Parking Market Size, Share, Value, and Competitive Landscape forecast year 2027
The segmental evaluation of the parking management market is segmented into component, vertical, parking site type, solution, and region.
The information & communication technology industry reports are produced by Market Research Future, which highlights market options for expansion. A USD 7 Billion is anticipated to be achieved by 2023 with the support of a 12 % CAGR.
The necessity for parking spaces that correlate with the number of vehicles on the road is expected to fuel the parking market size 2020.
The need to ensure lesser traffic problems is expected to create momentum for the parking management market in the coming period. The need to improve connectivity to urban areas is estimated to guide the development of the parking management market ahead in the coming years. Moreover, the increased focus on urban planning is estimated to benefit the parking management market in the forecast period.
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The well-known companies in parking management market are 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), among others.
The segmental evaluation of the parking management market is segmented into component, vertical, parking site type, solution, and region. Based on the mode of parking site type, the parking management market has been segmented into on-street parking and off-street. On the basis of mode of component, the parking management market has been segmented into software and service. Based on mode of the solution, the parking management market has been segmented into security & surveillance, access control, parking fee & revenue management, parking fee & revenue management, valet parking management, parking guidance & slot management, and others. On the basis of the mode of vertical, the market has been segmented into recreation, healthcare, BFSI, corporate & commercial parks, government, hospitality, academia, retail, transportation, and others. Based on the regions, the parking management market consists of Asia Pacific, North America, Europe, and other regions.
The regional scrutiny of the parking management market includes regions such as Asia Pacific, North America, Europe, and other regions. Among all the regions studied, the North American region is expected to hold the most significant parking management market share due to the early adoption of parking management and technological advancements in this region. The North American region is narrowly followed by the European region, which is projected to show significant growth in the coming years. The Asia Pacific regional market holds a huge opportunity for development in the parking management market due to the incidence of nations like China and India, who are seeing population growth problems lately. Furthermore, the increasing investment in various smart city projects is expected to add to the parking management market in this region.
The global Parking market size Report Market Trends has been affected due to the lockdown across the regions. This pandemic situation has hampered the Parking market size Report Market Growth as well as its productivity, supply chain, and others. Moreover, the global market has lost its investors due to the increasing loss for the products, supply, transportation, workforce, and others. However, in the meantime, the key market players have implied various strategic techniques to boost global market growth. Thus, to meet the global market demands, the global market increased its speed in producing more valuable products for its intended customers. Recently, the global market has stabilized its position in the global market and is expected to register a higher Parking market size Report Market Size for the forecast period.
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Table of Contents:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
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