Global Parking Management Market

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Parking Management Market to be Worth 12.3
Billion by 2031
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Global Parking Management Market 2024-2031
Meticulous Researcha leading global market
research company, published a research report
titled, Parking Management Market by Component
(Solutions, Services), End User (Commercial,
Residential), Technology (Image Processing, RFID,
Visible Light Communication), Deployment Mode,
Parking Site, Geography - Global Forecast to
2031. According to this latest publication from
Meticulous Research, the global parking
management market is projected to reach 12.3
billion by 2031, at a CAGR of 14.2 during the
forecast period. The growth of the parking
management market is attributed to the growing
demand for AI-based services, increasing demand
for parking spaces, and growing focus on seamless
traffic flow reducing fuel consumption.
However, the complexity of system integration and
the shift from a car ownership model to a car
sharing/rental model restrain the markets
growth. Moreover, the increase in the adoption
of smart city initiatives globally and
technological advancements in autonomous cars
offer significant opportunities for the growth of
the global parking management market. However,
high initial implementation cost, climate
durability, and prevalence of vandalism may
hinder the market's growth. Meticulous Research
has segmented this market based on component, end
user, technology, deployment mode, parking site,
and geography for efficient analysis. The study
also evaluates industry competitors and analyzes
the market at the regional and country
levels. Based on component, the global parking
management market is segmented into solutions and
services. The solutions segment is further
sub-segmented into parking guidance systems,
security surveillance solutions, parking
access revenue control (PARC) solutions, permit
management solutions, and reservation management
solutions. The services segment is further
sub-segmented into support maintenance services
and system integration services. In 2024, the
solutions segment is expected to account for the
larger share of the global parking management
market. The large market share of this segment is
attributed to the growing need for robust and
seamless solutions to improve the parking
experience for users and increase revenue and
operational efficiency. In addition, the high
focus of transport authorities across the world
to reduce traffic congestion and encourage daily
commuters to use more and more park-and-ride
facilities is further supporting the growth of
this market. Moreover, the segment is also
projected to register the highest CAGR during the
forecast period. Based on end user, the global
parking management market is segmented into
commercial and residential. The commercial
segment is further sub-segmented into retail,
entertainment, and leisure, airports, railway
stations, bus terminals, office spaces, and
other commercial parking spaces. In 2024, the
commercial segment is expected to account for the
larger share of the global parking management
market. The large market share of this segment is
attributed to the increasing adoption of parking
management systems in the commercial sector to
manage security concerns, obstructive parking,
and unallocated spots in many companies.
Moreover, the segment is also projected to
register the highest CAGR during the forecast
period. Based on technology, the global parking
management market is segmented into license plate
recognition, reservation-based parking management
systems, image processing, RFID-based parking
management systems, visible light communication,
and other technologies. In 2024, the
reservation-based parking management systems
segment is expected to account for the largest
share of the global parking management market.
The large market share of this segment is
attributed to the increasing advantages of
reservation-based parking management systems.
These advantages are periodic submission of
parking status from central servers of the
parking lot, allowing users to effectively find
and reserve a vacant spot, constant updates on
the physical status of parking, accessibility
through smartphones, and dynamic
prices. However, the RFID-based parking
management systems segment is projected to
register the highest CAGR during the forecast
period. The growth of the segment is attributed
to the rise in the adoption of
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3
Global Parking Management Market 2024-2031

• RFID tags in intelligent transportation systems
  and increasing government initiatives on
  integrating RFID technology in the commercial
  sector.
• Based on deployment mode, the global parking
  management market is segmented into cloud- based
  deployments and on-premise deployments. In 2024,
  the on-premise deployments segment is expected to
  account for the larger share of the global
  parking management market. The large market share
  of this segment is attributed to the speed of
  access and easier data management process by the
  on-premise servers. In addition, the data stored
  by on-premise servers are highly secured and can
  be accessed by the parking officials only inside
  the premises.
• However, the cloud-based deployments segment is
  projected to register the highest CAGR during the
  forecast period. The growth of the segment is
  attributed to the growing demand to automate
  parking operations and the increasing adoption of
  cloud-based intelligent car parking solutions in
  smart cities.
• Based on parking site, the global parking
  management market is segmented into off-street
  and on-street. In 2024, the off-street segment is
  expected to account for the larger share of the
  global parking management market. The large
  market share of this segment is attributed to the
  rising requirement for parking spaces in CBDs and
  efforts to reduce congestion levels on streets,
  making parking safe and convenient for both the
  driver and the vehicle. Moreover, the segment is
  also projected to register the highest CAGR
  during the forecast period.
• Based on geography, the global parking management
  market is segmented into North America, Europe,
  Asia-Pacific, Latin America, and the Middle East
  Africa. In 2024, North America is expected to
  account for the largest share of the global
  parking management market. Factors such as the
  increase in the number of vehicles across the
  U.S. and Canada and the increasing adoption of
  smart parking solutions to reduce traffic
  congestion contribute to the large share of the
  market. The increasing integration of advanced
  technologies in parking management solutions by
  market players in the region also contributes to
  the regions large market share.
• However, the Asia-Pacific region is projected to
  register the highest CAGR during the forecast
  period. The growth of this region is attributed
  to the increasing adoption of automation and
  advanced technologies across the region,
  favorable government initiatives for smart
  cities, and investments by major ICT companies
  for developing AI and IoT-based solutions.
• Key Players
• The key players operating in the global parking
  management market are Xerox Corporation (U.S.),
  Amano Corporation (Japan), IBM Corporation
  (U.S.), Cubic Corporation (U.S.), Robotic
  Parking Systems, Inc. (U.S.), Swarco AG
  (Austria), SKIDATA AG (Austria), Siemens AG
  (Germany), Skyline Parking AG (Switzerland),
  Unitronics (Israel), Robert Bosch GmbH (Germany),
  Precise Parklink Inc. (Canada), Flowbird S.A.S
  (France), T2 Systems, Inc. (U.S.), and Cleverciti
  Systems GMBH (Germany).
• Download Sample Report Here _at_
  https//www.meticulousresearch.com/download-sample
  - report/cp_id5094
• Key questions answered in the report

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Global Parking Management Market 2024-2031

• Who are the major players in the global parking
  management market, and what are their market
  shares?
• What is the competitive landscape like?
• What are the recent developments in the global
  parking management market?
• How do major players adopt the different
  strategies in this market?
• What are the geographic trends and high-growth
  regions in the market?
• Who are the emerging players in the global
  parking management market, and how do they
  compete with the other players?
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• Meticulous Research
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  Sales- 1-646-781-8004
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