The global parking management market size is expected to reach USD 6,899.4 million by 2025, registering a CAGR of 9.4% from 2019 to 2025, according to a new report by Grand View Research, Inc. The increasing public sector funding and favorable government initiatives are expected to strengthen the market growth. The demand for carpark management solutions is expected to be high in the commercial and government application segments owing to various features such as tow management, ticketing, payment processing, and citation tracking offered by these solutions through a single platform.
Furthermore, image recognition, machine learning, tracking, and speed monitoring capabilities offered by these solutions are expected to enhance a consumer’s experience. The growing automation of services due to the adoption of analytics and big data and the rising demand for improved mobility among service consultants are expected to propel the growth of the market. The market is expected to gain traction owing to the development of systems with sophisticated features such as auto-payment options and voice guidance (enabled through mobile phone apps).
An increasing number of vehicles is negatively influencing the availability of carparks and is consequently fueling the demand for implementing intelligent solutions for managing carparks across the globe. The need for the development of carpark facilities that do not necessitate the use of gate arms and have a minimal negative impact on the environment is further expected to drive the growth of the market. The growing smartphone penetration is expected to benefit the market as carpark management applications use features such as Near-Field Communication (NFC), camera, and GPS to identify vacant spots.
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Further key findings from the study suggest:
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Grand View Research has segmented the global parking management market on the basis of solution, service, parking site, application, and region:
Parking Management Solution Outlook (Revenue, USD Million, 2014 – 2025)
Parking Management Service Outlook (Revenue, USD Million, 2014 – 2025)
Parking Management Parking Site Outlook (Revenue, USD Million, 2014 – 2025)
Parking Management Application Outlook (Revenue, USD Million, 2014 – 2025)
Parking Management Regional Outlook (Revenue, USD Million, 2014 – 2025)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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