A New Market study by Absolute Markets Insights on the Global Parking Management Solution Market has been released with reliable information and accurate forecasts for a better understanding of the current and future market scenarios. The report offers an in-depth analysis of the global market, including qualitative and quantitative insights, historical data, and estimated projections about the market size and share in the forecast period. The forecasts mentioned in the report have been acquired by using proven research assumptions and methodologies. Hence, this research study serves as an important depository of the information for every Industry landscape. The report is segmented on the basis of types, end-users, applications, and regional markets. The report includes the completely examined and evaluated data of the noticeable companies and their situation in the market considering impact of Coronavirus. The measured tools including SWOT analysis, Porter’s five powers analysis, and assumption return debt were utilized while separating the improvement of the key players performing in the market.
The Global Parking Management Solution Market accounted for US$ 4563.12 Mn in 2020, and is expected to grow at a CAGR of +7.9% during the forecast years (2021-2030).
Major Market Players Profiled in the Parking Management Solution Market Report include: REEF TECHNOLOGY INC. in partnership with TIBA PARKING SYSTEMS, Indigo, Amano Corporation, VersionX Innovations Pvt Ltd, BePark, Infocomm Group LLC, SWARCO, Matrix Comsec, Neptune Automatic Pvt. Ltd, and Omnitec Group, amongst others.
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Parking management systems are being increasingly implemented across parking spaces in hospitals, malls, airports, etc., for helping individuals identify empty parking spaces, assist in parking, and calculate parking fare amongst others. The common elements involved in parking management systems include payment management, parking enforcement, access controls and reporting. Parking of vehicles, especially four wheelers, is a growing concern amongst individuals. The lack of awareness about available parking spaces in various locations is causing mismanagement in vehicular traffic in both developing and developed countries. In the U.S., for instance, studies show that there were approximately 2 million parking spaces in Philadelphia, while New York had 1.8 million spaces. Jackson city in the U.S. had over 100,000 parking spaces for a population of around 10,000 individuals. Hence, rather than a shortage in parking spaces, real-time data regarding the availability of vacant parking spot is the need of the hour for avoiding parking-related issues. Real-time parking management solutions, which are able to cater to these demands are witnessing accelerating demand and thus, contributing toward the growth of global parking management solution market.
A detailed overview of the purchasing criteria and difficulties confronted in the Parking Management Solution business sector is also elaborated in this report. It likewise constitutes a broad investigation of the restraints on the market, business sector structure and the business pattern of the Parking Management Solution market. Meetings and interviews with the leading market participants have been used in order to present primary information regarding the market. Furthermore, this report gives a complete review of the magnitude and application scope of the market around the world.
Urbanization is occurring at a rapid pace in countries such as India, China, Malaysia, Indonesia, Brazil, etc., and buildings such as shopping malls, complexes, sports stadiums, amongst others. In India, for instance, there were around 600 shopping malls in 2017, with an additional 30 malls expected to be functional by 2021. The development of infrastructure globally presents additional growth opportunities for the Global Parking Management Solution Market over the forecast period.
Parking Management Solution Market:
System Integration and Deployment
Support and Maintenance
By Deployment Mode:
By Parking Area
Parking Meters, Sensor and Off Street Revenue Collection System
Parking Violation Enforcement
Parking Access Control
Parking Enforcement System
Parking Wallet and Mobile Application
Parking Access Revenue Control Systems (PARCS)
By Usage :
Auto-identifying Appropriate Parking Slots (reserved or pay-and-park)
Auto-generating Parking Tickets
North America [U.S., Canada, Mexico]
Europe [Germany, UK, France, Italy, Rest of Europe]
Asia-Pacific [China, India, Japan, South Korea, Southeast Asia, Australia, Rest of Asia Pacific]
South America [Brazil, Argentina, Rest of Latin America]
Middle East & Africa [GCC, North Africa, South Africa, Rest of the Middle East and Africa]
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