The parking management solutions market is poised for remarkable growth, anticipated to achieve a robust 5.6% CAGR and reach an impressive valuation of USD 768.2 Billion by the year 2032. This substantial surge in the market is indicative of the increasing demand for advanced technologies and innovative systems to address the challenges of urban parking.
As urbanization intensifies and the number of vehicles on the road continues to rise, efficient parking management solutions become paramount for optimizing space, reducing congestion, and enhancing overall traffic flow. The projected CAGR underscores the pivotal role these solutions play in modern urban infrastructure, offering a glimpse into a future where smart parking technologies become integral to creating sustainable and streamlined urban environments.
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The market’s growth was fueled by the increasing uptake of cloud-based technologies across a wide range of applications, including big data and artificial intelligence. The parking venues category is likely to have attractive possibilities for the global market for parking management solutions.
Key Takeaways from the Parking Management Solutions Market Report:
- By technology, the parking kiosks segment is expected to record a 6.0% CAGR by 2032
- By installed location, the parking venues segment is to expand at a 6.8% growth rate during the forecast period
- The U.S market to garner USD 168.2 Billion and record a 4.7% CAGR from 2022-2032
- Market in China to procure USD 93.5 Billion, expanding at a 7.5% growth rate during the assessment period
What is the Contribution of Key Players to the Global Parking Management Solutions Market?
Market players are leveraging strategic collaborative initiatives to increase their market share and increase their profitability.
Recent developments among key players are:
- In May 2020– FlashParking formed a national service partnership with Burroughs Inc. The partnership will help Flash Parking provide a unique maintenance service to its users and reduce the risk of hardware downtime
- In June 2020– Passport Inc., partnered with the Panama City Beach community to equip the city with the technology needed to create a more frictionless parking experience.
- In March 2020– Q-Free deployed a comprehensive parking guidance system at the Victorian Square parking garage in Sparks, Nevada. This system will provide real-time information on available spaces, making it easier for drivers to find parking. This contract will help Q-Free to mark its strong presence in the US market
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Leading Key Players:
Among others, Parking BOXX, IPS Group, Inc., METRIC Group Ltd., Ventek International, and CivicSmart, Inc. are important market participants in the world for parking management solutions. Market participants are utilizing strategic joint ventures to boost their profitability and market share.
Parking Management Solutions Market Segmentation:
By Technology:
- Parking meters-based
- Parking Kiosks-based
By Installation Location:
- Street Parking
- Parking Venues
By Region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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