Major players in the parking management market are Amano corporation, FlashParking, Inrix Inc, ParkMobile LLC, Passport Labs Inc, Q-Free ASA, Siemens AG, Streetline Inc, T2 Systems Inc, Tiba Parking LLC, IBM Corporation, APCOA Parking Ltd, Robert Bosch GmbH, IPS Group Inc, Smart Parking Ltd, SKIDATA AG, and Cleverciti Systems GmbH.
New York, Sept. 12, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Parking Management Global Market Report 2022" - https://www.reportlinker.com/p06319246/?utm_source=GNW
The global parking management market is expected to grow from $3.12 billion in 2021 to $3.34 billion in 2022 at a compound annual growth rate (CAGR) of 7.34%. The parking management market is expected to grow to $5.10 billion in 2026 at a compound annual growth rate (CAGR) of 11.12%.
The parking management market consists of sales of parking management by entities (organizations, sole traders, partnerships) that refer to solution and service systems focused on managing and usage parking sources effectively and efficiently.The system provides information about vacant parking spaces in the area and helps reduce traffic congestion caused by illegal parking.
A parking management system provides simple parking tactics to the authorities to meet the requirements of controlled parking and aids in the reduction of long-waiting time and costs by advanced technologies.
The main type of parking sites in parking management is on-street and off-street.On-street parking management refers to a parking management solution for an on-street parking site focused on the parking spaces within a designated area on the street.
The main parking management solutions include access control, security management, revenue management, parking reservation management, valet parking management, and others. These parking management solutions are widely used by transport transit, commercial, and government entities.
North America was the largest region in the parking management market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the parking management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The parking management market research report is one of a series of new reports that provides parking management market statistics, including parking management industry global market size, regional shares, competitors with a parking management market share, detailed parking management market segments, market trends and opportunities, and any further data you may need to thrive in the parking management industry. This parking management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The increasing demand for optimal parking space utilization across the globe is driving the growth of the parking management market.In the current era, an increase in vehicles results in the mismanagement of parking spaces across the globe.
The authorities operating parking spaces are increasingly investing in advanced parking management solutions for optimal business performance and error-free operations.For instance, In February 2019, according to a study published by the City Administrative Officer of Los Angeles for Reseda Parking, it was reported that the expected net future demand for the non-residential parking supply is projected to increase from 5,516 spaces to 5,646 spaces.
Therefore, the growing demand for optimum utilization of parking spaces is expected to boost demand for parking management systems during the forecast period.
The growing automation of services is a key trend that is gaining popularity in the parking management market.Automated services help to solve parking-space conundrums while reducing the land use for parking and maximizing space usage efficiency without a human intervention system navigating the parking space and parking the vehicle.
For instance, In June 2020, TATA ELXSI, an Indian-based provider of design and technology services across automotive, broadcast, communications, healthcare, and transportation developed two smart auto-parking solutions named Park By Memory and Parking Slot Detection, which help drivers save time and make hassle-free parking with the help of machine learning, automation, and data collection.
In July 2019, Sumitomo Corporation, a Japan-based general trading company, acquired an equity stake in Yellow Line Parking Limited (trading as Appyparking) for an undisclosed amount.The Sumitomo Corporation Group already manages parking operations in Nordic nations and carries out Smart City initiatives in Japan and Asia.
With this acquisition, Sumitomo corporation increases the sophistication of these current enterprises by working with AppyParking. Yellow Line Parking Limited (Appyparking) is a UK-based provider of parking apps, software, and services that shows on-street and off-street parking options.
The countries covered in the parking management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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