Global Parking Management Market Size to Expand At 11.68% CAGR Through 2027

April 30, 2021

According to the research report titled ‘GLOBAL Parking Management Market 2019-2027’, available with Market Study Report LLC, worldwide parking management market is speculated to grow at a yearly rate of 11.68% over 2019-2027.

Rising automobile thefts, and emphasis on preventing traffic jams using real-time information are leading factors driving global parking management market growth. Moreover, increasing number of smart city projects worldwide, expanding automotive sector, and availability of advanced LPR (license plate recognition)  technology will stimulating the industry outlook.

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Notably, parking management system guides users in finding parking spots quickly and without any hassle, thereby improving visitor experience.

On the downside, high costs of implementation, labor training, and licensing & maintenance will hinder global parking management market expansion. Moreover, renovation of old-fashioned parking spots to incorporate this technology will also act as a challenge.

Based on types of parking site, worldwide parking management market is bifurcated into on-street parking, and off-street parking. Access control, parking guidance & slot management, parking fee & revenue management, security & surveillance, parking reservation management, valet parking management, and parking permit management & fee enforcement are various solutions considered in the report.

While, end-use verticals including hospitality, transportation, BFSI, retail, healthcare, academia, corporate & commercial parks, recreation, and government & municipality among others are major revenue contributors for worldwide parking management industry. 

From regional frame of reference, Asia Pacific parking management market is projected to expand rapidly over 2019-2027, owing to surging car thefts, presence of numerous IT companies in the region, and rising investments for infrastructure development. Also, with upcoming Tokyo Olympics 2020-2021, Japan is focusing on integrating the latest technologies, hence bolstering the demand for parking management systems.

Key players profiled in global parking management market report are International Business Machines (IBM) Corporation, Xerox Holdings Corporation, MSR-Traffic GmbH, The 3M Company, SKIDATA GmbH, HCL Infosystems Ltd., Intrix Infotech LLP, Terry Mcgann & Associates Inc., ParkMe Inc., Siemens AG, T2 Systems Inc., Deutsche Telekom AG, Parkopedia Limited, Cubic Corporation, Prodapt Solutions, Indigo Group, Q-Free ASA, Nedap N.V., Swarco Holding, Kapsch TrafficCom AG, On Track Innovations Ltd., Serco Group plc, Cisco Systems Inc., Orange Business Services, and Gemalto N.V.

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