Market Is Booming Worldwide: Key Players ShinMaywa, IH …
Market Study Report presents latest report on global Automated Parking Systems Market, which evaluates the growth trends of the industry through historical study and estimates future prospects based on comprehensive research. The report extensively provides the market share, growth, trends and forecasts for the period 2022-2028.
Global Automated Parking Systems Market Size was estimated at USD 2415 million in 2021 and is projected to reach USD 3221 million by 2028, exhibiting…
Automated Parking Systems Market Statistics and Comprehensive Insights Outlook 2 …
Latest Study on Industrial Growth of Automated Parking Systems Market 2022-2028. A detailed study accumulated to offer Latest insights about acute structures of the Automated Parking Systems market. The report contains different market predictions related to revenue size, production, CAGR, gross margin, price, and other important factors. While highlighting the key driving and restraining forces for this market, the report also offers a broad study of the future trends and…
Automated Parking Systems Market 2022 Insights with Statistics and Growth Predic …
The Automated Parking Systems market outlook looks extremely promising is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand and supply data (as applicable). The research analysts provide an elaborate description of the value chain, future roadmaps and its distributor analysis. The report provides pre COVID-19 historic data, the impact of the COVID-19, and also forecasts its recovery…
Automated Parking Systems Market (2021): Huge Study, SWOT Analysis, Forecast to …
The report titled “Global Automated Parking Systems MARKET “is one of the most comprehensive and important additions to market research studies. It offers detailed research and analysis of key aspects of the Automated Parking Systems market. The market analysts authoring this report have provided in-depth information on leading growth drivers, restraints, challenges, trends, and opportunities to offer a complete analysis of the Automated Parking Systems market. Market Participants can use…
What are the Growth Drivers of Automated Parking System Market? Kyline Parking A …
Market Study Report LLC recently added a new title on 2020-2026 Global Automated Parking System Market Report from its database. The report provides study with in-depth overview, describing about the Product, market size, share, Industry Scope and elaborates market outlook and status to 2026.
The Automated Parking system market is on the surging trend considering the global scenario. The Automated Parking system market is primarily driven owing to surging number of…
