Parking Management Market Executive Summary, Variables, Trends & Scope 2030

Posted on 2022-06-30 by researchinsights in Technology // 0 Comments

Parking Management Industry Overview

The global parking management market size was valued at USD 4.23 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 11.1% from 2022 to 2030.

The rising number of vehicles across the world, growing demand for an effective traffic management solution, and rapid development of smart cities are contributing to the growth of the market. The COVID-19 pandemic compelled a decrease in growth activities as many countries imposed strict restrictions by announcing a complete lockdown. Additionally, the government of several nations invested heavily in their healthcare systems to help identify the signs of the virus and stop the spread, which included restriction measures such as no crowding of public transports stations and vehicles that hindered the growth of parking management for a short period. However, the ease in travel restrictions currently is expected to propel the market demand, as most of the places are opening with full occupancy which will push the demand for parking management.

Gather more insights about the market drivers, restrains and growth of the Global Parking Management Market

The rise in parking management makes cloud-native parking management also rise up to the occasion, with parking operators running their infrastructure on the cloud owing to multiple benefits such as easy scalability and a pay-as-you-go model. Poor parking management can lead to issues such as traffic congestion and noise pollution; thus, to avoid these problems and enhance the brand reputation, organizations implement parking management. The increase in the use of smartphones, GPS, digital payment, and cloud services is projected to drive market growth over the forecast period.

Technological advancements such as the Internet of Things (IoT), parking sensors, and electronic payment methods are additionally supporting the growth of the market. Firms are trying to deliver an enhanced customer experience and offer hassle-free parking that can help them gain a competitive advantage over others. With the help of real-time data and analytics, organizations can allocate spaces, provide access control, and reduce administrative overhead spent on parking. Additionally, parking management gives customers a sense of security as parking on the street is not considered to be the safest option, but with parking management, there can be an increase in the number of customers and the time they spend at any outlet.

Parking management is a cost-effective and reliable solution that reduces the time spent by drivers in finding available car park space and traffic congestion. Furthermore, the increased adoption of electric vehicles compels city authorities to implement charging stations to push the demand for parking management higher. Parking management helps businesses in reaching their maximum potential by offering them space optimization. Features such as hassle-free booking, simple navigation, seamless customer experience, live reports, and parking enforcement options are anticipated to fuel the demand for parking management.

Parking management helps in customizing and reserving parking spaces as per company guidelines and staff requirements. The focus is rapidly shifting from hardware to digital solutions as hardware solutions had multiple concerns relating to security, obstructive parking, and unallocated spots. Currently, office-centric parking solutions, also called employee parking software, are witnessing significant growth due to the increased capacity they can offer without having to increase the actual space. Further, advantages such as easy implementation, better Return on Investment (ROI) via advanced technology, customization, cost-effectiveness, and increased safety will support the growth of the parking management market.

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