According to a new market research report published by Credence Research, “Parking Management Market (by Offering (Hardware, Software), by Parking Site (On-street Parking & Off-street Parking), by Solution (Parking Access Control & Revenue Generation, Parking Guidance, Parking Security & Surveillance, Parking Reservation Management, and Others), by End-use (Government and Municipality Facilities, Commercial Establishments, Corporate Establishments, Airports and Transport Facilities, Education Facilities, and Others (Residential, Sports, etc.)), by Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2018 -2026”, the global parking management market is expected to expand at a CAGR of 9.5% during the forecast from 2018 to 2026 .
Parking management is crucial to efficiently manage issues of traffic congestion. With rise in the number of on-road vehicles, traffic congestion is increasing at an alarming rate worldwide. According to a recently published research study, around 20% of traffic congestion in developed economies and 40% of congestion in developing economies is a result of drivers struggling to find vacant parking space. This, in turn has augmented the need for intelligent and efficient parking management. Flexible park-assist solutions such as parking guidance, access control, revenue generation, parking reservation, and parking surveillance among others ensures efficient parking management by enabling convenient payment, parking, & exit for drivers, improving vehicle carrying capacity of the parking garage, and also simplifying administrative operations of the parking site owners. Growing adoption of such park-assist solutions, especially at multi-space facilities such as corporate establishments, government & municipal facilities, airports, and commercial complexes, among others is expected to boost the market growth during the forecast period from 2018 to 2026.
The growth and opportunities in the global parking management solutions market coincides with the rise in the number of vehicle ownership. In addition, the ongoing initiatives to promote smart city projects is expected to further magnify demand for intelligent automated parking management solutions worldwide. For instance, Automatic Number Plate Recognition (ANPR) technology has garnered tremendous popularity in the parking management segment over the last few years and is deemed to experience even better adoption, thereby not only augmenting the overall parking management value chain, but also offering investment opportunities for every participant across the ecosystem. Some of the leading players profiled in the study include Streetline, Inc., Parking Technology Services, Amano McGann, Smart Parking Limited, Parkmobile LLC, Swarco AG, SpotHero, ParkWhiz, Nedap N.V., Skidata AG, ParkingPanda, Urbiotica, ParkMe, Inc., The Kapsch Group, SAP SE, and Siemens AG among others.
The complete report is available at https://www.credenceresearch.com/report/parking-management-market