Parking Management Solutions Market: Multispace and Single Space Parking Kiosks Driving Growth

The market's top competitors are trying hard to make their lines of products more noticeable and want to provide integrated applications for effective management of parking needs. The companies in this market are also involved in developing parking management solutions which are user-friendly, cheap and more dependable. These factors, along with various others are expected to boost the growth of the global parking management solution market, making it worth US$614.59 mn by 2025. The market will expand at a CAGR of 9.3% between 2017 and 2025, adds the report.

The need for easy traffic movement and various transport related problems are the main reason behind the implementation of parking management solution in large cities. The reason behind traffic congestion is directly related to the growing global population along with the subsequent rise in the number of vehicles.

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The rise in the number of vehicles in the world is causing the problem of the lack of parking spaces to be more profound, which has led to the need for effective and smarter parking system. The advanced parking management systems are being used at present to provide extreme comfort to the vehicle owners and also make business operations along with similar functions at parking sites to be more simpler.

Other advantages of parking management solutions are less hardware and connection charges, and revenue advantages to parking site holders. The inclusion of efficient parking management solutions such as multispace and single space parking kiosks and other technological progress are contributing to the rise of the parking management solution market. The parking management solutions have been put to use in several industry verticals such as academy, transportation and government, recreation, retail, and BFSI among others.

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On the downside, the cost sensitivity of parking space operators who handle the parking sites on behalf of the parking plot owners is acting as a serious challenge to this industry. However, parking management solutions offer growth chances for players in both regional economies and smart cities throughout the world. The rise in population along with the need for safety and connectivity are few other issues that are leading to the growth of this market.

Due to their cheap maintenance costs, various payment modes and flexible features, multispace parking metres led this market in terms of type. North America was at the top spot in terms of revenue in the global parking management solution market in the year 2016, as a large number of players are based in the US. In the parking areas of Europe, the use of modern kiosks is a new trend, which help municipalities and garage operators to track parking infringements and compare them with the citations received.

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Key players have been studied in the report so as to give readers a brief idea about the various challenges faced by the players, along with the necessary steps taken by the players to overcome these challenges. The recent developments of players have also been given. Some of the players operating in the market include: Parkeon S.A.S., IPS Group, Inc., Parking BOXX, Cale Access AB, METRIC Group Ltd., Worldwide Parking, Inc., Ventek International, POM Inc., J.J. MacKay Canada Limited, CivicSmart, Inc., and LocoMobi Inc.

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