Market Research Future (MRFR) estimates the global parking management market size to reach USD 8.6 billion at 12.50% CAGR from 2017 to 2023 (forecast period).
Increasing Demand for Best Parking Space Usage
The growing demand for the best parking space usage is one of the primary drivers of the parking management market. So many parking spaces go unutilized simply because developers wind up creating more. Consistent parking management solutions, such as real-time parking indicators and enhanced signage, reduce parking space waste by alerting customers where and when a parking space is available. Parking management also leads to more efficient use of resources by improved revenue management, which distinguishes between over-pricing and under-pricing parking spaces. A good parking management solution can reduce parking issues by 20-40%, benefiting city infrastructure and increasing income collection for the government.
Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/3232
COVID-19 Impact on the Global Market
The COVID-19 has halted the expansion of the parking management sector for obvious reasons. The COVID-19 has hurt economies throughout the world, causing a halt in manufacturing activity. And the impact is palpable in the market. The majority of construction projects around the world have been halted, and this is anticipated to last at least two years. As a result, the advanced parking developments have been halted. The automotive industry is another heavily impacted industry. The rising number of automobiles is one of the primary drivers of the parking management market, although the automotive industry is witnessing a production drop because of the COVID-19 pandemic. Since vehicle manufacturing has been so inadequate, parking management has suffered greatly as a result. The global market will suffer as a result of the world economy's poor performance and slower growth in the automobile and construction industries.
The global parking management market has been segmented into components, parking site type, and solutions.
By component, the global parking management market has been segmented into Software and Service.
By parking site type, the global parking management market has been segmented into Off Street Parking and On Street Parking.
By solution, the global parking management market has been segmented into Access Control, Security, Surveillance, Valet, and Revenue Management.
North America to Rule the Global Market
North America has the greatest parking management market share because it has established economies, such as the United States, and is a major contributor to the industry. The significant IT sectors in that region are driving market expansion. One of the primary factors driving the growth of the parking management market is the country's well-established economics, and there are many parking managements projects underway in that region.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/parking-management-market-3232
Kapsch TrafficCom AG (Austria), Siemens AG (Germany), T2 Systems, Inc. (U.S.), AMANO Corporation (Japan), XEROX Corporation (U.S.), SWARCO AG (Austria), Cubic Corporation (U.S.), INRIX, Inc. (U.S.), INDIGO (France), SKIDATA AG (Austria).
Related Reports: -
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Market Research Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)