Parking Management Market was valued at USD 3.35 Bn. in 2021 and is expected to reach USD 8.31 Bn. by 2029, at a CAGR of 12% during a forecast period.

Parking Management Market Overview:

The goal of this research is to provide an overview of the Parking Management market as well as detailed market segmentation based on connection type, end-use, and geography. The study contains critical information on the market positions of the leading Parking Management players, as well as noteworthy industry trends and opportunities.

The analysis also focuses on the Global Parking Management market's key top industry players, providing information such as company biographies, product pictures and specifications, capacity, production, price, cost, revenue, and contact information. This study examines the Parking Management Market Trends, Volume, and Value at the Global, Regional, and Company Levels. This report analyses the entire Parking Management Market Size from a global perspective by analyzing historical data and prospects.

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Parking Management Market Scope:

The report also focuses on the leading industry players in the Global Parking Management market, giving information such as company biographies, product images and specifications, capacity, production, price, cost, revenue, and contact information.

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Parking Management Market Dynamics:

In 2021, the Parking Management Market was estimated to be worth $3.35 billion USD. Parking is an important component of any transportation system. According to research, an automobile is parked for 23 hours each day and uses multiple parking places throughout the week. Parking has an impact on how easily you can get to your destination. Parking management monitors a number of activities and strategies to make the best use of parking resources. As the number of vehicles on the road grows in all locations, so does the demand for packaging management. The growing number of vehicles and the need for easy traffic flow are driving the expansion of the parking management market.

Parking Management Market Segmentation:

by Solution
• Access Control
• Security & Surveillance
• Revenue Management
• Parking Reservation Management
• Valet Parking Management
• Other

by Parking Sites
• On-street
• Off-street

by Application
• Transport Transit
• Commercial
• Government

Parking management market segments include access control, security & surveillance, revenue management, parking reservation management, and others. sales management topped the market in 2021, contributing for USD 686.2 million in sales. Revenue management software is in high demand since it aids in calculating the correct pricing for all parking lots by providing a visual depiction of the price rates. These technologies also help facility providers compare their prices to those of competitors, which allows them to increase income.

The market is divided into on-street and off-street parking depending on the parking position. The off-road portion is the most critical. Increased use of mobile applications, improved ticketing and payment methods for parking advice, and the introduction of assistive technologies are all factors leading to the expansion of the off-street segment. Off-street parking schemes are used by both short- and long-term customers. Various governments are substantially investing in off-street parking management systems in order to minimise road traffic congestion.

In terms of application, the government segment will lead the market in 2021. Because of the necessity to develop secure, clean, and efficient public parking facilities across cities, the government sector has a high need for effective car park management systems. As the number of smart city projects grows, so does the demand for intelligent solutions. Governments all over the world are introducing car park management solutions in response to escalating traffic problems caused by a lack of parking spaces. In conjunction with local governments, national and international organisations, the Dutch Ministry of Infrastructure and Water Management, for example, planned to invest USD 101 million by 2021. The Dutch Ministry created agreements with traffic solution providers to develop and implement novel traffic applications.

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Parking Management Market Key Players:

Inorganic growth techniques noted in the sector included acquisitions, partnerships, and collaborations. With growing demand, industry participants in the Parking Management market are projected to benefit from excellent future growth opportunities. The following are a few companies participating in the worldwide Parking Management industry.

• Amano Corporation
• Q-Free ASA
• Indigo Park Services
• Chetu, Streetline
• T2 Systems
• Flowbird Group
• GROUP Indigo
• Siemens
• Bosch Group
• Conduent
• Precise ParkLink
• FlashParking
• Passport Labs
• ParkMobile
• SpotHero
• Get My Parking
• IPS Group
• Smart Parking
• TIBA Parking Systems
• Streetline

Regional Analysis:

The research also includes a comprehensive PESTLE analysis for each of the five areas, namely North America, Europe, Asia Pacific, the Middle East, and Africa, and South America, after examining the political, economic, social, and technological variables influencing the Parking Management market in these regions.

COVID-19 Impact Analysis on Parking Management Market:

As a result of the COVID-19 outbreak, customer behavior has transformed throughout all sectors of society. Industries, on the other hand, will need to adjust their strategies to account for altering market supplies. This study gives an outline of the COVID-19's impact on the Parking Management market and will help you build your business in compliance with the new industry standards.

Key Questions Answered in the Parking Management Market Report are:

What will be the CAGR of the Parking Management market during the forecast period?
Which segment emerged as the leading segment in the Parking Management market?
Which are the prominent players in the Parking Management market?
What will be the Parking Management market size by 2027?
Which company held the largest share in the Parking Management market?
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