Market Analysis
Market Research Future (MRFR) estimates the global parking management Market size to reach USD 8.6 billion at 12.50% CAGR from 2022 to 2030.
Increasing Demand for Best Parking Space Usage
The growing demand for the best parking space usage is one of the primary drivers of the parking management Market. So many parking spaces go unutilized simply because developers wind up creating more. Consistent parking management Market solutions, such as real-time parking indicators and enhanced signage, reduce parking space waste by alerting customers where and when a parking space is available. Parking management also leads to more efficient use of resources by improved revenue management, which distinguishes between over-pricing and under-pricing parking spaces. A good parking management Market solution can reduce parking issues by 20-40%, benefiting city infrastructure and increasing income collection for the government.
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Key Players: –
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)
COVID-19 Impact on the Global Market
The COVID-19 has halted the expansion of the parking management Market sector for obvious reasons. The COVID-19 has hurt economies throughout the world, causing a halt in manufacturing activity. And the impact is palpable in the market. Most construction projects around the world have been halted, and this is anticipated to last at least two years. As a result, the advanced parking developments have been halted. The automotive industry is another heavily impacted industry. The rising number of automobiles is one of the primary drivers of the parking management Market, although the automotive industry is witnessing a production drop because of the COVID-19 pandemic. Since vehicle manufacturing has been so inadequate, parking management Market has suffered greatly as a result. The global market will suffer because of the world economy’s poor performance and slower growth in the automobile and construction industries.
By Component
Software
Parking Payment Systems
Parking Information Systems
Service
Support & Maintenance
Deployment & Customization
By Parking Site Type
On-Street Parking
Off-Street Parking
By Solution
Security & Surveillance
Parking Fee & Revenue Management
Access Control
Valet Parking Management
Parking Guidance & Slot Management
Parking Fee & Revenue Management
Others
By Vertical
Retail
Transportation
Corporate & Commercial Parks
Hospitality
BFSI
Recreation
Healthcare
Academia
Government
Others
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Regional Analysis
North America to Rule the Global Market
North America has the greatest parking management Market share because it has established economies, such as the United States, and is a major contributor to the industry. The significant IT sectors in that region are driving market expansion. One of the primary factors driving the growth of the parking management Market is the country’s well-established economics, and there are many parking managements projects underway in that region.
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