Shibuya-ku, Tokyo, Japan, Japan, Oct 04, 2021, 05:28 /Comserve / -- The parking management market size is expected to grow from USD 3.39 billion in 2018 to USD 5.15 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period.
With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment.
The parking management market size is expected to grow from USD 3.39 billion in 2018 to USD 5.15 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period. The major driver for the parking management market is expected to be the growing focus on seamless traffic flow and reduction in fuel consumption and increasing motor vehicle sales. The major restraining factor is could be the complexity in system integration.
The cloud deployment type is expected to record a higher growth rate during the forecast period. The cloud-based solutions are cost effective and easily scalable as per business requirements. These advantages encourage companies to adopt cloud-based parking management solutions. Cloud-based solutions facilitate organizations with scalability and the ease of accessibility of organizational content, regardless of employees’ location, thereby helping with business continuity. Cloud-based solutions are widely adopted in the developing countries.
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As per the geographic analysis, the APAC region is expected to witness the fastest growth in the parking management market due to the rapid adoption of advanced technologies and increasing urabnization in developing countries. In addition to this, various smart city projects have been rolled out in the APAC region to enhance the citizen services. These smart city projects address infrastructure, transit, utilities, and connectivity challenges. Parking management is the center stage of all these smart cities projects. North America is expected to hold the largest market share during the forecast period, owing to the large-scale investments in implementing parking management solutions, due to the growing need for better driver and commuter convenience.
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The Final Report will cover the impact analysis of COVID-19 on this industry: Parking Management Market by - Insights by Leading Companies, Demand Analysis, Future Growth and Revenue Global Forecast to 2023
The break-up profiles of the primary discussion participants are given below:
• By Company Type: Tier 1 (53%), Tier 2 (33%), and Tier 3 (14%)
• By Designation: C-Level (60%), Director Level (10%), and Manager Level (30%)
• By Region: North America (35%), Europe (25%), APAC (30%), and RoW (10%)
Research Coverage
The global parking management market has been segmented on the basis of types (solutions and services), deployment types, parking site, and regions. A detailed analysis of the regions has been done to provide insights into the potential future business opportunities across the regions. In addition to this, the strength of product portfolio and business strategy excellence are some of the other MarketsandMarkets analysis included in the report.
TABLE OF CONTENTS
1 INTRODUCTION 16
1.1 OBJECTIVES OF THE STUDY 16
1.2 MARKET DEFINITION 16
1.3 MARKET SCOPE 17
1.4 YEARS CONSIDERED FOR THE STUDY 17
1.5 CURRENCY 18
1.6 STAKEHOLDERS 18
2 RESEARCH METHODOLOGY 19
2.1 RESEARCH DATA 19
2.1.1 SECONDARY DATA 20
2.1.2 PRIMARY DATA 20
2.1.2.1 Breakdown of primaries 20
2.1.2.2 Key industry insights 21
2.2 MARKET SIZE ESTIMATION 22
2.3 RESEARCH ASSUMPTIONS AND LIMITATIONS 25
2.3.1 ASSUMPTIONS 25
2.3.2 LIMITATIONS 25
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