The increasing realization of the various benefits of parking management solutions such as revenue benefits to parking site owners and decreased hardware requirement is expected to drive the growth of the global parking management solutions market. According to a report published by Transparency Market Research (TMR), the global parking management solution market is expected to be worth US$614.59 bn by 2025. The market is anticipated to witness a CAGR of 9.3% from 2017 to 2025.
Given below are some of the key questions answered by experts from TMR relating to the global parking management solution market:
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What are the key strategies adopted by players operating in the global parking management solution market?
The key players in the global parking management solutions market are focused on expanding their product portfolio. Players are taking efforts to integrate applications for the management of parking requirements efficiently. Players are also strategizing to develop parking management solutions that are cost effective, reliable, and customer friendly as opposed to the solutions available at present.
Which factors will boost the growth of the global parking management solution market?
The demand for smooth traffic movement so as to deal with traffic congestion is driving the market. The need to address transportation issues remains one of the important drivers for the global parking management solution market. The global increase in population and with it the rise in the number of vehicles are fueling the growth of this market. The growing number of vehicles across the globe is creating a problem of scarcity of parking space, thus creating a demand for efficient and smart parking systems. The currently available advanced parking management systems not only offer a high level of convenience for drivers but also simplify various functions at parking sites and other business operations. Growing pollution, need for safety and security are some of the other factors boosting the growth of this market. In addition to this, concerns regarding connectivity will also aid the growth of the global parking management solutions market.
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Which region is anticipated to lead in the market in the coming years?
Driven by large number of automobiles, North America is leading in the parking management solutions market. The U.S. most specifically is witnessing a high demand for effective parking management solutions and this will drive the North America parking management solutions market. Europe is also estimated to account for significant shares in this market on account of the growing demand for on-street and off-street parking spaces. Implementation of stringent regulations regarding minimization of environmental pollution will spur the growth of the European parking management solution market. The market is also gaining traction in Latin America and Asia Pacific. Growing safety concerns for pedestrians and growing number of municipalities in developing nations such as China, Brazil, India, and South Korea are some of the factors fueling the demand for parking management solution.