In terms of revenue, global parking management market was valued at US$ 3,355.0 million in 2018 and is anticipated to reach US$ 6,939.5 million by 2027, growing at a CAGR of 8.5% over the forecast period. Systematic traffic management owing to increasing number of vehicles on the street is a major factor driving the growth of overall industry. Complexities associated with system integration is expected to critically impact the market growth. Rising investment from private organizations and government to manage parking spaces has led to propel the parking management market. Companies are generating a significant share of revenue by introducing smart parking management systems and solutions in the market as they have already identified that most urbanized areas are facing parking shortages and willing to pay as per demand. These companies have introduced smart and intelligent solutions that help the customers to effectively manage their vehicle’s parking. These companies are also introducing various innovative technologies along with their parking systems such as image processing, smart sensors, IoT and others to further increase the effectiveness of their solutions.
The detailed research study provides qualitative and quantitative analysis of parking management market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Global Parking Management Market Share in 2018, By Region
Key Findings of the Report: