The global parking management market size is expected to reach USD 6,899.4 million by 2025, registering a CAGR of 9.4% from 2019 to 2025, according to a new report by Grand View Research, Inc. The increasing public sector funding and favorable government initiatives are expected to strengthen the market growth. The demand for carpark management solutions is expected to be high in the commercial and government application segments owing to various features such as tow management, ticketing, payment processing, and citation tracking offered by these solutions through a single platform.
Furthermore,
image recognition, machine learning, tracking, and speed monitoring capabilities
offered by these solutions are expected to enhance a consumer's experience. The
growing automation of services due to the adoption of analytics and big data
and the rising demand for improved mobility among service consultants are
expected to propel the growth of the market. The market is expected to gain
traction owing to the development of systems with sophisticated features such
as auto-payment options and voice guidance (enabled through mobile phone apps).
An
increasing number of vehicles is negatively influencing the availability of
carparks and is consequently fueling the demand for implementing intelligent
solutions for managing carparks across the globe. The need for the development
of carpark facilities that do not necessitate the use of gate arms and have a
minimal negative impact on the environment is further expected to drive the
growth of the market. The growing smartphone penetration is expected to benefit
the market as carpark management applications use features such as Near-Field Communication
(NFC), camera, and GPS to identify vacant spots.
Full Research Report On Parking Management Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/parking-management-market
Further key
findings from the study suggest:
- The system integration &
deployment segment is anticipated to register the highest CAGR of 10.7%
from 2019 to 2025. This can be attributed to the increasing focus of
facility providers on the use of new technologies
- The parking reservation
management segment is expected to register the highest CAGR of 11.1% from
2019 to 2025 as these solutions help reduce the time required to locate
vacant carpark spaces
- The on-street segment is
expected to emerge as the fastest-growing segment over the forecast period
owing to the increasing favorable government initiatives
- The government application
segment is expected to continue dominating the market over the forecast
period due to increasing government investments for developing advanced
carpark systems
- North America dominated the
market in 2018 owing to the growing focus of automobile manufacturers in
the U.S. and Canada on developing systems for efficiently managing carpark
spaces
- The key players in the
parking management market include 3M, Amano Corporation, Cubic
Corporation, IBM Corporation, Kapsch TrafficCom, Siemens, SKIDATA AG,
Swarco, T2 Systems, and Xerox Corporation.
Request a Sample Copy of the Report @
https://www.grandviewresearch.com/industry-analysis/parking-management-market/request/rs1
Grand View Research has segmented
the global parking management market on the basis of solution, service, parking
site, application, and region:
Parking Management
Solution Outlook (Revenue, USD Million, 2014 - 2025)
- Access Control
- Security & Surveillance
- Revenue Management
- Parking Reservation
Management
- Valet Parking Management
- Other
Parking Management
Service Outlook (Revenue, USD Million, 2014 - 2025)
- Consulting
- System Integration &
Deployment
- Support & Maintenance
Parking Management
Parking Site Outlook (Revenue, USD Million, 2014 - 2025)
- On-street
- Off-street
- Garage
- Lot
Parking Management
Application Outlook (Revenue, USD Million, 2014 - 2025)
- Transport Transit
- Commercial
- Government
Parking Management
Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- South America
- Brazil
- Middle East & Africa
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
No comments:
Post a Comment