Market Overview
The global parking management market is projected to reach USD 407.9 billion by 2032, growing at a CAGR of 16.26% during the forecast period. The increasing number of vehicles on the road and the growing need for efficient parking management systems are driving the growth of the market.
The rising urbanization and the increasing number of vehicles are leading to a shortage of parking spaces in urban areas. This is creating a need for efficient parking management systems that can help to improve the utilization of parking spaces and reduce traffic congestion.
The increasing adoption of smart parking solutions is another factor driving the growth of the market. Smart parking solutions use sensors, cameras, and other technologies to monitor and manage parking spaces. This helps to improve the efficiency of parking operations and provides real-time information to drivers about available parking spaces.
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Key Players
The major players in the global parking management market are:
- Cubic Corporation
- Kapsch TrafficCom AG
- Swarco AG
- Indigo Parking
- Amano Corporation
- LPR Systems, Inc.
- Nedap N.V.
- TOT Group
- Streetline Holding GmbH
- ParkMe, Inc.
These players are adopting various strategies, such as product launches, partnerships, and expansions, to gain a competitive edge in the market.
The global parking management market is segmented on the basis of solution, component, deployment, and end-user. On the basis of solution, the market is segmented into on-street parking management, off-street parking management, and valet parking management. On-street parking management is the largest segment of the market, and it is expected to continue to dominate the market during the forecast period. This is due to the increasing number of vehicles and the limited availability of on-street parking spaces.
On the basis of component, the market is segmented into hardware, software, and services. Hardware is the largest segment of the market, and it is expected to continue to dominate the market during the forecast period. This is due to the high cost of hardware components, such as parking meters, sensors, and cameras.
On the basis of deployment, the market is segmented into on-premises and cloud-based. Cloud-based parking management systems are gaining traction in the market, and they are expected to dominate the market during the forecast period. This is due to the increasing demand for scalable and cost-effective parking management solutions.
On the basis of end-user, the market is segmented into commercial, residential, and government. Commercial is the largest segment of the market, and it is expected to continue to dominate the market during the forecast period. This is due to the increasing number of commercial establishments, such as malls, hospitals, and airports, which require parking management solutions.
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