According to TechSci Research report, “United States Parking Management Systems Market – By Region, Competition Forecast & Opportunities, 2018-2028,” The United States Parking Management Systems Market is expected to experience rapid growth during the forecast period. Key drivers of this expansion include the rising number of vehicles, increasing demand for efficient traffic management solutions, and the rapid development of smart cities. The COVID-19 pandemic initially slowed market growth due to strict lockdown measures and government focus on healthcare and virus containment, including restrictions on public transport and vehicle usage.
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Despite these temporary setbacks, parking management systems are crucial for improving urban mobility and generating reliable revenue streams. These systems utilize wireless communication technology, data analytics, and sensors to tackle parking challenges in cities and metropolitan areas. Solutions that incorporate sensors and mobile applications help users quickly locate available parking spaces, saving time and reducing fuel consumption.
Technological advancements such as the Internet of Things (IoT), parking sensors, and electronic payment methods are further propelling the market. Companies are striving to enhance customer experiences by offering efficient parking solutions to stay competitive. Real-time data and analytics enable organizations to optimize space allocation, manage access, and reduce administrative overhead.
For example, in November 2022, Robert Bosch GmbH partnered with Mercedes-Benz to introduce automated self-parking software. This software allows vehicles to park autonomously in designated areas at the Stuttgart airport parking lot.
Parking management systems offer a cost-effective solution to minimize time spent searching for parking and alleviate traffic congestion. The growing adoption of electric vehicles also drives the need for more parking management solutions that include electric vehicle charging points. Features such as easy booking, intuitive navigation, seamless user experience, live reports, and enforcement options are expected to further fuel demand in the parking management market.
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The United States parking management systems market is categorized by component, platform type, solutions, parking site type, deployment type, end user, region, and competitive landscape.
- Component: The market is divided into software and services.
- Platform Type: It includes palleted and non-palleted systems.
- Solutions: This segment covers parking guidance solutions and parking reservation management.
- Parking Site Type: The market is segmented into on-street and off-street parking.
- Deployment Type: It consists of cloud-based and on-premises solutions.
- End User: The market serves residential, commercial, government, transportation, hospitality, retail, and other sectors.
- Region: The market is analyzed across the Northeast, Southwest, West, Southeast, and Midwest regions.
Among the various solutions, the parking reservation management segment is expected to experience the fastest growth during the forecast period. This growth is driven by the increasing demand for parking spaces in both residential and commercial areas. Parking reservation systems simplify the process of booking parking spots, helping drivers manage the challenges associated with limited parking availability. These systems typically include equipment and software such as cameras, parking meters, wireless sensors, and automatic gates.
These technologies not only facilitate smooth traffic flow and enhance security but also offer benefits such as improved customer experiences, increased customer loyalty, reduced operating costs, and decreased need for manual intervention. As a result, the adoption of parking reservation management solutions is anticipated to significantly boost market growth.
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Major market players operating in the United States Parking Management Systems Market are:
- Conduent Inc.
- Amano McGann, Inc.
- Cubic Transportation Systems, Inc.
- T2 Systems, Inc
- Inrix Inc
- Kapsch TrafficCom USA, Inc
- IPS Group, Inc.
- TIBA LLC
- SKIDATA, Inc
- Propark Mobility
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“Some factors supporting market growth include the rising demand for intelligent parking sensors, the increasing need to provide parking spaces, and favorable government initiatives. The parking management systems market has seen a sharp increase in the development of intelligent technologies, such as parking guidance systems and automatic loading and reservation systems. In addition to these technologies, the demand for security and safety of parked vehicles is also rapidly increasing among vehicle owners, propelling the procurement of a parking surveillance system. This will create a substantial market space for parking management system companies in the US to grow over the years," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“United States Parking Management Systems Market By Component (Software, Service), By Platform Type (Palleted, Non-Palleted), By Solutions (Parking Guidance Solution, Parking Reservation Management), By Parking Site Type (On-Street & Off-Street), By Deployment Type (Cloud, On-premises), By End User (Residential, Commercial, Government, Transportation, Hospitality, Retail, Others), By Region, Competition Forecast & Opportunities, 2018-2028,” has evaluated the future growth potential of United States Parking Management Systems Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the United States Parking Management Systems Market.
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