Parking Management Market, Benefit The Long-Term Growth Opportunities Forecasts Up to 2027
Parking is an important part of a transportation system. The ease of parking influences people to visit a place. It is also important and makes it easy to reach a certain destination. Parking management manages and uses all the sources available for parking the vehicles efficiently. The increasing urbanization is the main reason for the complications in parking. In COVID 19, the Parking Management Market deteriorated as in that time, the majority of the market got hit economically globally. All the construction projects and there was a restriction in the traveling sector which led to disruption in the market growth. Constant parking management solutions such as real-time parking indicators and developed signs decrease the wastage of the parking spaces by providing information to the customers about the parking place. It also increases the source more efficiently but different the parking spaces according to the price. A better parking solution would be helpful and would solve the parking issues by 20 to 40%, leading to increases in the infrastructure. Management policies can also decrease the demand for parking subsidies, increase travel options for non-drivers, provide financial savings to lower-income households, and increase housing affordability. The parking management deals with hardware such as traffic control devices, computer servers, etc. It becomes difficult for the parking space operators to use the new and innovative parking management systems, creating challenges for the market. The usage of innovative technologies and improvement in the mobility, housing and economy in smart cities is opening up a new door of opportunity for the Parking Management Market. The Parking Management Market is expected to hold $7 billion in 2023, and it will also grow at a rate of 12% CAGR between 2017 to 2023.
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The well-known companies in parking management market are Kapsch TrafficCom AG (Austria), Siemens AG (Germany), T2 Systems, Inc. (U.S.), AMANO Corporation (Japan), XEROX Corporation (U.S.), SWARCO AG (Austria), Cubic Corporation (U.S.), INRIX, Inc. (U.S.), INDIGO (France), SKIDATA AG (Austria), among others.
The Parking Management Market is segregated by component, parking site, solution and vertical. Based on the component, the market is divided into software and service. Off-street parking and on-street parking are the variables of the segment parking site. The solution segment is bifurcated into Access Control, Security, Surveillance, Valet, and Revenue Management. By vertical, the market is divided into retail, transportation, hospitality, BFSI, healthcare, academia, government etc.; the service segment is anticipated to witness a high segment in the forecast period. The increasing demand is due to the appropriate pricing for all car parks by providing a view of the price rates. The one-site parking segment is expected to dominate the market in the forecast period due to the global adaptation of government authorities. Other segments of the market will also register growth in the forecast period.
The Parking Management Market is studied in prominent places like North America, Asia Pacific, Europe, etc. The continuous increase of vehicles in Canada and U> the S is attributed to the growth of North America. It is creating the need for deducing issues like traffic congestion, and it is also essential to increase the growth of the market. In the next few years, it is expected that the Asia Pacific region will hold a large growth rate as the government of the Asia region is increasing the spending on the development of smart cities. The adaptation of automation technologies and development investment by the top IT companies to develop AI technologies will improve the market growth.
The MoWiz app, a user-friendly parking payments platform, facilitates parking payments by allowing Curitiba residents and visitors to park and pay in zone-regulated areas from the convenience of their mobile phones.
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Table of Contents:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
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