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Parking Management Market accounted for US$ 37.5 Bn in 2017 and is estimated to reach US$ 58.5 Bn by 2027

 



(USGovernment-News.Com, March 30, 2019 ) Further, the increasing popularity of smart cities concepts and the subsequent adoption of technology-driven mobility and smart parking solution is also anticipated to fuel the demand for parking management solutions in the forecast period. Moreover, among developed countries, the increasing number of limited parking spaces both on-street and on-street especially among metro cities are witnessing a growing demand for more efficient parking spaces at major popular commercial hubs and optimizing the available parking space with different end-users.

The global parking management market is highly fragmented and constitutes significant numbers of players having a minimal scope of business as well as present restricted to small cities. However, there are also some leading market players present across different countries and having presence among different end-users such as airports, hospitals, commercial complexes, and government & municipal authorities among other end-users. For instance, some of the leading players that are currently present in the market are Flowbird Group, Indigo Parking Service, ParkMobile, Passport Inc., Siemens AG, Smart Parking Ltd., Streetline, Swarco, T2 Systems, and Tiba Parking among other market players.

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The global parking management market was valued at US$ 37.6 Bn in 2017 and is expected to reach US$ 58.5 billion by 2027 and estimated to witness a moderate CAGR growth rate of 4.8% from 2019 to 2027.

Parking solution such as parking guidance system offers real-time navigational and parking space availability to the different motorist and passenger vehicles. This facilitates in efficient utilization of parking space as well as reduces the time spent by individuals looking for empty parking space. Moreover, other technology-enabled solutions such as automatic number plate recognition and parking fees payment & reservation through mobile app enable seamless enforcement and revenue management solutions to different end-users.

The market for parking management is globally has been segmented into segments namely: parking site, solutions, service, and deployment type. Based on the parking site, the market is bifurcated into on-street and off-street parking sites. Whereas, based on solutions the market is broadly segmented into parking guidance systems, parking reservation, parking security & surveillance, and others. Moreover, by service, the market is further broken down into professional and managed service. Finally, by deployment of the solutions the market is divided into on-premise and cloud solutions.

The rising trend of commercialization and industrialization across the globe has led to steep growth in the off-street parking in the current scenario. Additionally, the residential sector also drives the off-street parking segment significantly. Off street parking includes indoor as well as outdoor parking spaces. Another major factor influencing the growth of off-street parking in the developed countries and few financially emerging countries is the rapid growth of smart cities. The rising smart city initiatives are driving the deployment of sensors and related technologies for various applications which includes parking. Owing to this, several parking management technology developers as well as numerous parking management service providers are developing and offering advanced technologies to facilitate the municipalities and private spaces to optimize unutilized and unorganized parking areas. Currently, the off-street parking accounted for more than two-fifths of the global parking management market in 2017, and the same is estimated to continue dominating the market in the developed countries as well as developing countries in the coming years. The off-street parking management is foreseen to witness upswing due to the changing consumer and behavior towards smart technologies in the developed countries and few developing countries worldwide.

The parking management industry is experiencing a significant rise in a number of companies including technology developers, integrators, and service providers among others. On the other hand, commercialization, industrialization, and residential sector are also booming in both developed as well as financially developing countries across the globe. This has led the property owners to lease out their parking spaces to different parking management companies with an objective to utilize the maximum section of the parking spaces. This practice is referred to as the managed services in the parking management market.

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