The market for parking management solutions is anticipated to reach US$ 404.7 billion in 2021. In 2022, it’s anticipated that the sale would reach US$ 440 billion. The report predicts that the global market for parking management solutions will reach US$ 768.2 billion in 2032, growing at a 5.6% CAGR between 2022 and 2032.
Increased need for parking management solutions, increases in traffic congestion, developments in machine-to-machine communication technology, and rising demand for fully automated parking systems (APS) will all contribute to the market’s expansion.
The parking management solutions market refers to the industry that provides technological solutions for managing parking facilities. These solutions include software, hardware, and services that enable efficient and effective parking management.
The market for parking management solutions is driven by several factors, including the growing number of vehicles on the road, the need for efficient parking management in congested urban areas, and the increasing adoption of smart city technologies. Other factors driving the market include the need for better security and safety in parking facilities, the increasing demand for automation and digitization, and the growing trend towards sustainable and eco-friendly parking solutions.
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The parking management solutions market is composed of various segments, including parking guidance systems, parking access control systems, revenue management systems, and others. Parking guidance systems provide real-time information on available parking spaces, helping drivers find parking quickly and easily. Parking access control systems manage access to parking facilities, ensuring that only authorized vehicles can enter. Revenue management systems automate the process of collecting parking fees, making it easier for parking facility operators to manage their finances.
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,
- 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.
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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
Table of Content
1. Preface
2. Assumptions and Research Methodology
3. Executive Summary : Parking Management Solution Market
4. Market Overview
4.1. Market Dynamics
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.2. Global Parking Management Solution Market Analysis and Forecasts, 2022 – 2032
4.2.1. Market Revenue Projections (US$ Bn)
4.2.2. Market Volume Projections (Mn Units)
4.3. Porter’s Five Force Analysis
4.4. Market Outlook
5. Global Parking Management Solution Market Analysis and Forecast, by Type
5.1. Introduction
5.2. Key Findings
5.3. Market Size (US$ Bn) and Volume (Mn Units) Forecast by Type, 2022 – 2032
5.3.1. Parking Meters
5.3.2. Parking Kiosks
5.4. Type Comparison Matrix
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