Wilmington, Delaware, Nov. 28, 2023 (GLOBE NEWSWIRE) -- According to RationalStat’s most recent industry analysis, the Global Parking Management Solution Market valued at US$ 4.5 billion in 2023 and is expected to rise at a strong CAGR of over 7.4% over the forecast period of 2023-2030.
Market Definition, Market Scope, and Report Overview
A parking management solution is a comprehensive system designed to manage and optimize parking spaces efficiently. It entails the use of technology, software, and other hardware components to monitor, control, and improve the overall parking experience for users and operators alike.
Many cities are embracing smart city concepts, which incorporate technology to improve different areas of urban life, including transportation. Parking management solutions are compatible with smart city projects because they provide data-driven insights, optimize parking utilization, and contribute to a more connected urban environment.
According to a deep-dive market assessment by RationalStat, the global parking management solution market has been analyzed on the basis of market segments, including type, parking site, application and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global Parking Management Solution market covers market sizes on the basis of market value (US$/EUR Million) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global Parking Management Solution market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Parking Management Solution Market: Segmental and Market Share Analysis
- On the basis of parking site, off-street parking site segment held largest market share of over 70% in 2022 due to the increased number of vehicles on the street.
- On the basis of application, commercial segment is expected to register the highest growth rate during the forecast period. Due to maximizing the space of the available area, enhanced security and protection for vehicles.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 4.5 billion |
| Market Size Forecast | US$ 7.4 billion |
| Growth Rate | 7.4% |
| Dominant Segment | Off-street |
| Dominant Region | North America |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
Some leading players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & and acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global parking management solution market include.
- In February 2022, PICONET, a parking payment solution provider, acquired by Yellowbrick International BV, a part of Flowbird Group. The acquisition increased the former company's foothold in the Romanian market for mobile parking apps.
Some of the prominent players and suppliers operating and contributing significantly to the global parking management solution market growth include DEPLOT, Bond Traffic Solutions, FlashParking, Inc., TIBA Parking, Passport Inc., Infocomm Group LLC, Nex Valet LLC, Amano McGann, SAP SE, and Q-Free ASA, among others.
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RationalStat has segmented the global parking management solution market based on type, parking site, application and region
- Global Parking Management Solution Market Value (US$ Million), Market Volume (Units), and Market Share (2019-2030) Analysis by Type
- On-Premise
- Cloud-Based
- Global Parking Management Solution Market Value (US$ Million), Market Volume (Units), and Market Share (2019-2030) Analysis by Parking Site
- Off-Street
- Garage Parking
- Lot Parking
- On-Street
- Off-Street
- Global Parking Management Solution Market Value (US$ Million), Market Volume (Units), and Market Share (2019-2030) Analysis by Application
- Transport Transit
- Commercial
- Government
- Global Parking Management Solution Market Value (US$ Million), Market Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Parking Management Solution Market Value (US$ Million), Market Volume (Units), and Market Share (2019-2030) Analysis by Country
- US
- Canada
- Latin America Parking Management Solution Market Value (US$ Million), Market Volume (Units), and Market Share (2019-2030) Analysis by Country
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Parking Management Solution Market Value (US$ Million), Market Volume (Units), and Market Share (2019-2030) Analysis by Country
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Parking Management Solution Market Value (US$ Million), Market Volume (Units), and Market Share (2019-2030) Analysis by Country
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Parking Management Solution Market Value (US$ Million), Market Volume (Units), and Market Share (2019-2030) Analysis by Country
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Parking Management Solution Market Value (US$ Million), Market Volume (Units), and Market Share (2019-2030) Analysis by Country
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Parking Management Solution Market Value (US$ Million), Market Volume (Units), and Market Share (2019-2030) Analysis by Country
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Key Questions Answered in the Parking Management Solution Report:
- What will be the market value of the global Parking Management Solution market by 2030?
- What is the market size of the global Parking Management Solution market?
- What are the market drivers of the global Parking Management Solution market?
- What are the key trends in the global Parking Management Solution market?
- Which is the leading region in the global Parking Management Solution market?
- What are the major companies operating in the global Parking Management Solution market?
- What are the market shares by key segments in the global Parking Management Solution market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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