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Parking Management Solutions Market: Trend Analysis, Key Drivers, and Size Forecasts
Parking Management Solutions Market
Embedded with urban development and smart city initiatives, the global parking management solutions market witnesses strong growth anchored by major players and technological advancements.
What Is The Projected Market Size Of The Global Parking Management Solutions Market And Its Growth Rate?
The Parking Management Solutions market has seen significant growth in recent years.
• Market Size in 2024: $4.14 billion
• Market size in 2025: $4.44 billion (7.3% CAGR)
• Rapid growth is expected in the near future, reaching $6.72 billion in 2029 at a CAGR of 10.9%
The growth in this market can be attributed to urbanization, population growth, and rising number of vehicles, along with sustainable urban planning and government initiatives.
What Is Driving The Growth In The Parking Management Solutions Market?
The rise of cloud-native technology in parking management solutions is a key factor driving the market growth. These technologies, which were designed to reap the benefits of the cloud computing model, enable better customer service in the parking management solutions market. An increasing number of companies are turning to the development and use of cloud-native applications. For instance, Tigera, a US-based cloud-native application protection company, reported in 2022 that 75% of companies are now focusing on utilizing such applications. As a result of this trend, a rapid increase in the global cloud-native developer population has been noticed. Today, an estimated 7.1 million cloud-native developers exist worldwide, endorsing the growth of cloud-native parking solutions.
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Who Are the Key Players Driving Parking Management Solutions Market Growth?
The parking management solutions market includes major companies such as:
• Amano Corporation
• Bosch Group
• Siemens AG
• Skidata GmbH
• Swarco Corporation
• T2 Systems
• Flowbird Group
• TIBA Parking Systems
• IPS Group
• Chetu Inc.
What Are The Key Trends In The Parking Management Solutions Market?
Key trends in forecast period include:
• Integration with smart city initiatives
• Mobile payment and contactless solutions
• Real-time data analytics
• Electric vehicle (EV) charging integration
• Autonomous vehicle integration
• Focus on user experience.
What Are The Segments Of The Global Parking Management Solutions Market?
The parking management solutions market is segmented into:
• By Type: Solutions, Services
• By Parking Site: On-Site Parking, Off-Site Parking
• By Technology: Parking Meters, Parking Kiosks
• By Application: Transport, Commercial, Government
Which Region Leads The Parking Management Solutions Market?
In 2024, North America was the largest region in the parking management solutions market. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period. The report covers the parking management solutions market across Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Parking Management Solutions Market Global Market Report?
• Market Size Analysis: Analyze the Parking Management Solutions Market size by key regions, countries, product types, and applications.
• Market Segmentation Analysis: Identify various subsegments within the Parking Management Solutions Market for effective categorization.
• Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
• Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
• Market Contribution: Evaluate contributions of different segments to the overall Parking Management Solutions Market growth.
• Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
• Industry Challenges: Analyze challenges and risks affecting the Parking Management Solutions Market.
• Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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