The increasing need for more effective use of parking areas and the rising number of vehicles globally are key factors driving global parking management market revenue growth
According to Emergent Research‘s most recent analysis, the worldwide parking management market had a value of USD 3.77 billion in 2020 and is projected to grow at a CAGR of 8.1% over the following five years. During the forecast period, rising demand for more efficient parking space utilisation is anticipated to fuel revenue growth in the worldwide parking management market. Additionally, it is anticipated that increasing vehicle populations will fuel future revenue growth in the global parking management industry. Additionally, the rising use of AI-based services is anticipated to boost the expansion of the worldwide parking management market.
Wireless and wired telecommunications systems, traffic control devices, a variety of hardware sensors, computer servers, and application interfaces are all included in parking management. The software and hardware used for parking management are incredibly diverse and variable. To put the idea of dynamically priced parking into practice, parking data must also be gathered and analyzed from various systems. It is challenging to combine the data from these separate parking data repositories, which are sometimes spread across incompatible hardware and software platforms.
The stopping of the executive’s design is extremely perplexing and includes a few information/yield gadgets and processors. It brings about low inspiration for parking spot administrators to embrace new stopping-the-board frameworks. Even though stopping the board arrangements upgrade the stopping administrator’s productivity over the long haul, they are expensive to execute. Immense starting speculations are expected for setting up stopping the executive’s framework that comprises different equipment parts, for example, framework arranging and plan, framework improvement, the board and coordination, test assessment, electronic signs, static signs, correspondence lines, stopping office gear, and testing/preparing, and a product part. Moreover, the repetitive expense of activities and support comes up at customary spans. More modest associations working in the stopping the executives market space need to pay tremendous charges for carrying out stopping the board arrangements, which might turn into a weight for them. Moreover, the intricacy of the framework calls for profoundly gifted work for the establishment and support part, which further expands the in general working expenses.
Key Highlights from the Report
The arrangement fragment income is supposed to extend at a huge CAGR during the estimated time frame. Expanding reception of stopping the board arrangements by end-clients is supposed to support this section’s income development.
The help and upkeep fragment is supposed to represent a higher income divide over the conjecture period because of the rising association between stopping the executive’s arrangement suppliers and backing and supporting specialist organizations to help the deftness of stopping the board arrangements.
Expanding interest for income the executive’s arrangements are supposed to drive income development worldwide stopping the board market to a huge degree during the conjecture time frame.
Key players in the market include Amano Corporation, Siemens AG, Conduent Inc., T2 Systems, Inc., APCOA Parking AG, IPS Group, Inc., FlashParking, Inc., Q-Free ASA, ParkMobile USA, Inc., and Cleverciti Systems GmbH
Emergen Research has segmented the global parking management market based on offering, services, solutions, deployment, parking site, end-use, and region:
Offering Outlook (Revenue, USD Billion; 2018–2028)
Service Outlook (Revenue, USD Billion; 2018–2028)
- Support & Maintenance
- System Integration
Solution Outlook (Revenue, USD Billion; 2018–2028)
- Security & Surveillance
- Valet Parking
- Parking Reservation
- Revenue Management
- Access Control
Deployment Outlook (Revenue, USD Billion; 2018–2028)
Parking Site Outlook (Revenue, USD Billion; 2018–2028)
End-use Outlook (Revenue, USD Billion; 2018–2028)
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- the U.S.
- the U.K.
- Rest of Europe
- the Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA