Global parking management market size is projected to exceed USD 6 billion by 2027. The widespread use of smartphones throughout the globe will also assist in easing out the traffic issues. The availability of smartphones with almost every individual will offer handy access to use them for operating the digital parking software by allowing customers to check availability, book the parking spots in advance, and make contact-less payments.
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It is important to note that the increasing support by various governments for the development of smart cities will also lead to the expansion of the parking management market. The increasing number of vehicles and lack of designated parking spaces create chaos on roads. To ease out the congestion on roads and to accelerate the effectiveness of traffic flow, different state as well as central governments are taking up strategic measures to improvise the parking plan in building new cities.
The rising demand to manage the alarming traffic rate in cities aligned with the increasing requirement for proper parking sites is complementing the surge in the demand for parking management systems. In addition, with the technological upgradation in video surveillance cameras like thermal imaging, motion-detection, audio alter and license plate recognition due to rising vehicles worldwide, the global parking management industry growth is touted to soar to new heights by 2027
In a recent example, the Tamil Nadu government announced building a smart parking management system to curb the parking challenges faced by citizens of Chennai. Along with this, the regional governments are emphasizing on Public Private Partnerships (PPP) for the smart parking management solutions.
Surging automobile sales along with the rise in the usage of autonomous vehicles in diverse economies is augmenting the demand for parking management solutions. The parking management solution providers are teaming up with the government to accelerate the establishment of smooth parking sites. For instance, the Germany government initiated a parking management project in partnership with Siemens. The project is still undergoing test runs to curb the parking issues in Berlin.
The global parking management market is highly consolidated and boasts of the presence of leading companies namely Skidata parking systems, IBM parking lot, Amano parking systems, Kapsch TrafficCom AG, Tiba Parking. The market vendors are looking forward to engage in organic marketing strategies like product offerings, business overview, latest innovations, thereby transforming the structure of parking management systems market.
In a recent example, APT Skidata, an access control equipment supplier of parking facilities, announced complete transformation of 11 public parking areas at Heathrow Airport in London. Along with parking management company APCOA UK, APT Skidata has induced hardware and software upgrades across the parking area at the airport. With transformed features and hi-tech software applications designed primarily to enhance the customer experience, the parking units will work as per the APT Skidata’s vehicle access management system.
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Chapter 6 Parking Management Market, By Parking Site
6.1 Parking management market share, parking site, 2020 & 2027
6.2 On-street parking
6.2.1 Market estimates and forecast, 2017 - 2027
6.3 Off-street parking
6.3.1 Market estimates and forecast, 2017 - 2027
Chapter 7 Parking Management Market, By Application
7.1 Parking management market share, application, 2020 & 2027
7.2 Government
7.2.1 Market estimates and forecast, 2017 - 2027
7.3 Commercial
7.3.1 Market estimates and forecast, 2017 - 2027
7.4 Transport transit
7.4.1 Market estimates and forecast, 2017 - 2027
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