New York, Sept. 28, 2022 (GLOBE NEWSWIRE) -- The global parking management system market stands at US$ 4 Bn as of now and is expected to reach US$ 8.5 Bn by the end of the year 2032 at a CAGR of 7.8% between 2022 and 2032.
Parking management system does play a vital role in enhancing the revenue by optimization of vacant paces (parking spaces, in particular). At the same time, they are crucial when it comes to reducing CAPEX and OPEX. The authorities across the globe are working towards resolution of traffic congestion by making provision for appropriate parking spaces to citizens. As such, the demand for parking management system is expected to substantiate in the near future.
Request for the sample copy of report: https://www.persistencemarketresearch.com/samples/3732
It has been observed that various parking spaces stay unutilized as the developers tend to build extra spaces as per regulations with regards to number of parking spaces and size. There is an utmost need of consistent parking management solutions, like real-time parking indicators and enhanced signage. Also, wastage of parking spaces could be minimized by apprising customers about availability of parking space. Parking resources could also be utilized on a more efficient count via better management of revenue, and countering underpricing and overpricing parking spaces.
Thus, an integrated and effective parking management solution is capable of reducing parking requirements by 20-40%, which helps in maintenance of city infrastructure and reducing on consumption of land. With projects like smart cities being taken up, the parking management system market is bound to go great guns in the near future.
However, complexities related to real-time messaging systems, hardware sensors, wired and wireless telecommunications systems, traffic control devices, application interfaces, and computer servers can’t be ruled out. They could hamper the parking management system market going forward.
Know the methodology of report: https://www.persistencemarketresearch.com/methodology/3732
Key Takeaways from Parking Management System Market
- System integration and deployment are expected to witness a CAGR of ~10.5% between 2022 and 2032.
- On-premise solutions are dominating the parking management system market and the scenario is expected to remain unchanged even in the forecast period.
- Off-street parking sites hold the largest market share and would continue to do so even in the forecast period.
- North America contributed for the major share of market revenue, followed by the Europe and the Asia-Pacific.
“Governments of various nations are investing heavily in healthcare systems for helping in identifying signs of viruses causing pandemic, which calls for no crowding of the public places, thereby calling for parking management system”, says an analyst from Persistence Market Research.
Get customized report as per requirement: https://www.persistencemarketresearch.com/request-customization/3732
Market Competition
Persistence Market Research has left no stone unturned in mentioning about the key developments in parking management system market.
- Flowbird Group, in July 2020, came up with Park and Sanitize – a contactless hydro-alcoholic gel dispenser that was attached to Flowbird parking and transport ticketing terminals, so as to keep the spread of Covid-19 at bay.
- APCOA parking, in May 2020, partnered on strategic and commercial count with HERE Technologies for developing and commercializing digital parking services and various HD indoor maps of various parking facilities all across the Europe.
- SWARCO, in April 2020, made provisions for PARCO, a parking application for Germany-based people. PARCO holds the distinction of having parking information of over 1,200 cities in Austria, Germany, and Switzerland and is on the verge of expanding the operations.
- FLASH, in April 2022, announced acquiring Ticketech based out of New York City. It does expand network of the customers using FLASH’s Mobility Hub Operating System, thereby connecting New York City’s parking market worth US$ 22 Bn with emerging mobility marketplace.
Get full access of report: https://www.persistencemarketresearch.com/checkout/3732
What does the Report Cover?
- Persistence Market Research offers a unique perspective and actionable insights on the parking management system market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
- The research study is based on component and service (parking software, parking services, and parking devices), by solution (access control solutions, security and surveillance solutions, parking fee and revenue management solutions, parking reservation management solutions, parking enforcement and permit management solutions, valet parking management solutions, and parking guidance and slot management solutions), by parking site (on-street parking and off-street parking), and vertical (academia, municipalities and government sector, recreation sector, transportation sector, healthcare industry, hospitality industry, banking, financial services, and insurance sector, commercial parks and corporate sector, and likewise).
Other Trending Reports:
- Intelligent Vending Machines Market
- Smart Home Solutions Market
- IoT Sensors Market
- Precision Farming Market
- Consumer Identity and Access Management Market
- LED Lighting Solutions Market
- Ultra-Portable Speakers Market
- Diffractive Optical Elements Market
- Smart Grid Sensors Market
- Refurbished and Used Mobile Phones Market
About Persistence Market Research:
Persistence Market Research (PMR), as a 3rd-party research organization, does operate through an exclusive amalgamation of market research and data analytics for helping businesses ride high, irrespective of the turbulence faced on the account of financial/natural crunches.
Overview:
Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies’/clients’ shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.
Contact
Rajendra Singh
Persistence Market Research
U.S. Sales Office:
305 Broadway, 7th Floor
New York City, NY 10007
+1-646-568-7751
United States
USA - Canada Toll-Free: 800-961-0353
Email: sales@persistencemarketresearch.com
Visit Our Website: https://www.persistencemarketresearch.com
