According to a recent study titled ‘GLOBAL PARKING MANAGEMENT MARKET 2019-2027’, available with Market Study Report, global parking management market is projected to expand with a CAGR of 11.68% during 2019-2027.
 

As per the report findings, rising traffic congestion, expanding automotive industry, growing number of vehicle thefts, and implementation of real-time information module are responsible for global parking management market size augmentation. Additionally, development of smart cities across the globe, focus towards optimal space utilization, and emergence of advanced license plate recognition technology are strengthening the business outlook.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/2487438/
 

For the uninitiated, parking management covers various programs and resources that assist in efficient use of a parking space. It eases parking of vehicles by enabling users a quick search of available spots together with guidance features. Moreover, continual efforts by technology providers, mobile payment organizations, and payment companies have accelerated the advancement of smart parking technology. With investments from IT companies, telecommunication operators, service companies, and city infrastructure suppliers, the technology is likely witness widespread adoption in the coming years, thereby impelling the expansion of global parking management market.
 

On the contrary, global parking management industry growth is likely to take hit over the forecast duration due to factors such as high implementation costs, complexities in upgradation of aging parking spaces, along with massive expenses of licensing, maintenance and training of workforce.
 

Based on parking site type, worldwide parking management industry is categorized into off-street parking and on-street parking. Considering software & service, the industry is split into software and professional services. In terms of solution, access control, parking guidance & slot management, parking fee & revenue management, parking reservation management, valet parking management, security & surveillance and, parking fee enforcement & permit management are the industry segments. Whereas the vertical segment includes government & municipalities, recreation, academia, corporate & commercial parks, retail, healthcare, transportation, banking & financial institutions, hospitality, and others.
 

On the geographical front, Asia Pacific is slated to capture significant portion of global parking management market share by the year 2027, with India at the forefront. Rising investments in infrastructure projects, increasing car thefts, booming automotive sector, and high concentration of IT vendors are accelerating the industry expansion in India. Whereas, Japan market size is expanding on account of rising vehicle sales, increasing number of infrastructure projects, and growing adoption of sustainable infrastructure management solutions in the country.
 

Key players influencing global parking management industry trends are Indigo, IBM Corp., HCL Infotech Ltd., Deutsche Telekom AG, Cubic Corp., Cisco Systems Inc., Amano McGann Inc., INRIX Inc., and 3M Company among others.