According to a new market research study titled, “Parking Management Market To 2027 - Global Analysis and Forecasts by Parking Site, Solutions, Services, and Deployment Type”. The global market accounted for US$ 37.5 Bn in 2017 and is estimated to reach US$ 58.5 Bn by 2027 thereby registering a CAGR growth rate of 4.8% from 2019 to 2027. The report highlights the key trends prevalent in the global parking management market and the factors driving the market along with those that act as deterrents to its growth.
Increasing number of infrastructure development projects coupled with rise in number of registered passenger vehicles in Asia-Pacific and MEA region to drive the demand for parking management market in the coming years
The parking management market is poised to flourish in the coming years because several developing country governments are attracting foreign direct investments (FDI) to optimize traffic congestion and enhance parking operations. Additionally, the smart city initiatives in the developing countries are also gaining speed, which is also expected to catalyze the demand for technologically advanced and intelligent parking management solutions.
Top Industry Players:
1. Flowbird Group
2. Indigo Parking Service
4. Passport Inc.
5. Siemens AG
6. Smart Parking Ltd.
9. T2 Systems
10. Tiba Parking
The market for parking management is globally has been segmented into segments namely: parking site, solutions, service, and deployment type. Based on the parking site, the market is bifurcated into on-street and off-street parking sites. Whereas, based on solutions the market is broadly segmented into parking guidance systems, parking reservation, parking security & surveillance, and others. Moreover, by service, the market is further broken down into professional and managed service. Finally, by deployment of the solutions the market is divided into on-premise and cloud solutions.
Parking solution such as parking guidance system offers real-time navigational and parking space availability to the different motorist and passenger vehicles. This facilitates in efficient utilization of parking space as well as reduces the time spent by individuals looking for empty parking space. Moreover, other technology-enabled solutions such as automatic number plate recognition and parking fees payment & reservation through mobile app enable seamless enforcement and revenue management solutions to different end-users.
The report segments the global parking management market as follows:
Global Parking Management Market - By Parking Site
Global Parking Management Market - By Parking Solutions
Parking Guidance Systems
Parking Reservation Solutions
Parking Security & Surveillance
Global Parking Management Market - By Service
Global Parking Management Market - By Deployment Mode
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