Parking Management Market Size USD 8.6 Billion is poised to mark a 12.50% CAGR
Market Analysis
Market Research Future (MRFR)
estimates the global parking
management market size to reach USD 8.6 billion at 12.50% CAGR from 2017 to
2023 (forecast period).
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 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 solution can reduce parking issues by 20-40%, benefiting
city infrastructure and increasing income collection for the government.
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COVID-19 Impact on the Global
Market
The COVID-19 has halted the
expansion of the parking management 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. The majority of
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 has suffered greatly
as a result. The global market will suffer as a result of the world economy's
poor performance and slower growth in the automobile and construction
industries.
Market Segmentation
The global parking management
market has been segmented into components, parking site type, and
solutions.
By component, the global parking
management market has been segmented into Software and Service.
By parking site type, the global
parking management market has been segmented into Off Street Parking and On
Street Parking.
By solution, the global parking
management market has been segmented into Access Control, Security,
Surveillance, Valet, and Revenue Management.
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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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).
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