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Parking Management Market Global Trends, Market Share, Industry Size, Growth, Opportunities, and Market Forecast 2019 to 2026

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Rising urbanization and smart cities, rise in use of personal vehicles, focus on controlling traffic congestion to streamline traffic flow, reduction in fuel consumption and the advent of advanced visual and connectivity technologies have facilitate
Parking Management Market Global Trends, Market Share, Industry Size, Growth,
Opportunities, and Market Forecast 2019 to 2026
Rising urbanization and smart cities, rise in use of personal vehicles, focus on
controlling traffic congestion to streamline traffic flow, reduction in fuel
consumption and the advent of advanced visual and connectivity technologies have
facilitated the emergence of parking management solutions and services. Parking
reserving application, real-time parking availability status sensors, parking fees
payment management, parking facilities safety are all parking management areas
that facilitate parking operation and revenue control.
Increased investments by government and private sector players to build innovative
parking spaces will be major contributor fuelling the growth of the global parking
management market. Road safety rules reinforcement, need to improve security and
surveillance along with the rising in smart parking deployment projects in various
nations is estimated to induce tremendous growth resulting in a massive CAGR
during 2019-2026.
The global parking management market is estimated to value over US $ 6.45
billion by the end of 2026registering a CAGR of 8.3% during the forecast period
of 2019 to 2026.
Global Parking Management Market Trends to Focus for Competitive Advantage
• Integration of cutting-edge technologies with distributed revenue models and a
variety of vendors formulating a seamless system
• Implementation of cloud-computing solutions
• Public-private sector partnerships in both developed and developing economies
• The role played by law enforcement authorities and ruling governments
• Access control using License Plate Recognition(LPR), biometrics and Automatic
Vehicle Identification(AIV)
• Cellular connectivity safety
• The dependency of guidance systems on data analytics
• Adoption of the pay-per-use model by government and commercial parking
facilities
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Global Parking Management Market, by Solution:
• Analytics
• Parking Guidance
• Enforcement
•
•
•
•
Reservation Management
PARC
Permit
Security & Surveillance
Global Parking Management Market, by Deployment Type:
• Cloud
• On-premises
Focus on business continuity using cloud deployment for ease of accessibility and
organization scalability irrespective of geographic locations will continue to
dominate the parking management market. Besides pricing affordability offered by
cloud deployment is estimated to drive the implementation of cloud-based parking
management services and solutions in the coming years, especially in developing
regions of the world.
Global Parking Management Market, by Parking Site:
• On-Street
• Off-Street
On-street parking comes with benefits like low cost and time for developing parking
spaces. Also, this segment is experiencing high investment in lieu of attempts to
control traffic congestion in urban areas. The on-street parking site segment is
estimated to grow at an attractive CAGR during the forecast period from 2019 to
2026. However, the shift towards service-centric models due to smart cities
development and related cost of maintenance, security, fees collection and customer
service is projected to convert off-street parking site segment into largest market
share holding sub-segment.
Global Parking Management Market, by Service
• Professional Services
• Managed Services
Global Parking Management Market, by Region:
• Europe
• North America
• APAC
• Latin America
• Rest of world
Inclination towards service-oriented offerings, a high number of personal vehicles on
the road and high investment in parking management facility developments are
factors fuelling dominant growth of the North American region. This is followed by
Europe with the rising need for traffic safety and commuter convenience. The APAC
region is estimated to grow at a trailblazing CAGR due to enhanced citizen services,
smart cities implementation and swift adoption of advanced technologies.
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Competitive Landscape:
• Tier 1 players- established companies in the market with a major market share
• Tier 2 players
• Emerging players which are growing rapidly
• New Entrants
FutureWise Takeaways
• Growth prospects
• SWOT analysis
• Key trends
• Key data points affecting market growth
Objectives of the Study:
• To provide with an exhaustive analysis on the Global Parking Management Market
by Solution, by Service, by Deployment Type, by Parking Site and Region
• To cater comprehensive information on factors impacting market growth (drivers,
restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)—North America,
Europe, Asia Pacific, Latin America, and the Middle East.
• To record evaluate and competitive landscape mapping- product launches,
technological advancements, mergers and expansions
• Profiling of companies to evaluate their market shares, strategies, financials and
core competencies
Inquire further details about this report at: [email protected]
About FutureWise Research:
We specialise in high-growth niche markets, assuring flexibility, agility and
customised solutions for our clients. Through in-depth market insights and
consultancy, we present our clients with the tools they need to be at the forefront of
their industry – a position secured for far more than the near future.
Contact Us:
Company Name: FutureWise Research
Contact Person: Vinay Thaploo
Email: [email protected]
Phone: +44 141 628 9353 / +1 970 279 4295
City: Leeds
Country: United Kingdom
Website: www.futurewiseresearch.com
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