Parking Management Market Size – USD 3.77 Billion in 2020, Market Growth – at a CAGR of 8.1%, Market Trends – Increasing adoption of Artificial Intelligence-based services in parking management solutions
The report clearly defines the Parking Management market position on a global level. The detailed insights into the market’s geographical spectrum offered by the report make it an excellent source of knowledge about the Parking Management industry.
Increasing need for more effective use of parking areas is expected to drive global parking management market revenue growth during the forecast period. In addition, rising number of vehicles globally is expected to propel growth of the global parking management market revenue going ahead. Furthermore, increasing adoption of Artificial Intelligence (AI) based services is expected to boost global parking management market growth.
The Global Parking Management Market report assesses the historical and current data along with a thorough analysis of the market dynamics. The report also sheds light on the significant market growth driving and restraining factors that are anticipated to influence the market growth through the forecast period.
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Key Market Dynamics: The global Parking Management market research report details on the ongoing market trends, development outlines, and several research methodologies. It illustrates the key factors that directly manipulate the market, for instance, production strategies, development platforms, and product portfolio. According to our researchers, even minor changes within the product profiles could result in huge disruptions to the above-mentioned factors. Each of these factors has been elaborately discussed in the initial segment of the study.
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Some Key Highlights From the Report
- The solution segment revenue is expected to expand at a significant CAGR during the forecast period. Increasing adoption of parking management solutions by end-users is expected to boost this segment's revenue growth.
- The support & maintenance segment is expected to account for higher revenue share over the forecast period due to rising partnership among parking management solution providers and support & maintenance service providers to boost the agility of parking management solutions.
- The on-premises segment is expected to account for higher revenue share over the forecast period due to rising deployment of on-premises parking management solutions by end-users.
- Increasing use of mobile applications, better payment and checking tickets solutions for parking assistance is expected to drive revenue growth of the off-street segment, which is expected to lead in terms of revenue contribution to the global parking management market during the forecast period.
- Factors such as robust presence of domestic and international parking management solutions providers such as Conduent Inc., T2 Systems, Inc., IPS Group, Inc., FlashParking, Inc., and ParkMobile USA, Inc. among others in countries in North America and increasing number of vehicles in countries including the United States and Canada are expected to drive growth of the market in the region during the forecast period.
- Key players in the market include Amano Corporation, Siemens AG, Conduent Inc., T2 Systems, Inc., APCOA Parking AG, IPS Group, Inc., FlashParking, Inc., Q-Free ASA, ParkMobile USA, Inc., and Cleverciti Systems GmbH
The findings of the report explain various aspects of the market, such as market status, developmental prospects, key regional segments, renowned market players, product offerings, end-use industries.
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Geographical Terrain of the Global Parking Management Market:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
The global Parking Management market is segmented based on product types offered in the market, their applications, end-user industries, different types of technologies, and key regions of the market.
- Offering Outlook (Revenue, USD Billion; 2018–2028)
- Services
- Solutions
- Service Outlook (Revenue, USD Billion; 2018–2028)
- Support & Maintenance
- System Integration
- Consulting
- Solution Outlook (Revenue, USD Billion; 2018–2028)
- Security & Surveillance
- Valet Parking
- Parking Reservation
- Revenue Management
- Access Control
- Others
- Deployment Outlook (Revenue, USD Billion; 2018–2028)
- Cloud
- On-premises
- Parking Site Outlook (Revenue, USD Billion; 2018–2028)
- Off-street
- On-street
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Key Questions You Asked:
- What is the growth rate of the Parking Management market? What is the anticipated market valuation of the Parking Management industry by 2028?
- What are the key growth driving and restraining factors of the Parking Management market?
- Who are the prominent players operating in the market? What are the key strategies adopted by these companies?
- What are the key opportunities and growth prospects of the Parking Management industry over the forecast period?
- Which region is expected to show significant growth in the coming years?
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