Research Nester assesses the growth of the global parking management market which is anticipated to be on account of the growing transformation of urban areas into smart cities.
New York – October 10, 2022 - Research Nester’s recent market research analysis on “Parking Management Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global parking management market in terms of market segmentation by deployment type, service, solution, parking site, and by region.
Growing Demand for Cloud-Based Platforms in Parking Management Solutions to Drive Growth of Global Parking Management Market
The global parking management market is estimated to grow majorly on account of the high demand for cloud-based platforms in this sector. Due to several advantages including scalability and a pay-as-you-go approach, the demand for cloud-native parking management is also rising at the moment as parking operators run their facilities via the cloud. In this regard, Amano McGann introduced Amano ONE in July 2022, a cloud-based parking usability and income process management system that simplifies parking operations. The system requires little maintenance and is easy to administer. It is also easy to use.
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Some of the major growth factors and challenges that are associated with the growth of the global parking management market are:
Growth Drivers:
• Surge in the Production of Vehicles
• Rising Utilization of Parking Space
Challenges:
The parking management system gathers a lot of data about drivers comprising their location, payment data, and vehicle registration details. This data can be sensitive and there are concerns about how these need to be stored and used. Moreover, lack of standardization and resistance to change are some of the major factors anticipated to hamper the growth of the global parking management market.
By solutions, the global drug delivery systems market is segmented into access control, security & surveillance, revenue management, parking reservation management, and valet parking management. The revenue management segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. This section used sophisticated daily analytics to predict and advise future prices based on historical data, algorithms, and trading rules. Instances of revenue management services include client banking, auditing, transaction validation, digital payment acceptance, and detailed reporting. By allowing facilities providers to compare their prices with those of competitors, revenue management helps them manage their pricing strategy.
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By region, the Europe, parking management market is to generate the highest revenue by the end of 2035. This growth is anticipated by the increasing production of vehicles and escalating automotive industry in the Europe region leading to growing parking concerns for the safety and security of vehicles in the region. Around 13.8 million Europeans are employed directly and indirectly in the automotive sector, representing 6.1% of total employment in the EU. 2.6 million people work directly in the automotive industry, accounting for 8.5% of all manufacturing jobs in the EU.
This report also provides the existing competitive scenario of some of the key players of the global parking management market which includes company profiling of BondTraffic Solutions, APCOA Parking Deutschland, TIBA Parking, DELOPT, YourParkingSpace, FlashParking Inc., Seimens AG, International Business Machines Corporation, Cubic Corporation, Infocomm Group LLC., and others.
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