USD 3.44 billion Growth in Parking Management Solutions Market with 32% Contribution from North America - 17,000+ Technavio Reports

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NEW YORK, Aug. 10, 2022 /PRNewswire/ -- The "Parking Management Solutions Market by Product, Type, and Geography - Forecast and Analysis 2022-2026" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.

Technavio has announced its latest market research report titled 
Parking Management Solutions Market by Product, Type and Geography - Forecast and Analysis 2022-2026
Technavio has announced its latest market research report titled Parking Management Solutions Market by Product, Type and Geography - Forecast and Analysis 2022-2026

 

The potential growth difference for the parking management solutions market between 2021 and 2026 is USD 3.44 billion, as per the latest market analysis report by Technavio. The report predicts the market to witness an accelerating growth momentum at a CAGR of 7.87% during the forecast period. The analysts at Technavio have categorized the global parking management solutions market as a part of the global technology hardware, storage, and peripherals market within the overall global information technology market. Our report provides extensive information on the value chain analysis for the parking management solutions market, which vendors can leverage to gain a competitive advantage during the forecast period. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

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Key Market Dynamics:

  • Market Driver: The increasing number of vehicles on the road is one of the key factors expected to drive market growth. The increasing number of vehicles is driving the demand for more advanced technology and solutions for the better management of parking spaces. Organizations and local government agencies that manage parking spaces are seeking solutions that can offer increased convenience to drivers, help in improved business functions, manage revenue, and reduce the overall cost of hardware and connectivity and other operations in parking spaces. In addition, The use of LPWAN technologies is a parking management solutions market trend that is expected to have a positive impact in the coming years.

  • Market Challenge: The lack of integration among siloed parking technologies will be a major challenge for the parking management solutions market during the forecast period. Legacy parking management solutions lack module- and component-level integration. Components such as enforcement systems, pay stations, mobile payments, sensors, off-street reservations, financial reconciliation systems, and business intelligence solutions coexist but do not share data with one another. Therefore, the platform cannot acquire parking data and is negatively affected by missing out on valuable applications such as urban parking guidance and parking space sharing. This has resulted in a non-integrated technology ecosystem of parking management products.

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Market Segmentation Insights:

The parking management solutions market report is segmented by Product (Revenue management, Security and surveillance, Access control, Reservation management, and Others), Type (Off-street parking and On-street parking), and Geography (North America, Europe, APAC, Middle East and Africa, and South America).

Revenue-Generating Segment Analysis: The parking management solutions market share growth in the revenue management segment will be significant during the forecast period. This segment will continue to dominate the market primarily because car parking service providers, including government agencies, are increasingly focusing on intelligent models to utilize the present parking facilities better. This is driving the adoption of revenue management software.

Regional Analysis: 32% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for parking management solutions in North America. Market growth in this region will be slower than the growth of the market in the South American, APAC, and MEA regions. The increasing digitization and autonomous vehicles will facilitate the parking management solutions market growth in North America over the forecast period.

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Related Reports:

Smart Parking Market by Type and Geography - Forecast and Analysis 2020-2024: The smart parking market size has the potential to grow by USD 5.22 billion during 2020-2024, and the market's growth momentum will accelerate during the forecast period.

Intelligent Parking Systems Market by Type and Region - Forecast and Analysis 2020-2024: The intelligent parking systems market size has the potential to grow by USD 5.2 bn during 2020-2024

Robotic Parking Systems Market by End-user, Type, and Geography - Forecast and Analysis 2020-2024: The robotic parking systems market size will record an incremental growth of $ 71.27 mn and a CAGR of 17% during 2020-2024.

Parking Management Solutions Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of over 7.87%

Market growth 2022-2026

$ 3.44 billion

Market structure

Fragmented

YoY growth (%)

7.35

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 32%

Key consumer countries

US, Canada, UK, France, and Germany

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

ABM Industries Inc., Amano Corp., APCOA PARKING Holdings GmbH, Chetu Inc., Cisco Systems Inc., Conduent Inc., Hangzhou Hikvision Digital Technology Co. Ltd., IDeaS, INRIX Inc., Intercomp Spa, IPS Group Inc., Kapsch TrafficCom AG, Kudelski SA, Nedap NV, Nimble Planet Ltd., ParknSecure Pvt. Ltd., Passport Labs Inc, Robert Bosch GmbH, Siemens AG, SWARCO AG, T2 Systems, TIBA PARKING SYSTEMS, and URBIOTICA

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Key Topics Covered:

  • Executive Summary

  • Market Landscape

  • Market Sizing

  • Five Forces Analysis

  • Market Segmentation by Product

  • Market Segmentation by Type

  • Customer landscape

  • Geographic Landscape

  • Vendor Landscape

  • Vendor Analysis

  • Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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