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Parking Management System Market size was valued at USD 3.49 billion in 2019 and is poised to grow from USD 4.38 billion in 2023 to USD 10.14 billion by 2031, growing at a CAGR of 12.1% in the forecast period (2024-2031).

Parking Management System market is highly fragmented, with a high level of competition. As several businesses are active in the market, each offering unique technology and services. The end users of parking management systems now face significant complexity as a result of this. In both industrialized and developing locations worldwide, there is an increasing need for and demand for technologically advanced parking management systems. By forming alliances with other parking management service providers, as well as with governments, the market's participants will have a huge opportunity to grow in the near future. Partnerships between service providers make it possible to offer specialized services, which are anticipated to significantly boost the market. 'ParkMobile LLC', 'Flowbird Group', 'TIBA Parking Systems', 'FlashParking', 'ParkHub', 'SpotHero', 'Passport Labs', 'Indigo Parking Solutions', 'ParkWhiz', 'Arrive', 'Parkopedia', 'CivicSmart', 'T2 Systems', 'ParkVia', 'ParkMe', 'Parkeon', 'Streetline', 'SKIDATA AG', 'HUB Parking Technology', 'Scheidt & Bachmann GmbH'

The demand for parking management systems is expected to rise as a result of technological developments in connectivity and communication. Growing use of mobile devices and the use of apps to support parking solutions are expected to increase market opportunity. The market for parking management systems is growing in popularity as self-parking technology in cars also develops.

The availability of parking areas is being impacted by the growing number of automobiles on the planet, which increases the need for parking management systems because they aid in the efficient distribution and best use of parking space. Additionally, growing smartphone adoption and internet of things (IoT) adoption in parking are projected to accelerate the growth of parking management systems over the projection period.

North America held the largest share of the Parking Management System market. due to the early adoption of parking management and the developments in technology. Modern parking technologies are propelling the market's expansion in North America, including multi-space use meters that are more effective than individual parking meters, state-of-the-art systems that can adjust rates based on occupancy, inform drivers about parking availability, and accept a wide range of payment methods. Furthermore, parking's effects on the environment and air quality have come to the attention of U.S. transportation authorities.

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Global Parking Management System Market

Product ID: SQMIG45E2210