Parking Management Market Size, Share and Global Market Forecast

 

Parking Management Market

The Parking Management Market is projected to grow at robust CAGR of 10.7% CAGR over the forecast period and anticipated to reach USD 7,149 Million by 2027.

The factors driving the growth of Parking Management Market includes increasing traffic congestion around the world, growing population density, rising adoption of smartphones-based parking management applications. As per the data available at World Bank, the population density (people/sq km of land) in India has increased drastically from around 460 in 2019 to 464 in 2020, which is expected to accelerate the demand for Parking Management Systems in Indian Market, in the coming few years. Moreover, the increasing migration from rural areas to cities and extensive use of existing public transport systems, are augmenting the Global Parking Management Market. In addition, the increasing number of smart cities, growing demand for smart parking solutions and integration of advanced technologies such as Artificial Intelligence (AI) and Internet of Things (IoT), are propelling the Parking Management Market size. The South Korean Government is plans to invest $5.6 billion on Eco Delta Smart City project, through which 30,000 homes across the coastal wetlands will be build.

The growth of Parking Management Market is hindered due to complexities in integrating traffic control devices with the parking management systems.

The prominent players operating in the market are PASSPORT LABS, INC., ParkMobile, LLC., APCOA Parking, SWARCO, SpotHeros, SKIDATA, Chetu Inc., PRECISE PARKLINK INC., FlashParking, and T2 Systems among others.

Offering – Segment Analysis

Based on offering, the solutions segment is predicted to lead the market over the forecast period attributed to increased demand for parking management solutions primarily in residential and commercial areas

Deployment Type – Segment Analysis

Based on parking site, the on-street parking segment is estimated to capture the largest market share during the forecast period attributed to its effective features and growing use of on-street parking traffic control arrangements by the Government Authorities.

Regional – Segment Analysis:

Based on region, the North American region is predicted to capture the highest market share over the forecast period. The increasing sales of automobiles, growing demand for advanced parking management systems and rising passenger footfall in airports, are propelling the growth of Parking Management Market in North American region.

Market Segmentation

Global Parking Management Market by Offering

  • Solutions
  • Services

Global Parking Management Market by Parking Site

  • Off-Street Parking
  • On-Street Parking

Global Parking Management Market by Deployment Type

  • On-Premises
  • Cloud

Global Parking Management Market by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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