Parking Management Market Size to Reach USD 6.96 Billion in 2028 | Increasing Trend of Smart City Projects and Rising Demand for Parking Management Solutions to Protect Vehicle from Theft are Key Factors Driving Industry Demand, says Emergen Research

VANCOUVER, BC, Oct. 4, 2021 /PRNewswire/ -- The global parking management market size reached USD 3.77 Billion in 2020 and is expected to register a CAGR of 8.1% during the forecast period, according to latest analysis by Emergen Research. Increasing smart city project around the world is a key factor expected to drive the global parking management market revenue growth over the forecast period. Increasing demand for parking management solutions to safeguard vehicles from theft is expected to augment global parking management market growth over the forecast period. Increasing technological advancements such as wireless parking sensors, Internet of Things (IoT), and e-payments to improve consumer experience is expected to increase adoption of parking management solutions, which in turn is expected to boost growth of the global parking management market in the coming years.

However, challenges associated with system integration of parking management solutions is a key factor expected to hamper global parking management market growth during the forecast period.

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Some Key Highlights From the Report

• Rising need for services with increasing implementation of parking management solutions is driving revenue growth of this service segment, which is expected to register a significantly rapid CAGR over the forecast period.
• The parking reservation segment is expected to register significant growth over the forecast period due to increasing demand for parking reservation management solutions to get information about available parking spaces by continuous monitoring.
• The cloud segment is expected to register significant revenue growth during the forecast period due to rising adoption of cloud-based parking management solutions by end-users.
• Asia Pacific is expected to register significantly fast revenue growth during the forecast period due to rising government expenditure on developing smart cities.
• Key players in the market include Amano Corporation, Siemens AG, Conduent Inc., T2 Systems, Inc., APCOA Parking AG, IPS Group, Inc., FlashParking, Inc., Q-Free ASA, ParkMobile USA, Inc., and Cleverciti Systems GmbH
• In May 2020, APCOA Parking AG signed a strategic partnership with HERE Global B.V. (Here Technologies). Through this partnership deal, APCOA Parking will develop and market digital parking services and HD indoor maps of parking services in Europe.

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Emergen Research has segmented the global parking management market on the basis of offering, services, solutions, deployment, parking site, end-use, and region:

• Offering Outlook (Revenue, USD Billion; 2018–2028)
• Services
• Solutions
• Service Outlook (Revenue, USD Billion; 2018–2028)
• Support & Maintenance
• System Integration
• Consulting
• Solution Outlook (Revenue, USD Billion; 2018–2028)
• Security & Surveillance
• Valet Parking
• Parking Reservation
• Revenue Management
• Access Control
• Others
• Deployment Outlook (Revenue, USD Billion; 2018–2028)
• Cloud
• On-premises
• Parking Site Outlook (Revenue, USD Billion; 2018–2028)
• Off-street
• On-street
• End-use Outlook (Revenue, USD Billion; 2018–2028)
• Commercial
• Transportation
• Government

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• Regional Outlook (Revenue, USD Billion; 2018–2028)
• North America
1. U.S.
2. Canada
3. Mexico
• Europe
1. Germany
2. France
3. U.K.
4. Italy
5. Spain
6. BENELUX
7. Rest of Europe
• Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
• Latin America
1. Brazil
2. Rest of LATAM
• Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of MEA

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