Parking Management Market Size, Share, Growth, Trends and Industry Analysis Report
by Susan Hill Business ConsultantThe global parking management market size is expected to reach
USD 6,899.4 million by 2025, registering a CAGR of 9.4% from 2019 to 2025,
according to a new report by Grand View Research, Inc. The increasing public
sector funding and favorable government initiatives are expected to strengthen
the market growth. The demand for carpark management solutions is expected to
be high in the commercial and government application segments owing to various
features such as tow management, ticketing, payment processing, and citation
tracking offered by these solutions through a single platform.
Furthermore, image recognition, machine learning,
tracking, and speed monitoring capabilities offered by these solutions are
expected to enhance a consumer's experience. The growing automation of services
due to the adoption of analytics and big data and the rising demand for
improved mobility among service consultants are expected to propel the growth
of the market. The market is expected to gain traction owing to the development
of systems with sophisticated features such as auto-payment options and voice
guidance (enabled through mobile phone apps).
An increasing number of vehicles is negatively
influencing the availability of carparks and is consequently fueling the demand
for implementing intelligent solutions for managing carparks across the globe.
The need for the development of carpark facilities that do not necessitate the
use of gate arms and have a minimal negative impact on the environment is
further expected to drive the growth of the market. The growing smartphone
penetration is expected to benefit the market as carpark management
applications use features such as Near-Field
Communication (NFC), camera, and GPS to identify vacant spots.
Further
key findings from the study suggest:
- The system integration & deployment segment is anticipated to
register the highest CAGR of 10.7% from 2019 to 2025. This can be
attributed to the increasing focus of facility providers on the use of new
technologies
- The parking reservation management segment is expected to register
the highest CAGR of 11.1% from 2019 to 2025 as these solutions help reduce
the time required to locate vacant carpark spaces
- The on-street segment is expected to emerge as the fastest-growing
segment over the forecast period owing to the increasing favorable
government initiatives
- The government application segment is expected to continue
dominating the market over the forecast period due to increasing
government investments for developing advanced carpark systems
- North America dominated the market in 2018 owing to the growing
focus of automobile manufacturers in the U.S. and Canada on developing
systems for efficiently managing carpark spaces
- The key players in the parking management market include 3M, Amano
Corporation, Cubic Corporation, IBM Corporation, Kapsch TrafficCom,
Siemens, SKIDATA AG, Swarco, T2 Systems, and Xerox Corporation.
Access
full research report on global parking management market:
www.grandviewresearch.com/industry-analysis/parking-management-market
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Created on Jan 9th 2020 09:06. Viewed 361 times.