Parking management market driven by increasing volume of vehicles

Northbrook, Il (USA)

The parking management market size is expected to grow from USD 3.39 billion in 2018 to USD 5.15 billion by 2023, with the major driver for the upsurge in the demand of the parking management market being the requirement for seamless traffic flow and a reduction in fuel consumption and increasing motor vehicle sales. Marketsandmarkets analysts find that the the major restraining factor in this market could be the complexity in system integration.

The Parking Access and Revenue Control (PARC) solution is expected to account for the largest market share during the forecast period. The solution helps parking operators to manage in and out of vehicles in parking facilities and also empowers them to take full control over the parking revenue. This is one of the primary solutions that parking operators are looking for their parking facilities. This solution automates the access control and revenue collections at parking sites.

The off-street parking is expected to hold a larger market size during the forecast period, owing to huge investments made by authorities in multi-level parking, and also by the private sector in its parking facilities. The off-street parking involves proper designing and construction to provide a safe and secure vehicle parking experience for drivers. Moreover, it focuses on ensuring security, pre-booking of parking spots, and parking fee management. All the modern public infrastructure facilities are built with advanced off-street parking facilities.

North America is expected to hold the largest market size during the forecast period, owing to the large-scale investments in implementing parking management solutions to meet the growing need for better driver and commuter convenience.  Whilst the researchers report that the GDP of the this region is way ahead of the other countries in the world. The US and Canada are known for providing world-class citizen services, and these countries are embracing the smart city technology. Growing population, rise in vehicle sales, and change in parking regulations are expected to drive the parking management market growth in North America.


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