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global parking management market trends analysis

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.

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 congestions.

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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.

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

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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