The key players operating in the Parking Management Market are Parking Management Market size to grow from USD 4.4 billion in 2023 to USD 6.3 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period. This growth is fueled by the growing popularity of improved parking availability, enhanced security, and growing demand for smart parking., Parking Management Market Dynamics, Driver: Growing demand for seamless traffic flow and reduction in fuel consumption, Parking and traffic congestion are highly interrelated, as searching for a parking space leads to delays, fuel combustion, and increased congestion. The growing parking issue can be resolved with the help of parking management solutions and services that can aid drivers in not only in finding a parking space but also in other functions, such as getting directions to the parking space, making cashless payments, and reserving parking spaces in advance. The growing demand for various parking management solutions and services will further help in reducing time and fuel consumption and enable seamless traffic flow., Collaboration is key to enhancing mobility in cities with heavy traffic. The entire city management ecosystem, including city officials, vehicle manufacturers, traffic signal system providers, parking facilities, parking management solution providers, traffic information providers, shared mobility providers, startups, and public authorities, are working together to experiment and transform cities worldwide to make them more intelligent and efficient. Parking management solution providers are crucial in reducing traffic congestion by providing well-organized on-street and off-street parking facilities., Restraint: System integration complexities, Parking management comprises a variety of hardware sensors, real-time messaging systems, traffic control devices, wireless and wired telecommunications systems, computer servers, and application interfaces. The variety and variability in the parking management hardware infrastructure and software systems are enormous. Also, the collection and analysis of parking data from different systems are necessary to implement the concept of dynamic priced parking. These parking data stores are disparate and often present on incompatible hardware and software systems, making it quite difficult to integrate the data into a coherent whole. The integration of all the hardware and software involved in parking management together into one single platform is difficult and acts as a restraint to the growth of the parking management market., Opportunity: Rising smart city initiative globally, The surge in emerging technologies has propelled major urban areas to transform them into smart cities. Smart cities integrate their housing, mobility, and economic functions by utilizing innovative information and communications technologies. The smart city initiatives adopted by governments across the world are expected to provide business opportunities for the providers of smart parking management solutions, which can be integrated with smart city solutions., Challenge: Data security and privacy issues related to IoT devices, The parking management market has significant growth potential; however, maintaining data security and privacy is a key challenge faced by the players operating in this market. The installed smart devices and sensors continuously generate a huge amount of data; this is expected to help organizations handling data gain insights about the market position of their competitors. This data is analyzed to generate actionable business insights; the majority of this data is processed at the edge and stored at the cloud from time-to-time. A majority of IoT-enabled devices are connected to various connectivity networks, such as mobile connectivity, public Wireless-Fidelity (Wi-Fi), and office Wide Area Networks (WAN). The public networks may not be as protected as they are required to be at an enterprise level. Thus, in a large-scale deployment, privacy and security are two closely related issues for IoT devices. The business data collected in the cloud and IoT-enabled devices can be accessed through various cyber threats and breaches., Market Ecosystem, The parking management market is highly fragmented with the presence of a large number of vendors catering to a section or a sub-section of the market. Over the years, the parking management market landscape has witnessed some major changes, and nowadays, vendors are engaged in multiple partnerships and collaborations to provide integrated solutions capable of meeting broader needs. , Based on the solutions, the parking guidance segment is expected to hold the highest CAGR during the forecast period., Parking guidance solutions capture real-time information on available parking spaces and provide drivers with easy-to-follow directional signs to help them find vacant spots effortlessly. By accurately informing drivers of parking locations and availability, these solutions reduce traffic congestion and pollution while increasing occupancy and revenue for parking facilities. A typical parking guidance solution includes an ultrasonic parking guidance sensor, indicator, indoor parking space display, outdoor parking signboard, outdoor parking space display, parking guidance controller, parking guidance software, and parking management application. Using the parking management application, drivers can quickly locate available parking spaces in real time. This solution is especially beneficial for medical centers, where patients and disabled patrons can be automatically guided to vacant parking spaces. The parking guidance solution in retail centers can help shoppers spend more time shopping and less time searching for parking. Additionally, wayfinding signs can also be used for advertising to generate revenue., KEY PLAYER, Group Indigo, Amano, Siemens, Bosch Group , Atos, SWARCO, SKIDATA , Chetu, Precise Parklink, FlashParking, Passport Labs, SpotHero, Get My Parking, INRIX, IPS Group, Smart Parking, TIBA Parking Systems, Q-Free, Streetline , ParkOffice, Urbiotica, CivicSmart, Market size available for years- 2018-2028, Base year considered- 2022, Forecast period- 2023–2028, Forecast units- Value (USD) Million/Billion, Segments Covered- Offering, Solutions, Services, Professional Services, Applications, and Region, This research report categorizes the Parking Management market to forecast revenues and analyze trends in each of the following submarkets, KEY MARKET SEGMENTS, Based on the Offerings, Solutions, Services, Based on Solutions, Parking Guidance, Parking Reservation Management, Parking Permit Management, Parking Enforcement Management, PARC, Parking Security and Surveillance, Parking Analytics, Based on Services, Professional Service, Managed Services, Based on Professional Services, Consulting and Training, System Integration and Deployment, Support and Maintenance, Based on Parking Site, On-Street Parking, Of-Street Parking, Based on the Application, Government, Commercial, Transport Transit, By Region, North America, United States (US), Europe, United Kingdom (UK), Asia Pacific, Middle East & Africa.
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