The parking management solutions market is anticipated to generate US$ 440 billion by 2022 because to growing parking lots.
The estimated global size for parking management solutions market is US$ 768.2 billion, growing at a 5.6% CAGR over the forecasted period. In large part since the majority of people now have access to great innovations, the global parking management systems industry has recently experienced rapid growth.
Congestion would worsen and parking accessibility would become more precarious, which would expand the market for parking management systems.
Some of the factors propelling the growth of the parking management market include the rise of fully automated parking systems (APS), an increase in traffic congestion, consistent improvements in machine-to-machine communication technology, and rising demand for intelligent parking sensors for parking management.
Rising interest for rapid network with great help conveyance this will emphatically affect the general market development.
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The market's growth was fueled by the increasing uptake of cloud-based technologies across a wide range of applications, including big data and artificial intelligence. The parking venues category is likely to have attractive possibilities for the global market for parking management solutions.
Key Takeaways:
“Growing number of vehicles across the world, rising demand for an effective traffic management solutions, and rapid development of smart cities are expected to drive the market in the forecast period”.
Competitive Landscape
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What is the Contribution of Key Players to the Global Parking Management Solutions Market?
Key players of the global parking management solutions market include Parking BOXX, IPS Group, Inc., METRIC Group Ltd., Ventek International, Civic Smart, Inc. among others. Market players are leveraging strategic collaborative initiatives to increase their market share and increase their profitability.
Recent developments among key players are:
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global parking management solutions market presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of technology (parking metre, parking kiosks) and by installation location (street parking and parking venues) across five major regions (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America).
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Key Segments Covered in the Parking Management Solutions Market Report
By Technology:
By Installation Location:
By Region:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Feb 09, 2023