IMARC Group’s latest research report, titled “Parking Management Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” The global parking management market reached a value of US$ 3.94 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 6.85 Billion by 2027, exhibiting a CAGR of 9.30% during 2022-2027. Parking management represents several programs, strategies, and policies that are designed to promote the efficient utilization of different parking resources and create more walkable areas. It constitutes security and surveillance solutions, boom barriers, parking reservation structures, etc. These devices aid in mitigating the demand for parking subsidies, increasing travel options, inhibiting traffic, generating a return on investments (ROI), maintaining the safety and security of the vehicle, etc. Consequently, the parking management system is extensively used across various sectors, including commercial, residential, transportation, etc.
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Important Attribute and highlights of the Report:
- Detailed analysis of the global market share
- Market Segmentation by offering type, deployment mode and parking site.
- Historical, current, and projected size of the market in terms of volume and value
- Latest industry trends and developments
- Competitive Landscape for Parking Management Market
- Strategies of major players and product offerings
The inflating need for improved mobility among service consultants is primarily driving the parking management market. Additionally, the implementation of numerous stringent regulations by government bodies for managing tows, resolving traffic congestion issues, mitigating overall operational expenditure (OPEX) and capital expenditure (CAPEX), etc., is further catalyzing the market growth. Besides this, the growing integration of parking management solutions with near-field communication (NFC), global positioning systems (GPS), and cameras that aid in identifying vacant spots, monitoring systems, providing enhanced signage, real-time parking indicators, minimizing the wastage of spaces by promoting efficient usage of parking resources, etc., is acting as another significant growth-inducing factor. Moreover, the rising investments in R&D activities aimed at developing automated license plate recognition solutions and mobile phone applications for receiving voice guidance and tracking speed are anticipated to fuel the parking management market over the forecasted period.
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Key Players Included in Global Parking Management Market Research Report:
- 3M Company
- Amano Corporation
- Cubic Corporation
- FlashParking Inc. (Arrive Mobility Inc.)
- Infocomm Group LLC
- International Business Machines Corporation
- Passport Labs Inc.
- Q-Free ASA
- Robert Bosch GmbH
- SAP SE
- Siemens AG and T2 Systems Inc. (Verra Mobility)
COVID-19 Impact Overview:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Key Market Segmentation:
Breakup by Offering Type:
Security and Surveillanc
Parking Reservation Management
Valet Parking Management
Consulting and Training
System Integration and Deployment
Support and Maintenance
Breakup by Deployment Mode:
Breakup by Parking Site:
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
TOC for the Parking Management Market Research Report:
- Scope and Methodology
- Executive Summary
- Global Parking Management Market
- SWOT Analysis
- Value Chain Analysis
- Price Analysis
- Competitive Landscape
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