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Global Parking Management Market Trends, Analysis, And Forecast To
Parking management solution is a set of hardware designed as well as developed in order to manage and
maintain the availability of parking in intense demand areas, especially on-street parking spaces. The
major hardware used in parking management solutions include single space parking meters and multi-
space parking meters that are combined with automated payment systems as well as centralized data
management that permits people to discover parking spaces in desired locations.
The global parking management market is segmented on the basis of software, services, parking site,
vertical and regions. Based on the software, the global parking management market is divided into
parking software. On the basis of services, the global market is divided into professional services.
Depending upon parking site, the global market is segmented into On-Street Parking and Off- Street
Parking. Based on solution, the global market is divided into security & surveillance, fee & revenue
management, access control, enforcement & permit management. On the basis of vertical, the global
parking management market is segmented into academia, Recreation, Corporate and Banking,
Transportation, Government and Municipalities, Healthcare, Hospitality, Retail, Financial Services,
Commercial Parks, and Insurance (BFSI), and other.
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The parking management market is analyzed to grow in the forecast years owing to rising demand for
embedded telematics solutions. The most important application of telematics is to augment the parking
management efficiency in urban areas that can support in the real-time forecasting of available parking
space, send information to drivers in advance on available parking spaces and real-time monitoring of car
park volumes,. Also, it has been recorded that the combination of advanced analytics into telematics data
will offer data transparency, prevent the cyber-attacks risk, and obtain customer’s trust. Also, this data
analytics software provides improved parking facilities to consumers and help in prevention of traffic
Based on regions, the global parking management market is segmented into North America, Europe, Asia
Pacific, Middle East & Africa (MEA), and Latin America. North America is the biggest market in this
industry owing to the presence of large number of vehicles that leads to demand for efficient parking
management solutions resulting in high revenue contribution of this regional market.
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Europe commands the second largest share owing to the enhanced demand for on-street as well as off-
street parking spaces. The European instructions to curtail environmental pollution are also supporting
the growth of European parking management solution market. In Latin America and Asia Pacific regions,
this market is gaining momentum owing to rising number of municipalities in developing countries such
as Brazil, China, India, and South Korea. The concerns of pedestrians safety, directives for minimizing
pollution, and need for smooth traffic movement are major factors promoting the growth of parking
management solution market in emerging countries.
The major companies that provide parking management solutions include CivicSmart Inc., J.J. Mackay
Canada Limited, Parkeon S.A.S, METRIC Group Ltd., Ventek International, IPS Group Inc., Cale Access AB,
Parking BOXX, LocoMobi Inc., Worldwide Parking Inc., and POM Inc. among others.
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