IMARC Group’s latest report, titled “Parking Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a comprehensive analysis of the global parking management market trends. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
The global parking management market size reached USD 4.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 9.7 Billion by 2032, exhibiting a growth rate (CAGR) of 8.1% during 2024-2032.
Parking Management Market Trends:
The global market is primarily driven by the increasing urbanization and the resultant rise in the number of vehicles. In line with this, the widespread adoption of smart parking solutions is also providing an impetus to the market. Moreover, the considerable advancements in technology, such as the Internet of Things (IoT) and artificial intelligence (AI), are also acting as significant growth-inducing factors for the market. In addition to this, the expanding number of smart city initiatives is leading to higher investments in efficient parking management systems. Besides this, the growing demand for enhanced parking convenience and safety is creating lucrative opportunities in the market. Also, the increasing government regulations and mandates aimed at reducing traffic congestion and pollution are impacting the market positively. The market is further driven by the implementation of innovative solutions, such as automated parking systems and real-time parking indicators.
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Parking Management Market Scope & Growth Analysis:
The scope of the global market is expanding as various industries recognize the importance of efficient space utilization and traffic management. As per the market analysis, the incorporation of advanced data analytics to optimize parking space usage is significantly enhancing market scope. Moreover, the increasing trend of digital payment solutions in parking management systems is facilitating broader market access. In addition to this, the development of eco-friendly parking solutions is adding to the market's attractiveness. The proliferation of mobile applications that provide real-time parking information is broadening the market reach. Furthermore, the focus on enhancing customer experience through automated and user-friendly interfaces is driving market growth. Besides this, the rising number of smart parking initiatives globally is creating numerous opportunities for market players. The emphasis on reducing operational costs and enhancing efficiency is further broadening the market's scope. As per the market analysis, the increasing investments in research and development (R&D) activities are expected to lead to innovative solutions, thereby driving the market's expansion.
Competitive Landscape with Key Players:
- 3M Company
- Amano Corporation
- Cubic Corporation
- FlashParking Inc. (Arrive Mobility Inc.)
- Infocomm Group LLC
- International Business Machines Corporation
- Passport Labs Inc
- Q-Free ASA
- Robert Bosch GmbH
- SAP SE
- Siemens AG
- T2 Systems Inc. (Verra Mobility)
Key Market Segmentation:
Breakup by Offering Type:
- Solution
- Access Control
- Security and Surveillance
- Revenue Management
- Parking Reservation Management
- Valet Parking Management
- Others
- Service
- Consulting and Training
- System Integration and Deployment
- Support and Maintenance
Breakup by Parking Site:
- Off-street
- On-street
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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