The global parking management solutions market is estimated to garner US$ 768.2 Billion while exhibiting a 5.6% CAGR during the forecast period. Mainly due to the availability of smart technologies amongst the masses the global parking management solutions market has grown by leaps and bounds in recent years.
Increasing traffic congestion and uncertainty in the parking availability would fuel the growth of parking management solutions market.
The growth of parking management market is driven by factors such as emergence of fully-automated parking systems (APS), increase in traffic congestion, continuous advancements in machine-to-machine communication technology and increasing demand for smart parking sensors for parking management.
With increasing parking kiosks, the parking management solutions industry is expected to secure US$ 440 Billion in 2022.
Rising demand for high-speed connectivity with good service delivery this will have a positive impact on the overall market growth.
Download Sample Copy of Report @
https://www.futuremarketinsights.com/reports/sample/rep-gb-14676
Increasing use of cloud based technology such as artificial intelligence and big data and in many applications impelled the growth of the market. The parking venues segment is likely to offer remunerative opportunities for the global parking management solutions market.
Key Takeaways:
- By technology, parking kiosks segment is expected to record an 6.0% CAGR by 2032
- By installed location, parking venues segment to expand at a 6.8% growth rate during the forecast period
- The U.S market to garner US$ 168.2Billion and record a 4.7% CAGR from 2022-2032
- Market in China to procure US$ 93.5Billion, expanding at a 7.5% growth rate during the assessment period
“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
Key players of the global parking management solutions market include Parking BOXX, IPS Group, Inc., METRIC Group Ltd., Ventek International, CivicSmart, 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:
- In May 2020 – FlashParking formed a national service partnership with Burroughs Inc. The partnership will help Flash parking to provide a unique maintenance service to its users and reduce the risk of hardware downtime
- In June 2020 – Passport Inc., partnered with Panama City Beach community to equip the city with the technology needed to create a more frictionless parking experience.
- In March 2020 – Q-Free deployed a comprehensive parking guidance system at the Victorian Square parking garage in Sparks, Nevada. This system will provide real-time information on available spaces, making it easier for drivers to find parking. This contract will help Q-Free to mark its strong presence in the US market.
Feel free to Ask your Queries @
https://www.futuremarketinsights.com/ask-question/rep-gb-14676
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:
- In May 2020 – FlashParking formed a national service partnership with Burroughs Inc. The partnership will help Flash parking to provide a unique maintenance service to its users and reduce the risk of hardware downtime
- In June 2020 – Passport Inc., partnered with Panama City Beach community to equip the city with the technology needed to create a more frictionless parking experience.
- In March 2020 – Q-Free deployed a comprehensive parking guidance system at the Victorian Square parking garage in Sparks, Nevada. This system will provide real-time information on available spaces, making it easier for drivers to find parking. This contract will help Q-Free to mark its strong presence in the US market. ?
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).
Key Segments Covered in the Parking Management Solutions Market Report
By Technology:
- Parking meters-based Parking Management Solutions
- Parking Kiosks-based Parking Management Solutions
By Installation Location:
- Parking Management Solutionss for Street Parking
- Parking Management Solutionss for Parking Venues
By Region:
- North America Parking Management Solutions Market
- Europe Parking Management Solutions Market
- Asia Pacific Parking Management Solutions Market
- Middle East & Africa Parking Management Solutions Market
- Latin America Parking Management Solutions Market
About Us
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. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Unit No: 1602-006
Jumeirah Bay 2
Plot No: JLT-PH2-X2A
Jumeirah Lakes Towers
Dubai
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Browse latest Market Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs