Parking Management Market
The Parking Management Market size is projected to expand at a 10.7% CAGR over the forecast period. A surge in the number of vehicles has raised the need for an effective management system to manage parking issues. The accelerating incidences of accidents and environment hazards are other factors fuelling the parking management market size.
Parking Management Market Dynamics
Traffic congestion leads to several problems, especially in densely populated large cities. It also contributes to environment hazards, such as air and noise pollution. The deployment of smart phones, cloud software, and GPS helps in development of easy way-finding mobile application that help drivers to find out nearest vacant parking space. The increasing demand for real-time data to find out the availability of car park spaces is expected to drive the parking management market share. The increasing adoption of park management systems at airport, shopping centers, and offices will further encourage the market growth.
With the evolving technologies, various urban areas are moving towards converting them into smart cities. Government across the world have adopted various smart city initiatives which will provide huge growth opportunities to the smart parking management solution providers. Smart cities need user friendly, flexible, and space-effective parking management systems.
As per the Parking Management Market research report, the ongoing technological innovations such as e-payments Internet of Things and wireless parking sensors are projected to improve the customer experience and thereby promoting the market growth. For example, e-payments using bank wallets and the internet have immensely contributed to the parking management system market growth.
Offering Segment Analysis
The solutions segment is expected to hold the largest share in the parking management market. Solutions help to manage non-transient and transient vehicles payment in parking facilities. The growing demand for management solutions to find out the exact prices of all parked cars is pushing the market forward. Furthermore, the lack of empty spaces and lands for parking of cars across residential and commercial areas has raised the demand for parking management solutions.
Market Segmentation
Parking Management Market by Offering
· Solutions
· Services
Parking management Market by Parking Site
· Off-Street Parking
· On-Street Parking
Parking management Market by Deployment Type
· On-Premises
· Cloud
Parking management Market by Region:
· Asia Pacific
o China
o Japan
o India
o Rest of APAC
· North America
o United States of America
o Canada
· Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
· RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
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