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The rising use of advanced technologies for expanding contactless parking facilities is predicted to generate new opportunities for parking management market solutions and help in growing the overall revenue by optimizing the vacant parking spaces.
Introduction of Parking Management market-
Management of parking is complicated work, that is why usually the parking authorities make use of parking management system to assist them to work more effectively and efficiently.
The companies worldwide provide solutions associated with control access, analytics, revenue management, along with guidance and surveillance between others. Those provided solutions assets in real-time observing the parking spaces. Furthermore, the growth in the technology assists in the proper representation of data, for tracking and analyzing real-time information, data management, and monitoring system. These elements help to boost the growth of the market.
The growth in the number of vehicles all over the world affects the parking lots availability and ultimately the requirement for parking management systems. It helps to maximum utilization of spaces for parking and systematic allotments of vehicles. Further, the growing penetration of the smartphones and the adoption of the Internet of Things (IoT) are boosting the growth of the parking management market through the forecast period.
However, the advancements and developments of autonomous vehicles will further provide growth opportunities for the parking management market. However, the rise in the adoption of parking management system in commercial and residential sites are driving the market growth.
Importance of Parking Management Market-
By optimizing the vacant parking spaces, it helps in expanding the overall revenue. Concurrently, it also reduces Capital Expenditure (CAPEX) and Operational Expenditure (OPEX). We can relieve traffic jams and enlarge the productivity by gaining more time for people to utilize that time in important activities rather than spending time to find parking.
Market Size of Parking Management Market-
In 2020, the global parking management market is predicted to grow from USD 3.8 billion to USD 5.4 billion by the year 2025 at a Compound Annual Growth Rate of 7.4% during the forecast period.
The global parking management market is segmented on the basis of types, parking sites, deployment types, and geographic regions.
By Types- Solution and services
During the forecast period, the service sector is predicted to grow with the fastest CAGR, due to improved technology.
By parking sites- Off street parking, On-street parking.
Off-street parking is predicted to grow at the highest CAGR in the future.
By deployment types- Cloud, On-premises.
The cloud sector is predicted to hold the largest shares in the future due to the upgraded technology and increasing demands for support.
By Geographic region- North America, Europe, APAC, MEA, and Latin America.
Europe holds the largest share of the global parking management market.
Prime Key Players of Global Parking Management Market-
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