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(USGovernment-News.Com, April 03, 2019 ) Parking Management Market - Global Analysis to 2027 is an expert compiled study which provides a holistic view of the market covering current trends and future scope with respect to product/service, the report also covers competitive analysis to understand the presence of key vendors in the companies by analyzing their product/services, key financial facts, details SWOT analysis and key development in last three years. Further chapter such as industry landscape and competitive landscape provides the reader with recent company level insights covering mergers and acquisitions, joint ventures, collaborations, new product developments/strategies taking place across the ecosystem. The chapters also evaluate the key vendors by mapping all the relevant products and services to exhibit the ranking/position of top 5 key vendors.
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.
To provide detailed information regarding the major factors (drivers, restraints, opportunities, challenges, and trends) influencing the growth of the global Parking Management Market.
To forecast the size of the market segments with respect to four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World (Latin America and the Middle East & Africa)
Some of the key companies operating in the field of parking management market across the globe include Indigo Parking Service, APCOA, Flowbird Group, Parkmobile, TIBA Parking, Smart Parking Limited, T2 Systems, Swarco, Passport Inc., and Skidata AG among others.
The parking management market is poised to flourish in the coming years because several developing country governments are attracting foreign direct investments (FDI) to optimize traffic congestion and enhance parking operations. Additionally, the smart city initiatives in the developing countries are also gaining speed, which is also expected to catalyze the demand for technologically advanced and intelligent parking management solutions.
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.
The market for managed services is exponentially increasing attributing to the fact that, the property owners are increasingly becoming conscious of haphazard and unorganized parking leading to various issues. Companies operating in the field of managed services in parking management offers end to end solutions related to on-street parking and off-street parking, which is increasing the interest among the property owners to opt for managed services. These companies payout a portion of their generated revenue to the property owners or a fixed amount as per the contracts. Some of the managed services companies in global parking management market include SP Plus Corporation and Interparking SA among others. The parking management market is estimated to witness a moderate CAGR growth rate of 4.8% from 2019 to 2027
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